IANS | 10 Jul, 2024
The demand for electric buses is expected to remain robust in the coming
years due to the growing focus on cleaner transportation systems and various
government initiatives, a report showed on Wednesday.
Last year, the government unveiled the PM e-bus Sewa Scheme, allocating
a substantial $2.4 billion to deploy and operate 10,000 electric buses through
a public-private partnership model across 169 eligible cities.
These eco-friendly vehicles are set to hit the roads in 2024, with full
deployment anticipated by 2026.
According to the report by CareEdge Ratings, between FY21 and FY24, the
EV segment experienced substantial growth, despite its smaller share in overall
commercial vehicle (CV) sales.
“Key indicators of this growth include increased adoption rates and a
rising market share, aided by the gradual expansion of the EV infrastructure.
Notably, this transition to EVs is particularly evident in the e-bus and light
commercial vehicle (LCV) categories,” the report noted.
In FY24, registrations of electric heavy passenger vehicles (e-HPVs),
primarily large electric buses, surged significantly.
The number of registrations increased from a mere 217 units in FY21 to
an impressive 3,400 units in FY24.
Registration of electric light passenger vehicles (e-LPV) also surged
from 360 units to more than 10,500 units during the aforementioned period, the
report noted.
A surge in demand for electric buses across major cities in India is
likely to support the growth of CV going ahead.
The increase in demand for electric buses across India can be attributed
to various factors, including rapid urbanisation leading to an increase in
demand for sustainable and cleaner public transportation systems, heightened
environmental concerns, large oil import bills due to diesel-run vehicles,
technological advancements and improvements in battery charging infrastructure.
Further, the Indian government, recognising the need for cleaner public
transportation, has rolled out 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).