India Electric Bus Market, By Seating Capacity (Up to 30 Seater; 31-40 Seater; Above 40), By Battery Type (Lead Acid and Lithium Ion), By Application (Intercity; Intracity; Airport Bus), By Bus Length (6-8m; 9-12m; Above 12m), Competition Forecast & Opportunities, 2017-2024
India electric bus market stood at around $ 47.35 million in 2018 and is projected to grow at a CAGR of 37.6% during the forecast period. With growing need for controlling GHG (Greenhouse gases) emissions emitted by vehicles, the government is encouraging the use of electric powered vehicles across various states, which is boosting the demand for electric buses in India.
Electric bus market in India can be segmented based on seating capacity, battery type, application, bus length and region. Based on seating capacity, the market can be further segmented into up to 30-seater, 31-40-seater and above 40-seater. Due to increased demand for electric buses in the city bus segment supported by their comparatively low prices, buses with above 40 seats have emerged as one of the key dominating vehicle segments. In terms of bus length, India electric bus market can be segregated into 6-8 m, 9-12 m, and above 12m. Of all, 9-12 meter is the major segment in the electric bus market on account of length agnostic subsidy offered for smaller buses in the country by State Road Transport Undertakings (STUs).
- n the basis of regional analysis, the market can be segregated into north, south, east and west. North region accounted for the highest share in India electric bus market in 2018. With high demand emanating from South India in coming years due to government orders in pipeline, the southern region is expected to exhibit the fastest growth during the forecast period.
Major players operating in the country include JBM Auto Limited, Goldstone Infratech Ltd, Volvo Eicher Commercial Vehicles Limited, Tata Motors Limited, Foton PMI among others. Goldstone has the highest share in electric bus market (almost owns the half of the market) offers two models in the Indian market, K7 and K9 and has bagged orders from Himachal Road Transport Corporation (HRTC) and Brihanmumbai Electric Supply and Transport (BEST).
Years considered for this report:
Base Year: 2017-2018
Estimated Year: 2019
Forecast Period: 2020–2024
- objective of the Study:
- To assess the demand for electric buses in India.
- To analyze and forecast the market size of electric bus market across the country.
- To classify and forecast India electric bus market on the basis of seating capacity, battery type, application, bus length, by region and by company.
- To identify drivers and challenges for India electric bus market.
- To identify market trends and developments in India electric bus market.
- To identify and analyze the profile of leading players involved in India electric bus market.
Some of the renowned companies invested in the electric bus market operating across the country include JBM Auto Limited, Goldstone Infratech Ltd, Volvo Eicher Commercial Vehicles Limited, Tata Motors Limited, Foton PMI among others.
In order to perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of electric bus manufacturers and companies currently invested in the market and operating in different regions across the country. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research was able to include system manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed service offerings, regional network, and regional presence of all major companies across the country.
TechSci Research calculated the market size for India electric bus market by using a bottom-up technique, wherein the value service data for different vehicle type was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical data of respective companies to arrive at the overall market size. Multiple secondary sources such as directories, databases such as, SIAM, SMEV, World Bank, Company Websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Electric bus manufacturers, distributors and other stakeholders
- Associations, organizations, forums and alliances related to electric buses
- Government bodies such as regulating authorities and policymakers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as electric bus manufacturers, customers and policymakers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, India electric bus market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market By Seating Capacity:
- Up to 30 Seater
- 31-40 Seater
- Above 40
- Market By Battery Type:
- Lead Acid
- Lithium Ion
- Market By Application:
- Airport Bus
- Market By Bus Length:
- Above 12m
- Market By Region:
Company Profiles: Detailed analysis of the major companies operating in the country’s electric bus market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players.
Report will be updated with the latest data and delivered to you within 3-5 working days of order.