India Electric Bus Market to Surpass $ 667 Million by FY2023
Rising need for cleaner
vehicles due to constantly increasing air pollution levels coupled with growing
government support towards the use of electric buses to fuel the demand for
electric buses across India through 2023
According to TechSci Research report, “India
Electric Bus Market By Vehicle Type, By Drivetrain Technology, Competition
Forecast & Opportunities, FY2017-FY2023”, the electric bus market in India is
projected to cross $ 667 million by FY2023. Rising inclination towards electric
vehicles to address the problem of rising air pollution levels in the country coupled
with the expanding government support for electric vehicles are few of the key
reasons buoying demand for electric buses in India. In addition, the rising
number of research and development activities carried out for electrification
of fuel powered buses is further anticipated to compliment the country’s electric
bus market during the forecast period.
With a volume
share of over 90%, battery electric buses dominated the India electric bus market
in FY2018. On account of growing requirement for technologically advanced and environment-friendly
automobiles to curb the rising pollution levels in the country, the need for electric
buses is anticipated to surge at a robust pace during the forecast period in
India. Moreover, major chunk of demand for electric buses is expected to
emanate from major cities as various state governments are gradually replacing
diesel buses with electric ones. In 2017, the electric bus market was witnessed
to be largely concentrated in the country’s North region owing to the region’s early
adoption of electric buses. However, the penetration of electric buses in
India’s southern region is expected to increase at a robust pace by FY2023. Prices
of electric buses is the major factor influencing the purchase decision for
various fleet owners and state transport regulating bodies.
Foraying of various leading bus manufacturers such as TATA, Mahindra, Ashok
Leyland, etc., into electric bus market, and their continuing research and
development to manufacture technologically advanced and affordable electric buses
is anticipated to have a huge positive impact on the market over the course of
next five years. Moreover, with major leading players bidding for incorporation
of their buses in various state city transport systems, the electric bus market
is expected to witness a strong growth in revenue generation during the forecast
period.
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“With many ongoing research and development projects in
pipeline, increasing government focus on electric buses across the country,
demand for electric buses is expected to grow at a robust pace in the coming
years. Moreover, the electric buses have several advantages over the
conventional automobiles, like they are much cleaner than the combustible
automobiles and help curb the alarmingly rising air pollution levels. All these
factors would steer the growth in India electric bus market in the coming years.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India Electric Bus
Market By Vehicle Type, By Drivetrain Technology, Competition Forecast &
Opportunities, FY2017-FY2023” has analyzed the potential of electric bus market across the country,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by India electric bus market.
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