The Indian electric vehicle (EV) market is expanding rapidly, and electric buses are crucial to the development of clean public transport. Several Indian companies are at the forefront of producing electric buses as cities try to reduce emissions and enhance mobility. Investors looking at the EV revolution need to know the top companies in this market. This is an overview of the top electric bus makers in India, highlighting their market presence and achievements.
1. PMI Electro Mobility
PMI Electro Mobility is one of the top players in India’s electric bus industry. With 31.5% sales of electric buses during the fiscal year 2022–2023, the company registered the highest market share. With over 1,200 electric buses operational nationwide and 2,500 units on order, PMI continues to expand its presence in the EV segment.
2. Olectra Greentech
Olectra Greentech, a subsidiary of Megha Engineering & Infrastructures Ltd., is one of the leaders in the electric bus sector. It garnered a 23.1% market share for 2022–2023. The company has proved itself committed to sustainable transport solutions by being a key contributor to the supply of electric buses for several state transport initiatives.
3. Switch Mobility (Ashok Leyland)
In 2022–2023, Switch Mobility, Ashok Leyland’s electric vehicle arm, had a market share of 19.8% for electric buses. To meet the growing demand for green public transport, the company is busy expanding its range of electric buses and plans to increase production capacity.
4. JBM Auto
JBM Auto, which had an 11.8% market share in 2022–2023, has made significant strides in the electric bus space. With 5,000 electric buses on its impressive order book, the company is well placed to be one of the main drivers of India’s transition to electric public transport.
5. Tata Motors
Tata Motors, a veteran in the Indian auto industry, has been actively engaged in the electric bus segment. The market share of the company stood at 6.9% during 2022–2023. With 2,600 electric buses on the order book and over 900 already delivered, Tata Motors continues to be a dominant player in the development of eco-friendly transportation solutions.
6. EKA Mobility
EKA Mobility, part of Pinnacle Industries, is a leader in manufacturing small commercial vehicles and electric buses. The company has enhanced its technical expertise by collaborating with foreign firms like the Dutch VDL Group. For the purpose of raising domestic manufacture of cutting-edge automobile technology products, the Production-Linked Incentive scheme of the Central Government has cleared 20 companies, including EKA Mobility
7. Jupiter Wagons
By launching electric light commercial vehicles, Jupiter Wagons has entered into the electric vehicle segment with its subsidiary Jupiter Electric Mobility. The company’s commitment to expanding its presence in the EV segment is reflected through the technology and business assets that it acquired from Log9 for its railway battery business and electric truck battery business.
8. Bharat Heavy Electricals Limited (BHEL)
Government-owned company BHEL has been exploring opportunities in the electric mobility space. BHEL’s foray into electric mobility aligns with its overall strategy of diversifying and aiding India’s sustainable infrastructure goals, even though it traditionally focused on power generation equipment.
9. Macquarie’s Vertelo Platform
Macquarie Group’s Vertelo platform is critical to India’s electric bus economy, even though it is not a manufacturer. In the period of three to five years, Vertelo plans to buy as many as 2,000 electric buses from manufacturers like JBM Auto and EKA Mobility as part of a $1.5 billion investment focused on electrifying fleets. This initiative shows India’s growing financial support for electric vehicles.
In short, India’s electric bus market is growing fast due to a combination of established automakers and new emerging companies. Along with contributing to the nation’s sustainable transport goals, these companies offer investors some promising opportunities within the EV segment. The market for electric buses is anticipated to expand strongly over the next few years provided the government keeps on encouraging electric travel through a series of schemes and incentives.
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