NEW YORK, April 8, 2021 /PRNewswire/ -- In March 2019, the Indian government formally
launched the second phase of the Faster Adoption and Manufacturing
of (Hybrid &) Electric Vehicles (FAME) scheme. Further, in
August 2019, the government announced
plans to procure 5,585 electric buses, to help clean up the
environment. With such strong government support, the Indian
electric bus market value is predicted to increase from
$94.3 million in 2020 to $1,364.4 million by 2025, at a 48.8% CAGR between
2021 and 2025.
Another such initiative is the Green Mobility Scheme, under
which the government will deploy 26,000 paratransit and regular
alternative-fuel buses in 103 cities. Other than the central
government, those of 26 states and union territories have submitted
proposals to jointly deploy 14,988 of these clean-energy vehicles.
Yet another such move benefitting the Indian electric bus market is
the total funding of $4.6 billion
announced for battery manufacturers, to boost domestic
production.
Key Highlights of India Electric Bus Market
- BEBs to continue to witness higher sales in coming years
- Nickel–metal hydride (NMC) batteries to gain rapid
popularity
- Government initiatives biggest reason for market growth
- Highest demand for electric buses witnessed in South India
- Northern states rapidly procuring clean-energy buses
- Automakers launching buses with longer driving range
Get the sample copy this report @
https://www.psmarketresearch.com/market-analysis/india-electric-bus-market/report-sample
The COVID-19 pandemic has dealt a severe blow to the global
automotive industry due to the plant shutdowns and restricted
trade. As a result, the Indian electric bus market is witnessing
sluggish growth during these times, as the government measures
taken to check the virus spread led to the suspension of
manufacturing operations at auto plants. Moreover, as the focus of
the central and state governments has been on COVID care,
investments in the electric bus landscape have been reduced or
postponed.
Presently, the lithium–iron phosphate (LFP) category dominates
the Indian electric bus market, under the battery segment. These
batteries are the safest and fastest-charging of all, which is why
they remain popular among bus manufacturers and buyers.
Browse detailed report with COVID-19 impact analysis on
India Electric Bus Market Research Report: By Type (BEB, HEB),
Length (Less Than 10 M, More Than
10 M), Battery (LFP, NMC),
Application (Intercity, Intracity) - Industry Analysis and Growth
Forecast to 2025 @
https://www.psmarketresearch.com/market-analysis/india-electric-bus-market
Till now, the southern region has been the most prosperous for
the companies in the Indian electric bus market because
Hyderabad and Bengaluru were among
the earliest cities in the country to use these automobiles. The
first fleet of electric buses in the nation, 40 in total, was
deployed in Telangana.
The Indian electric bus market will witness the fastest growth
in the northern region on account of the continuous efforts of
regional state governments to electrify their public transportation
fleets. The Delhi–National Capital Region constantly ranks among
the most polluted in the country, which is why the need for cleaner
transportation is strong here.
Make enquiry about this report @
https://www.psmarketresearch.com/send-enquiry?enquiry-url=india-electric-bus-market
Major manufacturers in the Indian electric bus market are Ashok
Leyland Limited, Solaris Bus & Coach S.A., JBM Auto Limited,
Olectra Greentech Limited, Deccan Auto Limited, Tata Motors
Limited, BYD Company Limited, Zhongtong Bus & Holding Company
Limited, and Eicher Motors Limited.
Browse More Reports on Electric Bus:
Global Electric Bus Market Revenue Forecast Report - The
demand for electric buses is growing due to the increasing need for
eco-friendly public mobility options. The demand for these buses is
also expected to be the largest in the coming years because of the
rapidly declining battery prices and increasing focus towards
minimum levels of carbon emissions.
U.S. Electric Bus Market Revenue Forecast Report - The U.S.
electric bus market growth will be driven, by factors such as
stringent emission norms in the country, environmental benefits of
electric vehicles (EVs), favorable government policies to support
EVs, long-term operational cost benefits offered by these buses to
transit agencies, at a CAGR of 58.4% during the forecast
period.
About P&S Intelligence
P&S Intelligence is a provider of market research and
consulting services catering to the market information needs of
burgeoning industries across the world. Providing the plinth of
market intelligence, P&S as an enterprising research and
consulting company, believes in providing thorough landscape
analyses on the ever-changing market scenario, to empower companies
to make informed decisions and base their business strategies with
astuteness.
Contact:
Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Logo:
https://mma.prnewswire.com/media/1224988/P_and_S_Intelligence_Logo.jpg