INDIA: ELECTRIC TAXIS AND BUSES TO BE COMPETITIVE BY 2025-27
Bloomberg NEF expects that electric vehicles will be in serious competition to natural gas vehicles (NGVs) from 2025. NGVs are mostly used for public transport in India. In the report “India at the Crossroads: Natural Gas or Electric Vehicles” the researchers state that electric electric three-wheelers are already cheaper than NGVs on a total cost of ownership (TCO) basis and therefore form a stiff competition to the NGVs.
Bloomberg expects a further decline in battery costs which will improve the competitive position of EVs in the taxis and buses segment from 2025. For the year 2030 Bloombergs forecasts that in India the purchase price of an electric bus will reach price parity with NGVs. For the three-weelers this will be already in 2023. Bloomberg NEF (BNEF) is Bloomberg’s primary research service and covers clean energy, advanced transport, digital industry, innovative materials and commodities. The Bloomberg researchers expect EVs to slow down the growth of NGVs from mid-2020s, as charging infrastructure expands. Substantial investment in city gas networks and gas fuel stations is needed to maintain the growth of gas as a transport fuel in the long term. For the passenger car segment BNEF expects the threat from EVs from 2030 at which point the TCO parity with gas vehicles will be equal.
For more information and the full report, “India at the Crossroads: Natural Gas or Electric Vehicles”, visit https://about.bnef.com/blog/electric-vehicles-edging-gas-powered-ones-india/