Indian government races to switch to all-electric cars by 2030. This has led to many technological and business opportunities being open in the electric vehicle market. Market researchers have come up with various studies on the electric automotive market which expects a growth of around 124% FY2023.
Instead of fossil fuel-driven internal combustion engines. Electric bus, as the name suggest partially run and rely on electricity. It derives energy from batteries, solar panels and fuel cells which can be rechargeable.
According to report, the automobile industry is becoming one of the crucial growth factors for the Indian economy. The production of passenger vehicles, commercial vehicles, three wheelers and two-wheelers crosses 25 Mn in FY17 which witnessed a jump of 5.41% from the earlier year. That being stated in the reports, it has also allowed more pollution in the metro areas which triggered debates in ecologists and business peers.
The advantageous government initiatives have given a global perspective to the project with international marketers like Honda, Volvo, Suzuki, and Hyundai entering the India electric bus market. The upcoming years for India are going to witness rapid growth with increasing affordability of electric buses.
The leading market players to invest in electric bus operations:
- Volvo Eicher Commercial Vehicle Ltd
- JBM Auto limited
- Mahindra Electric Mobility Ltd
- Tata Motors Ltd
- Volvo India Private Ltd
- Ashok Leyland Ltd
The recent Market Research Reports discuss various prospects of the market including market size, share, forecast giving you an in-depth understanding of the electric bus market in India. Studies further offer segmental analysis of application in drivetrain technology including battery electric bus and plug-in hybrid bus.
Having seen many leading and new marketers entering the Indian electric bus market, the competitive gains project many more opportunities in the coming years. Automotive Market Research not only sheds light on the competitive market share, but it further update us regarding changing market trends and emerging opportunities.
Although the industry had received early popularity, the first of 20th century of electric vehicles faced a considerable decline in the international market. Complex infrastructure and concurrent changes in the road infrastructure led to research and development opportunities in the market.