India's E-bus Market is Set To Expand 9,59,242 Unit By FY 33: Spherical Insights Forecasts, Growth, Companies, Trends
RELEASE DATE: Jun 2025 Author: Spherical Insights Request Free Sample
Introduction
The Indian e-bus industry is going through a phase of transition, shifting from the infancy stage to an emerging sector within the transport sector. Based on industry projections, the market is set to see a significant rise in the number of electric buses put on roads around the country by FY33. With air pollution levels in urban areas reaching alarming levels, there is a need for cleaner forms of public transport to be embraced. Electric buses, given their zero-emission credentials, are a very plausible option to counterbalance the negative environmental effects of traditional diesel buses. The total cost of ownership (TCO) of electric buses is becoming increasingly competitive compared to diesel buses. During their life cycle of operation, e-buses have reduced fuel and maintenance expenses, thus forming an economically preferable choice for fleet operators. Such policies as the faster adoption and manufacturing of Hybrid and Electric Vehicles (FAME) scheme and the PM e-Bus Sewa program are giving the push that e-buses need. Such programs provide funding incentives and infrastructure development support, making it more viable for state transport undertakings (STUs) and private bus operators to adopt electric buses.
India's E-bus market is set to expand 9,59,242 Unit by FY33
India electric bus market is expected to grow at a CAGR of 21.57% during the period 2025-2035 and reach USD 6450.02 million by 2035, as mentioned in a market research report by Spherical Insights & Consulting. The electric bus (e-bus) market in India is projected to experience robust growth, with estimates showing its expansion to about 9,59,242 units by the financial year 2032–33. This prediction reflects the country's dedication to sustainable urban transport and is congruent with its overall environmental goals. This growth demonstrates the rapid uptake and mounting penetration of electric buses by the nation's public transport market based on a mix of government policies, technology upgrades, environmental necessity, and changing market forces. Programs like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, specifically its second iteration (FAME II), have given strong fiscal incentives to state transport undertakings (STUs) and private players for the purchase of electric buses. These subsidies essentially reduce the initial capital outlay, which has otherwise been a significant hindrance by virtue of the relatively higher initial investment in an electric bus relative to a traditional diesel-powered bus. Additionally, the development of a holistic charging network in metropolitan and tier-2 cities further enhances the penetration and operational sustainability of e-buses. As of the 2024 calendar year (CY24), Maharashtra takes the lead in electric bus registrations with 2,423, followed by Delhi with 2,361, and Karnataka at 1,473. Increasingly, more state transport undertakings (STUs) are currently issuing tenders for e-buses under the GCC model, boosting e-bus penetration across the country.
Top 10 Key Players in the Indian E-Bus Market
- Tata Motors
- Olectra
- JBM
- PMI
- Switch Mobility
- EKA Mobility
- Aeroeagle Automobiles Pvt Ltd
- Pinnacle Mobility Solutions
- BYD India
- Veera Vahana Udyog
- Others
- Tata Motors
Tata Motors is a leading Indian electric bus brand, providing cutting-edge solutions under its Starbus EV brand. The electric buses are created with the aim to encourage green urban mobility through zero-emission and noise-free transportation, tackling Indian cities' key environmental issues. With lithium-ion batteries of 250 kWh to 400 kWh, Tata's electric buses provide a driving range of around 200 to 300 kilometers on a single charge. The buses have fast charging capability, allowing a complete recharge within two to three hours, thereby maintaining operational efficiency. Passenger safety and comfort take precedence, with generous interior space, Intelligent Transport Systems (ITS), real-time monitoring through telematics, and passenger information systems with digital displays and audio messages. Wi-Fi access and charging points are included as added amenities to provide the commuter with a wider range of services. The buses are engineered to do away with clutch and gear shifting, leading to fatigue-free operation by drivers. Tata Motors has successfully implemented these electric buses in many cities, including a major order of 100 buses for the Bengaluru Metropolitan Transport Corporation (BMTC) on a long-term contract. This is congruent with the government's "Make in India" and "Atmanirbhar Bharat" policies, promoting indigenous manufacturing and eco-friendly growth. Tata Motors' electric buses are a significant step forward in reshaping India's public transport towards eco-friendly and efficient mobility solutions.
- Olectra
Olectra Greentech is a leading manufacturer and supplier of electric buses in India, playing a vital role in the country’s transition towards sustainable public transportation. The company specializes in the design and production of fully electric buses that offer zero-emission and energy-efficient solutions for urban transit systems. Olectra’s electric buses are equipped with advanced lithium-ion battery technology, providing ranges typically between 200 to 300 kilometers per charge, suitable for diverse city routes. With fast-charging capabilities, these buses can be recharged within a few hours, facilitating continuous operation throughout the day. The company emphasizes passenger comfort and safety, incorporating features such as spacious seating arrangements, low-floor designs for easy boarding, and modern infotainment systems. Additionally, Olectra’s buses include telematics and intelligent transport systems that enable real-time vehicle tracking, efficient fleet management, and preventive maintenance. Olectra Greentech has secured numerous large-scale contracts with state transport undertakings across India, including the Bengaluru Metropolitan Transport Corporation (BMTC), which has deployed over 600 electric buses from the company, making it one of the largest e-bus fleets in the country. The company’s efforts align with government initiatives like FAME II and the National Electric Mobility Mission, contributing significantly to India’s goals of reducing vehicular emissions and enhancing urban air quality. Olectra Greentech continues to innovate and expand, solidifying its position as a key contributor to India’s electric mobility revolution.
- JBM
JBM Auto Ltd. is a leading Indian automobile company dealing in electric buses under its subsidiary, JBM Ecolife Mobility Pvt Ltd. The firm has a variety of electric buses designed to deliver safe and reliable public transport solutions. JBM's electric buses come with futuristic lithium-ion battery technology, with ranges appropriate for urban and semi-urban routes. These buses have provisions like Real-Time Passenger Information Systems (PIS), CCTV monitoring, panic buttons, and automatic vehicle location systems, increasing passenger security and operating efficiency. The firm has received substantial orders under government programs like the PM e-Bus Sewa Scheme-2, which has helped deploy electric buses in several Indian cities. JBM Auto has set up one of the biggest electric bus manufacturing plants in Haryana with a production capacity of 20,000 units per year, making it a prime player in India's electric mobility space. The vision of innovation and sustainability of the company resonates with India's mission to decrease carbon emissions and encourage clean energy for public transportation.
- PMI
PMI Electro Mobility Solutions is a top Indian electric bus manufacturer that has been at the forefront of driving sustainable public transport in the nation. Founded in 2017, the company has grown its business very fast and today has more than 2,000 electric buses running in over 30 cities, including big cities like Delhi, Kolkata, Lucknow, and Bhubaneswar. PMI electric buses are equipped to operate in a wide variety of urban and semi-urban settings, with cutting-edge monitoring and safety technology in the form of Real-Time Monitoring Systems (RTMS) and CCTV cameras. The comfort of passengers is furthered by air suspension systems that ensure a smooth ride even on rough roads. From an environmental perspective, each electric bus reduces carbon dioxide emissions significantly, with up to 28,000 kilograms of Carbon dioxide saved per bus per year. PMI Electro's growth commitment is evident in its proposals to double its manufacturing capacity with a new plant in Pune, likely to go on stream by 2025, doubling yearly output to around 6,000 units. Through innovation and sustainability, PMI Electro Mobility Solutions continues to be a pivotal company helping shape India's public transport system towards cleaner, greener mobility solutions.
- Switch Mobility
Switch Mobility Ltd., the electric vehicle division of Ashok Leyland, has launched the SWITCH EiV12, a state-of-the-art low-floor electric city bus to transform urban transport in India. This 12-meter bus has a modular battery system ranging from 180 kWh to more than 400 kWh, with a driving range of up to 500 kilometers on a single charge. Fitted with a dual-gun CCS2 charging system, it has fast charging capability, charging to full capacity within less than two hours. The EiV12 is the first low-floor electric bus from India with completely floor-mounted batteries, increasing stability and comfort during travel. The comfort of passengers is ensured by ergonomic seating, sophisticated air conditioning, and panoramic windows with unobstructed views. The bus has an access-friendly design, with a kneeling system, automated wheelchair ramp, and low-floor entrance. Safety is improved with five CCTV cameras having 360-degree vision and exclusive seating for women. The EiV12 runs on Switch iON, a proprietary telematics platform that gives real-time monitoring of vehicle health and optimal fleet management. With more than 1,800 bookings, the EiV12 is going to be a game-changer in revolutionizing India's public transport sector towards greener mobility solutions.
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us