India Bus Market (2023-2029) | Trends, Size, Value, Forecast, Growth, COVID-19 IMPACT, Share, Companies, Analysis, Revenue & Industry

India Bus Market Highlights

Report Name	India Bus Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate	4.04%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Type, By Application, By Fuel Type, By Seat Capacity
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
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Topics Covered in India Bus Market Report

India Bus Market report thoroughly covers the market by type, application, fuel type, and seat capacity. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Bus Market Synopsis

The India bus market is anticipated to grow more on account of increasing government spending on public transport infrastructure development along with investments made by cities across India towards improving urban mobility services through buses & other mass transit systems like metro rail networks being set up nationwide. Additionally, initiatives taken by various governments towards encouraging private players into bus manufacturing sector also contribute significantly toward a flourishing business landscape over the foreseeable future.

According to 6Wresearch, the India Bus Market size is estimated to grow at a growth rate of around 4.04% during the forecast period 2023-2029. The India bus market is experiencing growth due to several key drivers that contribute to the demand for public and private transportation solutions. Firstly, rapid urbanization and population growth have increased the need for efficient and sustainable public transportation options. Buses play a crucial role in providing affordable and mass transit solutions, easing the burden on congested road networks. Secondly, government initiatives and policies aimed at promoting public transport and reducing carbon emissions have led to increased investments in public bus transportation systems. Initiatives such as smart cities and clean energy adoption have driven the demand for modern and environmentally friendly buses. Moreover, the growth of the tourism industry and the rise in inter-city travel have further contributed to the demand for long-distance luxury and semi-sleeper buses. Additionally, the advancement in bus manufacturing technologies, including electric and hybrid buses, has attracted investments from both domestic and international bus manufacturers. As the need for sustainable and efficient transportation solutions continues to grow, the India bus market is expected to witness further expansion in the coming years. The Electric Bus Market in India is also growing at a faster pace.

The India bus market encounters several challenges that impact its growth and development. Firstly, the inadequate public transportation infrastructure and limited funding for transportation projects pose challenges to the expansion of the bus market. Many regions still lack well-connected and efficient bus networks, which can limit the demand for new buses. Secondly, the high cost of acquiring buses, especially for state transport corporations, can lead to delays in fleet renewal and modernization efforts. Financial constraints may result in buses being used beyond their ideal operational life, leading to maintenance issues and increased operational costs. Moreover, the preference for individual modes of transport, such as two-wheelers and cars, can reduce the demand for public buses, especially in urban areas. Additionally, the rapid urbanization and congestion in cities can create challenges for bus operators in providing timely and efficient services. Addressing these challenges requires increased investments in public transportation infrastructure, providing adequate funding support to state transport corporations, and promoting awareness about the benefits of public bus transport over individual vehicles. These challenges can pose the India Bus Market Growth.

COVID-19 Impact on India Bus Industry

The COVID-19 pandemic had a profound impact on the India bus market, particularly in the public transportation segment. During the pandemic`s peak, strict lockdown measures and travel restrictions resulted in a sharp decline in bus operations, leading to reduced demand for new buses. With people staying at home and avoiding public transport, the inter-city and inter-state travel demand also plummeted, affecting the demand for long-distance luxury buses. Additionally, the financial stress faced by transport operators due to decreased ridership and revenue losses posed challenges for bus fleet modernization and replacement plans. However, as restrictions were gradually lifted and economic activities resumed, there was a gradual recovery in the bus market. The government`s focus on promoting public transportation and encouraging electric mobility provided opportunities for electric buses to gain traction in the post-pandemic era. Furthermore, the emphasis on sanitation and safety in public transportation during the pandemic has led to the adoption of hygiene measures and improved bus designs, which could boost demand for modern buses with better amenities and features. As the country moves towards post-pandemic recovery, the India bus market is expected to witness growth, driven by the need for sustainable public transportation solutions and the renewal of bus fleets.

Leading Players in India Bus Market

The India bus market is characterized by the presence of several key players who contribute to providing a diverse range of buses for both public and private transportation purposes. Some of the major key players in this market include Tata Motors, Ashok Leyland, and Mahindra & Mahindra. These companies are renowned for their extensive portfolio of buses, catering to various segments such as city buses, inter-city coaches, and school buses. They have a strong network of dealerships and service centers across the country, ensuring seamless aftersales support for their customers. Additionally, international bus manufacturers such as Volvo Buses and Scania also have a significant presence in the India market, offering premium and luxury buses known for their safety features and advanced technologies. These key players actively collaborate with state governments, transport corporations, and private operators to supply buses for public transportation and fleet modernization initiatives. Their focus on product innovation, sustainability, and meeting government regulations has established them as leading players in the India bus market.

Bus Market in India: Government Initiatives

One key initiative has been the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme. Under FAME, subsidies and initiatives have been provided in order to boost the adoption of electric as well as hybrid buses. This not only addresses concerns linked to air quality and pollution but also aligns with global efforts in order to reduce carbon emissions. However, the Smart Cities Mission, launched by the government, focuses on the transform urban areas into sustainable, citizen-friendly spaces. This initiative focuses on the development of efficient public transportation systems, including bus networks, in order to reduce traffic congestion and enhance urban mobility. Additionally, a number of states and cities in the country have been implementing Bus Rapid Transit (BRT) systems, which prioritize dedicated bus lanes, intelligent traffic management, and smart bus stations.

Bus Market Share in India

Bus market share in the country is rising and it will continue to expand more in the future. This market is the central part of the Asia Pacific Bus Market and it has been experiencing significant growth since it is one of the most crucial public transports. The faster rise in population and urbanization have increased the demand for efficient as well as sustainable public transportation options. The government of the nation has been taking a number of initiatives, which helps in boosting the share of the market. There are a number of key players adding value to the growth of the market and they will continue to help in motivating the growth of the market in the near future. Electric bus market will also rise which will contribute to the growth of the Electric Bus Market Share in India.

Market by Type

On the basis of type, single deck dominates the market and it is likely to dominate the market in the coming years. It is a kind of public transport which has one level for passengers and it is used for city transit systems, school buses, shuttle services, and many other forms of public transport.

Market by Application

On the basis of application, transit bus holds the largest share in the market. A transit bus is a huge motor vehicle which is designed to transport multiple passengers. It follows predetermined routes with designated stop. This type of bus is also designed to be accessible to people with disabilities as it has wheelchair ramps or lifts, low floors, and designated seating for passengers with mobility challenges.

Market by Fuel Type

On the basis of fuel type, diesel segment currently holds the largest share in the market. There is no wonder that diesel is one of the most commonly used fuels. Diesel buses are equipped with internal combustion engines which operate on diesel fuel. Diesel engines are popular for their durability as well as fuel efficiency, which make them them an effective choice for larger vehicles like buses.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Bus Market Outlook
• Market Size of India Bus Market, 2022
• Forecast of India Bus Market, 2029
• Historical Data and Forecast of India Bus Revenues & Volume for the Period 2019 - 2029
• India Bus Market Trend Evolution
• India Bus Market Drivers and Challenges
• India Bus Price Trends
• India Bus Porter's Five Forces
• India Bus Industry Life Cycle
• Historical Data and Forecast of India Bus Market Revenues & Volume By Type for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Single Deck for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Double Deck for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Transit for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Coaches for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Fuel Type for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Diesel for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Electric and Hybrid for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By Seat Capacity for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By 15-30 Seats for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By 31-50 Seats for the Period 2019 - 2029
• Historical Data and Forecast of India Bus Market Revenues & Volume By More than 50 Seats for the Period 2019 - 2029
• India Bus Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Fuel Type
• Market Opportunity Assessment By Seat Capacity
• India Bus Top Companies Market Share
• India Bus Competitive Benchmarking By Technical and Operational Parameters
• India Bus Company Profiles
• India Bus Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Type

• Single Deck
• Double Deck

By Application

• Transit
• Coaches
• Others

By Fuel Type

• Diesel
• Electric And Hybrid
• Others

By Seat Capacity

• 15-30 Seats
• 31-50 Seats
• More Than 50 Seats

Frequently Asked Questions About the Market Study (FAQs):