Written by varun » Updated on: September 12th, 2024
The India electric bus market is witnessing rapid growth as the country shifts towards green energy vehicles, driven by government initiatives, rising environmental awareness, and the demand for low-emission transportation. According to a recent report by TechSci Research, titled “India Electric Bus Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the market is expected to reach USD 865.70 million by 2028, growing at a compound annual growth rate (CAGR) of 26.20%.
This report examines the factors fueling the growth of the electric bus market in India, the major players, technological advancements, and the challenges faced by the industry.
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The Indian electric bus market can be segmented based on various factors, including battery capacity, technology, and application.
The electric bus market in India is projected to grow significantly, reaching USD 865.70 million by 2028. This growth is driven by increased government support, the need for sustainable public transport solutions, and advancements in electric vehicle technology.
The FAME II initiative, launched by the Government of India, is a key driver of electric bus adoption. This program aims to support the electrification of public transportation by providing subsidies to manufacturers and operators for the purchase of electric buses. Under FAME II, the government has allocated significant funds to promote the development and deployment of electric buses across various states.
Several Indian states have launched their own programs to promote the use of electric buses. For example, Maharashtra, Delhi, and Karnataka have set ambitious targets for the adoption of electric buses in their public transportation systems. These states offer additional incentives, such as tax exemptions and grants, to encourage the purchase and operation of electric buses.
The National Electric Mobility Mission Plan aims to increase the share of electric vehicles, including buses, in India's transportation sector. The NEMMP focuses on creating a favorable ecosystem for electric vehicles by promoting local manufacturing, developing charging infrastructure, and encouraging research and development.
Hydrogen fuel cell technology is emerging as a viable alternative to battery-electric buses. Hydrogen-powered buses offer several advantages, including longer driving ranges and shorter refueling times. This makes them ideal for longer intercity routes. While the current adoption of hydrogen buses in India is limited, ongoing research and development efforts, along with government support, are expected to increase their presence in the market.
The electric bus market in India is benefiting from rapid advancements in battery technology, vehicle design, and charging infrastructure. Innovations in lithium-ion batteries have led to higher energy densities, longer lifespans, and faster charging times. Moreover, companies are focusing on developing lightweight materials to improve the energy efficiency of electric buses.
Top companies in the electric bus market, as well as emerging players, are increasing their focus on research and development (R&D). The goal is to create sophisticated technologies and features that enhance the performance of electric buses while keeping costs low. This R&D focus is expected to drive future sales and adoption of electric buses in India.
The deployment of electric buses in India has significantly increased in recent years. Several major manufacturers, including Tata Motors Ltd., Olectra Greentech Ltd., and PMI Electro Mobility Solutions Pvt. Ltd., have received orders to supply electric buses to various state transport corporations. These deployments are helping to reduce greenhouse gas emissions and promote sustainable transportation in Indian cities.
One of the main challenges in the adoption of electric buses in India is their high initial cost. Electric buses are significantly more expensive than their diesel counterparts, primarily due to the cost of batteries. However, the total cost of ownership over the vehicle's lifespan is lower due to savings in fuel and maintenance. Despite this, the high upfront cost remains a barrier for many transport operators.
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The availability of charging infrastructure is another major challenge facing the electric bus market in India. While efforts are being made to expand the country's electric vehicle (EV) charging network, it remains inadequate, especially in rural and semi-urban areas. The lack of fast-charging stations further complicates the widespread adoption of electric buses.
Electric buses, particularly those equipped with smaller battery capacities, have limited driving ranges compared to diesel buses. This limitation makes them less suitable for longer routes and intercity travel. Although advances in battery technology are helping to improve range, it remains a challenge for many operators.
The India electric bus market is highly competitive, with several key players actively participating in the production and deployment of electric buses. Some of the leading companies in the market include:
The India electric bus market is poised for substantial growth over the coming decade, driven by government initiatives, environmental concerns, and technological advancements. While the market faces challenges such as high upfront costs and limited charging infrastructure, ongoing research and development, along with the deployment of hydrogen fuel cell technology, are expected to address these issues.
With the active participation of key players and the government's continued support, the electric bus market in India is set to play a critical role in the country's transition to clean and sustainable transportation.
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