Tata Motors Dominates the Electric Commercial Vehicles Market with 50% Share

India saw rapid growth in the electric commercial vehicles market from Jan-Nov 2023 as per Vahan sales data. A total of 4,871 units of e-CV were sold during 11 months of this year and Tata leads the e-CV market with a 50% share.

As per Vahan, a total of 4,871 units of electric commercial vehicles including electric goods vehicles and e-buses have been sold from January to November 2023. The sales numbers indicate a remarkable YoY growth of 105% compared to sales of 2,378 units in Jan-Nov 2022 for the same category.

Electric CV sales in November witnessed a tremendous 166% YoY growth with a total of 541 units being sold in the month. The sales numbers also show a 7% MoM decline when compared to 582 units sold in October.

Electric goods carriers account for 59% of the total electric commercial vehicles sold in India with a total of 2,862 units. On the other hand, electric buses account for 41% of electric CV sales with a total of 2,009 units sold in India (Jan-Nov 2023).

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Electric CV sales growth continues in the sub-segment

Tata Motors leads the electric commercial vehicle market with total sales of 2,434 units, securing an outstanding 50% market share. Tata maintained dominance in both electric goods carriers and e-buses markets with total sales of 1,487 and 947 units, respectively.

Mahindra Last Mile Mobility (MLMM) secures the second position in electric CV sales with total sales of 304 units with a 6.24% market share.

PMI Electro Mobility holds a 5.76% market share in electric CV sales in India with the sales reaching a total of 281 units for the e-bus category.

Olectra Greentech sold a total of 270 e-bus units making it the third OEM to reach three digit figures in e-CV sales in the first 11 months of CY2023.

BYD India sold a total of 263 units, Mytrah Mobility sold 165 units, Switch Mobility with sales of 154 units, JBM Auto with 119 units and Piaggio Vehicles with sales of 106 units, all recorded three figures sales by November 2023.