India Electric Bus Market 2023 Driving Factors Forecast Research 2029
India electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of India creating demand for improvement in public transport along with the cohesive government initiatives and schemes is one of the major factors to drive the growth of the India electric bus market. In July 2019, the Government of India unveiled the National Electric Mobility Mission Plan (NEMMP) 2020 to amplify the growth of the electric and hybrid components of the automotive sector with the main focus on fast-tracking the manufacturing and introduction of EVs in India. The launch of Faster Adaptation and Manufacturing of (Hybrid &) Electric Vehicles (FAME) by the Department of Heavy Industries (DHI) with an investment of $123 million is further promoting the growth of India electric bus market.
The market is segmented on the basis of bus type, battery type, and end-user. Based on the bus type, the market is sub-segmented into the hybrid electric bus, fuel cell electric bus, and battery-electric bus. Based on the battery typ#e, the market is sub-segmented into NiMH, Li-Ion, and others. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the segmental market share. Based on end-user, the market is sub-segmented into government and fleet owners.