March 2024 Electric Bus Sales Report: Tata Motors Emerges as Top Choice for E-Buses

Key Highlights:
•    Tata Motors leads March 2024 electric bus sales.
•    Strong YoY growth for electric bus manufacturers.
•    E-bus sales surge: 414 units in March 2024.
•    JBM Auto shows notable growth.
•    Olectra Greentech sales drop significantly.

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

Tata Motors, JBM Auto, Olectra Greentech, VECV, PMI Electro Mobility and many more have announced their sales figures for March 2024 and strong YoY growth can be seen by almost every electric bus manufacturer.

The Electric Buses segment witnessed a remarkable increase in sales. According to data from the Vahan portal, 414 units of Electric buses were sold in March 2024 compared to 98 units sold in March 2023.

Tata Motors emerged as the top performer in electric bus sales in March 2024, followed by JBM Auto and PMI Electro Mobility.  This growth highlights the increasing popularity and acceptance of electric buses as a sustainable and efficient mode of transportation.

Electric Buses: OEM-wise Sales Analysis

Let’s explore the sales figures and market dynamics of the top players:

In the latest Electric Bus sales report for March 2024, Tata Motors emerged as the leader with 225 units sold in March 2024, marking a 63% increase in sales. The company holds a significant market share of 54.3%.

JBM Auto also showcased significant growth, selling 73 units in March 2024, reflecting a 329% increase compared to the previous month. The company holds a significant market share of 17.6%.

PMI Electro Mobility faced a significant decline in sales, selling only 50 units in March 2024, compared to 85 units in February 2024. This shows a difference of 35 units, marking a 41% decrease in sales. The company captured a market share of 12.1%.

In March 2024, VE COMMERCIAL also showcased significant growth, selling 29 units in March 2024, reflecting a notable 190% increase compared to the previous month. The company holds a significant market share of 7%.

Switch Mobility, on the other hand, experienced a decline in sales. They sold 18 units in March 2024 compared to 21 units sold in February 2024. This represents a decline of 14% in sales. The company acquired a market share of 4.3%.

MYTRAH MOBILITY and PINNACLE MOBILITY maintained moderate sales, despite this, the company managed to maintain a market share of 1.2% and 2.2% respectively. However, VEERA VAHAN UDYOG and  Olectra Greentech faced challenges in sales performance.

In March 2024, Olectra Greentech witnessed a significant drop in sales, selling only 1 unit compared to 41 units in February 2024. This marks a decline of 40 units, representing a 98% decrease in sales.

Overall, the electric bus market witnessed a growth of 29% in March 2024, with 414 units sold in March 2024 compared to 322 units sold in Feb 2024.

Also Read: February 2024 Sales Report: Tata Motors Emerges as Top Choice for E-Buses

Electric Vehicle Sales in India

In the twelve months from April 2023 to March 2024, 1,678,905 electric vehicles (EVs) were sold in India. Sales numbers started at 140,919 units in March 2023 and grew steadily month on month, reaching 158,458 units in May 2023. 

Although there was a modest decline in June 2023 due to a reduction in subsidies, resulting in 102,638 units sold, sales recovered from July 2023 onward. Notably, in March 2024, EV sales reached an all-time high of 211,615 units, indicating a key milestone in the EV market's expansion.

CMV360 Says

Electric bus sales increased in March 2024, with Tata Motors leading the market. While some companies experienced growth, others faced declines, reflecting dynamic market dynamics.