India’s electric bus market may nearly double its registration share next fiscal
India’s electric bus market is poised for a sharp jump in new registrations next fiscal, with Crisil projecting a 17 per cent share. But the agency warned that charging delays, depot works and payment risks could cap actual deliveries below the full order book, even as private fleets emerge as the next big opportunity.
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India’s electric bus market is entering a phase where policy support is no longer the only story. The bigger question now is execution: whether depots, grid links and payments can keep pace with a pipeline that is already swelling fast enough to reshape fleet procurement over the next year.
Electric buses are projected to account for about 17 per cent of new bus registrations in India in the next fiscal year, up from 7 per cent in the previous year, according to Crisil Ratings . The sharp rise reflects the effect of government procurement programmes, operating subsidies and payment-security measures that have improved visibility for buyers and manufacturers alike.
The rating agency said the industry had crossed 20,000 deployed electric buses by September 2026, while the order book had reached roughly 29,000 units. That gap suggests the market is still in build-out mode, with a sizeable volume already contracted but not yet rolling out on roads.
Even with manufacturing capacity and funding in place, Crisil expects actual deliveries to fall short of the full order book because charging infrastructure is not keeping up.
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