India Electric Bus Market Set to Double by 2029: Growth, Trends, and Outlook

 The India Electric Bus Market is projected to be valued at USD 1.17 billion in 2025 and is anticipated to grow to USD 2.48 billion by 2029, registering a compound annual growth rate (CAGR) of 20.66% during the forecast period from 2025 to 2029. 

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Key Market Trends 

Government-Led Procurement Initiatives 
 Programs like FAME II and PM E-Bus Seva are accelerating adoption, with thousands of electric buses being deployed through central and state-level subsidies. 

Rapid Urban Public Transport Electrification 
 Major cities such as Delhi, Bengaluru, Pune, and Hyderabad are increasingly replacing diesel fleets with electric buses to meet clean air targets and reduce fuel costs. 

Growing Participation of Domestic OEMs 
 Indian manufacturers like Tata Motors, Olectra Greentech, JBM Auto, and PMI Electro Mobility are leading the market with localized production and competitive pricing. 

Declining Battery Costs and Improved Technology 
 Advancements in lithium-ion battery technology and falling battery prices are making electric buses more economically viable for mass transit fleets. 

Expansion of Charging Infrastructure 
 Public-private partnerships are helping develop depot and on-route charging stations, addressing one of the key operational barriers to large-scale deployment. 

Key Market Leaders in India’s Electric Bus Segment 

Tata Motors Limited 
 India’s largest e‑bus manufacturer, leading with over 1,400 buses deployed across the country. Through its Tata Marcopolo joint venture (now wholly owned), it offers EV buses in the 9–12 m range and holds a dominant position in public-sector procurement 

 

Olectra Greentech Ltd. 
 A pioneer in EV bus manufacturing, Olectra has secured major orders—such as supplying over 2,100 battery-electric buses to BEST Mumbai and continues to lead sustainable fleet adoption in several Indian cities  

 

PMI Electro Mobility Solutions Pvt. Ltd. 
 Founded in 2017, PMI has rapidly grown to produce over 1,700 e‑buses deployed in 31 cities. In H1 2025, it led the market with 25.8% share (542 units). The company also raised ₹250 crore to scale production and support a strong order book of 3,000+ buses 

  

Switch Mobility (Ashok Leyland Limited) 
 The electric vehicle arm of Ashok Leyland (branded from the UK’s Optare), Switch holds significant share in the India e‑bus market. In early 2025 it followed closely behind PMI, delivering approximately 503 units in H1 2025 (~24% share) 

  

JBM Auto Limited 
 A key domestic OEM consistently ranking among top providers, JBM Auto holds around 20–21% market share in H1 2025, supplying large fleets across tier‑1 cities and contributing to an industry oligopoly with Tata, Olectra, PMI, and Switch 

 

Conclusion 

India’s electric bus market is undergoing rapid transformation, driven by strong government support, rising urban pollution concerns, and growing demand for sustainable public transport. With the market estimated at USD 1.17 billion in 2025 and projected to reach USD 2.48 billion by 2029, the industry is expanding at a CAGR of 20.66%. Major cities are deploying large e-bus fleets under schemes like FAME II and PM e-Bus Sewa, while leading manufacturers such as Tata Motors, Olectra Greentech, PMI Electro Mobility, Switch Mobility, and JBM Auto dominate the landscape. 

 

For a detailed overview and more insights, you can refer to the full market research report by Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/india-electric-bus-market?utm_source=blogger 

 

About Mordor Intelligence:  

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. 

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics. 

For any inquiries or to access the full report, please contact: 

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