December 2023: Electric Bus Sales Hit Record High, Tata Motors Dominates Market

In this news, we will analyse the brand-wise sales trend of Electric buses in India from December 2022 to December 2023 based on the data from the Vahan Dashboard.

In the year 2023, the electric bus market in India experienced positive growth, with a total of 2,632 units sold throughout the year. This growth peaked in December, marking the highest monthly sales with an impressive record of 573 units. This growth highlights the increasing popularity and acceptance of electric buses in India as a sustainable and efficient mode of transportation.

In December 2023, electric bus sales increased, representing a significant increase of more than 300% compared to December 2022, reflecting significant year-on-year growth in the market.

Tata Motors emerged as the market leader in the electric bus market by achieving an impressive 61.6% market share in December 2023. Tata Motors led the market with sales of 353 units in December 2023 compared to 160 units sold in November 2023.

JBM Auto secures the second position, with a significant market share of 23.9%. The company sold 137 units in December 2023, compared to 23 units in November 2023.

Olectra Greentech secured the third position and made a significant contribution, claiming a 12% market share. The company sold 69 units in December 2023, compared to 63 units sold in Nov 223.

PMI Electro Mobility has a 1% market share, Switch Mobility has a 0.7% market share, Mytrah Mobility has a 0.5% market share, Pinnacle Mobility has a 0.2% market share, and Veera Vahan Udyog has a 0% market share in the competitive Indian bus market.

Also Read: Tata Motors Delivers 100 Electric Buses to Assam State Transport Corporation

These players collectively contribute to the booming electric bus market, showcasing the diversity and innovation within the sector. This increase in E-Bus sales is mainly due to two reasons:

The first one is Government initiatives. The central government's committed efforts to decarbonize public transportation, in particular, are having a significant impact. Tenders issued under programs such as the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) scheme and the National Electric Bus Programme (NEBP) are used to deploy e-buses.

The second important aspect is that e-buses have a lower total cost of ownership (TCO) than internal combustion engine (ICE) and compressed natural gas (CNG) buses. Lower operational costs and a reduced initial purchase fee drive this cost efficiency.