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 2024
According
to TechSci Research report, “India Electric Bus
Market By
Seating Capacity, By Battery Type, By Application, By Bus Length, Competition
Forecast & Opportunities, FY2017-FY2024”, the electric bus market in India is projected to cross $
1000 million by FY2024. 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. Furthermore, in March 2019, Ministry of Heavy Industry and
Public Enterprise laid down new eligibility criteria for electric vehicles
under FAME II incentives. Based on the scheme, the government will incentivize
over 7000 electric bus by investing over USD 5000 million.
Browse 34
market data Figures and Tables spread through 81 Pages and an in-depth TOC
on "India
Electric Bus Market"
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 2018, 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 FY2024. 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, Hangzhou
Yuexi Bus Mfr Co. Ltd, Deccan Auto Limited, Goldstone Infratech ltd, among
others 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 Seating Capacity, By Battery Type, By Application, By Bus Length, Competition
Forecast & Opportunities, FY2017-FY2024” 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.
About TechSci Research
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Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
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