Whalesbook
So, 19% YoY growth toh hai early 2026 tak ka, but April mein 37% ka drop from March hua. Ye demand ka issue nahi hai, balki companies ke execution mein dikkat aa rahi hai. Especially charging stations aur depots banane mein time lag raha hai. Ab bas tender lene se kaam nahi chalega, buses ko operate karke dikhana padega. Naye players like JSW Greentech aur purane ones like PMI Electro Mobility, JBM Auto, Switch Mobility sab isi realiy ko face kar rahe hain.
Market consolidate ho raha hai, PMI Electro Mobility, Olectra Greentech, aur Switch Mobility aage hain. PMI ne H1 2025 mein sabse zyada registers kiye, Switch ne FY26 mein sabse zyada units bechi (1,166). Wahi, Tata Motors ke electric bus registrations 84% gir gaye CY2025 mein! Government ki PM E-DRIVE aur PM e-Bus Sewa schemes se demand badh rahi hai, jisse 2030 tak 40% buses electric hone ka target hai. Battery Electric Buses (BEBs) ka share 65% se zyada ho gaya hai, mostly LFP lithium-ion batteries ke saath.
Naye player JSW Greentech bhi peeche nahi hai. Woh Maharashtra mein 10,000 electric buses aur 5,000 electric trucks per year capacity ka bada greenfield manufacturing plant laga rahe hain. Ye around July 2027 tak start hone ki umeed hai. Ye ek bada capital-intensive project hai aur market par impact 2026 ke end tak dikhne ki umeed hai.
Abhi bhi ye sector ekdum naya hai, FY25 mein total bus registrations ka sirf 4% tha. Government tenders par bahut depend karta hai, toh policy changes ka risk hai. Sabse badi problem charging infrastructure ka pichhe reh jana hai. Range anxiety aur operational issues ban rahe hain. Charging stations ke liye land milna, grid ki taiyari, aur electricity ke high rates operators ke liye headache hain. Competition bhi tough hai, aur companies ko sirf manufacturing nahi, charging aur depot management bhi sambhalna padega.
Future bright dikh raha hai, 2030 tak 18-23% CAGR ka projection hai. Indian electric commercial vehicle market 2034 tak USD 44.5 billion tak pahunch sakta hai. Aage chal kar wohi companies jeetengi jo sirf buses nahi, poora integrated solution dengi - charging infra aur guaranteed uptime ke saath. Bade tenders toh aate rahenge, jaise PM E-DRIVE Phase I mein over 10,900 buses allocate hui hain, par unka effective deployment operational aur infrastructure hurdles cross karne par hi depend karega.