India’s electric bus market is finally behaving like a market. Sales rose about 35% to 5,412 units in FY26. The segment grew at a compound annual rate of 46% between 2015 and 2025, industry reports suggest.
Look closer, and the picture narrows. Of an estimated 17,500–19,500 electric buses on the road, state transport undertakings (STUs) run about 17,000–18,000. Private operators own only 750–1,250, or 4–6%. Yet private players account for 85–90% of India’s overall bus fleet.
Electric penetration in the medium and heavy passenger segment is about 7.2%. ICRA expects it to reach around 30% by FY30, but the current pace is well below what that needs.
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