NEW YORK, April 8, 2021 / PRNewswire / – In March 2019, the Indian government formally launched the second phase of the Faster Electric and Hybrid Vehicle Adoption and Manufacturing (FAME) scheme. Furthermore, in August 2019, the government announced plans to acquire 5,585 electric buses to help clean up the environment. With strong government support, the Market value of the Indian electric bus is expected to increase by $ 94.3 million in 2020 for $ 1,364.4 million in 2025, at a CAGR of 48.8% between 2021 and 2025.
Another initiative of this type is the Green Mobility Scheme, according to which the government will deploy 26,000 alternative fuel regular and transat buses in 103 cities. In addition to the central government, those from 26 states and territories of the union presented proposals to jointly deploy 14,988 of these clean energy vehicles. Another movement that benefits the Indian electric bus market is the total financing of $ 4.6 billion announced for battery manufacturers to boost domestic production.
Main highlights of India’s electric bus market
- BEBs are expected to continue to witness higher sales in the coming years
- Nickel-metal hydride (NMC) batteries to gain rapid popularity
- Major reason for government initiatives for market growth
- Higher demand for electric buses witnessed in South India
- Northern states acquiring clean energy buses quickly
- Automakers launching buses with greater reach
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The COVID-19 pandemic was a major blow to the global automotive industry due to plant closures and restricted trade. As a result, the Indian electric bus market is witnessing slow growth during this period, as government measures to control the spread of the virus have led to the suspension of manufacturing operations at car factories. In addition, as the focus of the central and state governments has been on servicing COVID, investments in the electric bus scenario have been reduced or postponed.
Currently, the category of lithium iron phosphate (LFP) dominates the Indian market for electric buses, in the battery segment. These batteries are the safest and fastest-charging batteries of all, which is why they remain popular with bus manufacturers and buyers.
Browse the detailed report with the COVID-19 impact analysis in the India Electric Bus Market Research Report: By type (BEB, HEB), length (less than 10 mi, More than 10 mi), Battery (LFP, NMC), Application (Intercity, Intracity) – Industry Analysis and Growth Forecast for 2025 @ https://www.psmarketresearch.com/market-analysis/india-electric-bus-market
So far, the southern region has been the most prosperous for companies in the Indian electric bus market because Hyderabad and Bengaluru were among the first cities in the country to use these automobiles. The first fleet of electric buses in the country, 40 in total, was deployed in Telangana.
The Indian electric bus market will witness the fastest growth in the northern region due to the continuing efforts of regional state governments to electrify their public transport fleets. The National Capital Region of Delhi is constantly among the most polluted in the country, which is why the need for cleaner transport is strong here.
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The main manufacturers of the Indian electric bus market are Ashok Leyland Limited, Solaris Bus & Coach SA, 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 buses:
Global electric bus market revenue forecast report – Demand for electric buses is growing due to the growing need for environmentally friendly public mobility options. The demand for these buses is also expected to be the biggest in the coming years, due to the rapid drop in battery prices and the increased focus on minimum levels of carbon emissions.
Revenue forecast report for the US electric bus market – The growth of the US electric bus market will be driven by factors such as stringent emission standards in the country, environmental benefits of electric vehicles (EVs), favorable government policies to support EVs, long-term operating cost benefits offered by these buses for transit agencies, at a CAGR of 58.4% during the forecast period.
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SOURCE P&S Intelligence