Last year, the government unveiled the PM e-bus Sewa Scheme, allocating a significant $2.4 billion to deploy and operate 10,000 electric buses through a public-private partnership model in 169 eligible cities.
These green vehicles will hit the roads in 2024, with full deployment planned for 2026.
According to the CareEdge Ratings report, between FY21 and FY24, the electric vehicle segment saw substantial growth, despite its lower share in overall commercial vehicle (CV) sales.
“Key indicators of this growth include higher adoption rates and growing market share, helped by the gradual expansion of electric vehicle infrastructure. “In particular, this transition to electric vehicles is particularly evident in the electric bus and light commercial vehicle (LCV) categories,” the report notes.
In FY24, registrations of electric heavy passenger vehicles (e-HPVs), mainly large electric buses, increased significantly.
The number of registrations increased from a mere 217 units in FY21 to a whopping 3,400 units in FY24.
Registration of electric light passenger vehicles (e-LPV) also increased from 360 units to over 10,500 units during the aforementioned period, the report notes.
An increase in demand for electric buses in major cities in India is likely to support CV growth in the future.
The rise in demand for electric buses across India can be attributed to several factors including rapid urbanization leading to increased demand for sustainable and cleaner public transport systems, increased environmental concerns, large import bills for oil due to diesel vehicles and technological advances. and improvements to battery charging infrastructure.
Furthermore, the Indian government, recognizing the need for cleaner public transport, has launched several initiatives to promote electric mobility.
These include the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and the National Electric Mobility Mission Plan (NEMMP).
These green vehicles will hit the roads in 2024, with full deployment planned for 2026.
According to the CareEdge Ratings report, between FY21 and FY24, the electric vehicle segment saw substantial growth, despite its lower share in overall commercial vehicle (CV) sales.
“Key indicators of this growth include higher adoption rates and growing market share, helped by the gradual expansion of electric vehicle infrastructure. “In particular, this transition to electric vehicles is particularly evident in the electric bus and light commercial vehicle (LCV) categories,” the report notes.
In FY24, registrations of electric heavy passenger vehicles (e-HPVs), mainly large electric buses, increased significantly.
The number of registrations increased from a mere 217 units in FY21 to a whopping 3,400 units in FY24.
Registration of electric light passenger vehicles (e-LPV) also increased from 360 units to over 10,500 units during the aforementioned period, the report notes.
An increase in demand for electric buses in major cities in India is likely to support CV growth in the future.
The rise in demand for electric buses across India can be attributed to several factors including rapid urbanization leading to increased demand for sustainable and cleaner public transport systems, increased environmental concerns, large import bills for oil due to diesel vehicles and technological advances. and improvements to battery charging infrastructure.
Furthermore, the Indian government, recognizing the need for cleaner public transport, has launched several initiatives to promote electric mobility.
These include the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and the National Electric Mobility Mission Plan (NEMMP).
