Indian bus market geared to reach $10.34 billion
The Research and Markets ‘Bus Market in India 2015 - 2020’ report says the Indian bus market is geared to reach $10.34 billion by 2019-20 and grow at a 9.36% CAGR, driven by an increasing demand for luxury and value. SRTUs and private fleet operators account for almost 2/3 of the M&HCV buses sold in India. While the diesel bus market, which constitutes a major market share in the overall Indian bus market, is expected to grow at 7.24% CAGR, the CNG/LPG bus market occupying a minor market share will grow at 18% CAGR. The fast emerging electric bus market in India will expand at an estimated CAGR of 19% till 2019-20. A robust 25% CAGR is predicted for India’s hybrid bus market. In terms of volume, the petrol bus market, which controls the 2nd largest market share in the entire bus market, is forecast for 11% CAGR.