Leading Electric Bus Manufacturers in India: Market Share of Electric Buses in FY 2024

India is leading the trend in adopting e-buses as part of its efforts to introduce sustainable and eco-friendly transport solutions. With increasing ecological concerns and concerted efforts made by the government to reduce urban pollution, the country has witnessed an admirable growth in electric vehicle adoption, mainly for public transport purposes. Represented in the country include some of the big electric bus manufacturers in India, such as Tata Motors, JBM Auto, and Ashok Leyland. These advancements and strategies at their level helped increase the size of the electric bus market through FY 2024. 

Popular Government Initiatives for EV Infrastructure

The Indian government has launched many initiatives that promote the adoption of electric vehicles and the development of EV infrastructure. These policies have been so instrumental in helping grow electric buses and eventually making them accessible.

Programs such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles initiative set up incentives for buying more electric buses, making their cost much lower for fleet operators. Under FAME scheme, charging stations along highways and in urban centres will also be funded. Supplementing FAME, the Production Linked Incentive Scheme (PLIS) provides an impetus to local component manufacturing for electric vehicles, thereby reducing the cost of manufacturing electric buses in India.

State governments, too, have played a critical role. Maharashtra, Gujarat, and Karnataka have come up with their specific EV policies, which offer tax rebates and subsidies on charging infrastructure. These policies have given the electric bus market size a supportive scenario for growth as more players are entering the space and increasing competition.

Impact of FAME-II Scheme for Electric Vehicles

The FAME-II scheme has had a transformative impact on the adoption of electric buses in India. Launched in 2019, the scheme was designed to promote the adoption of electric vehicles by addressing cost barriers and infrastructure challenges. Under FAME-II, the government allocated funds to procure electric buses and set up public charging stations. This has been a game-changer for public transportation, as it significantly reduces the cost of acquiring and operating electric vehicles.

The electric bus manufacturers in India, like Tata Motors and JBM Auto, have greatly benefited from this scheme. FAME-II sanctioned 7,000 electric buses, while cities like Ahmedabad, Kolkata, and Hyderabad inducted these buses into their public transport systems. With a reduced operational cost and cleaner transportation, the FAME-II scheme can be said to have paved the way for exponential expansion in the electric bus market share in India.

Future of EVs in India (2030 Projections)

India will have electrified nearly 30% of its public transportation fleet by 2030, and the electric bus is poised to take center stage. The global electric buses market size is expected to expand from USD 49.81 billion in 2023 to a CAGR of 12.1% for the period 2024 – 2030, with more than 50,000 e-buses hitting the roads of the country. All this is possible because of improvements in battery technology and government subsidies. The growing awareness among consumers will drive this trend.

This will pose burdens on the cost, thereby keeping electric bus prices low. Economics of scale and new technologies are expected to bring down electric bus prices further. According to estimates, by 2030, operating costs for an electric bus will likely become comparable to those for diesel buses. Ashok Leyland, JBM Auto, and Tata Motors are likely to establish their strong foothold in this market, capitalizing on the early investments that were made in the electric vehicle ecosystem.

What Are Some Range Anxiety Solutions for Electric Bus Owners in India?

Range anxiety, or the fear of running out of battery power before reaching a charging point, is one of the significant challenges for electric bus owners. However, solutions are popping up. One promising approach is the development of battery-swapping stations, which allow buses to quickly replace depleted batteries with fully charged ones. This reduces downtime and enhances operational efficiency. Companies like Sun Mobility are pioneering this technology in India.

Battery technology is also improved to make electric buses travel longer distances using just one charge. Manufacturers have started using lithium-ion batteries, offering higher energy density and extended life. Another innovation is route optimization software, which ensures the optimum utilization of routes for minimum energy consumption.

Government support, including subsidies for fast chargers and the expansion of charging networks, further alleviates range anxiety. These efforts ensure that electric buses remain a reliable and efficient mode of transportation for India’s growing urban population.

Conclusion

Thus, the era of the electrical bus revolution in India is an example of the dedication of the country to sustainable transport. The development of this sector will have exponential growth with the government’s FAME-II initiative and investments in renewable energy. This electrical bus market will be driven by leading electric bus manufacturers in India, such as Tata Motors, JBM Auto, and Ashok Leyland, who are eager to make e-buses a feasible substitute for traditional diesel buses.

Indeed, India, as a nation, steps into 2030 with brighter electric buses on the horizon. Electric Vehicles prices will reduce with improvements in technology, and with strengthened charging infrastructure, e-buses are bound to be the backbone of public transportation across India. With challenges like range anxiety overcome and gaps in the rural infrastructure bridged, the benefits of electric mobility would reach every nook and corner of the country, paving the way for a greener and a more sustainable future.

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