JBM Auto Ltd has secured $100 million in funding to boost the supply and operations of e-buses
According to a news report, JBM Auto Ltd has recently signed an agreement of $100 million in funding from the Asian Development Bank and Asian Infrastructure Investment Bank for enhancing the supply and operations of e-bus. This funding came through the Union government announcing a new EV subsidy scheme for green energy-powered public transport, the ‘PM E- drive’ scheme, showing that multilateral banks are interested in green mobility financing in the world’s fastest-growing economy.
Electric Bus Market Size
According to Precedence Research’s report on the global electric bus market size accounted for USD 32.15 billion in 2024 and is expected to reach around USD 113.06 billion by 2034. The sector represented a double-digit CAGR of 13.4% from 2024 to 2034.
According to a report published by the International Energy Agency, about 50,000 electric buses were sold globally in 2023, equating to 3% of total bus sales and bringing the global stock to approximately 635,000.
Government Investments
| Government Investment | Funding | Highlights |
| US funding for electric heavy-duty vehicles and buses | – | EPA’s Clean Heavy-Duty Vehicles Grant Program improves the country’s infrastructure by aiding the deployment of zero-emissions vehicles and the installation of supporting infrastructure. |
| UK government invests in electric buses to improve public transport | £143 million | Focusing on improving bus services across England. This funding is aimed at rolling out nearly a thousand new zero-emission buses. Priority is given to rural areas. |
| India’s national government announced the PM eBus Sewa Scheme | $2.4 billion | Reducing emissions and improving air quality, the e-bus initiative expands access to clean, reliable public transport. |
A recent report from Precedence Research reveals that the Asia Pacific electric bus market size was estimated at USD 24.38 billion in 2023 and is predicted to be worth around USD 97.23 billion by 2034, at a CAGR of 13.6% from 2024 to 2034.
The government of India launched the PM e-bus Sewa Scheme with a massive 2.4 billion US dollars to operate and launch ten thousand electric buses under PPP across 169 cities. These green cars are expected to be on the road by 2024 and should be fully completed by 2026.
We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch.com | +1 804 441 9344
Meet Radheckaa, a dynamic force in the world of EV industry news and content. With a master's degree in English literature and years of immersive experience as a writer, Radheckaa brings a rare blend of creativity, depth, and expertise to every piece she pens. Her special passion for the automotive industry shines through in her work, where she explores the fast-evolving world of electric vehicles with a sharp eye for detail and innovation.
Her ability to weave storytelling into factual content ensures readers are not only informed but also intrigued. This unique skill set positions Radheckaa as a thought leader, someone who doesn’t just report on the EV industry but explores its broader implications, sustainability, innovation, and the future of mobility.
