Electric Bus Sales May 2024: PMI Electro Leads With 26.6% Share
Every electric bus registered in India in May 2024, brand by brand: volumes, market share inside the segment, month-on-month and year-on-year change, and who gained or lost share.
How May went
India registered 244 electric buses in May 2024, −17.6% on May 2023 and +8.0% on April.
Across the 5 completed months of 2024 to May, 1,795 electric buses have been registered, +141.3% on the same months of 2023.
Monthly electric bus registrations, 2023–2026
One line per calendar year. The dashed end of the current year is the month so far.
Electric Bus market share, May 2024
PMI Electro led the month with 65 registrations — 26.6% of the electric bus market — ahead of Olectra Greentech on 51 (20.9%), a gap of 14 units. That is a change at the top: Tata Motors led April.
VECV (Eicher) has gained the most share against May 2023, +12.70pp to 12.7%; Tata Motors has lost the most, −17.97pp to 18.9%.
The top three hold 66.4% of the segment; 9 manufacturers registered at least one electric bus.
Top 10 electric bus makers, May 2024
Electric bus registrations only — every other vehicle type these companies make is excluded.
Share is of every electric bus registered in the month. MoM and YoY compare each maker's own volume; the last column is its change in share of the segment.
| # | Manufacturer | May 2024 | Share | MoM | YoY | Share vs May 2023 |
|---|---|---|---|---|---|---|
| 1 | PMI Electro | 65 | 26.6% | — | +35.4% | +10.42pp |
| 2 | Olectra Greentech | 51 | 20.9% | −22.7% | +4.1% | +4.35pp |
| 3 | Tata Motors | 46 | 18.9% | −48.3% | −57.8% | −17.97pp |
| 4 | JBM Auto | 34 | 13.9% | +36.0% | −34.6% | −3.63pp |
| 5 | VECV (Eicher) | 31 | 12.7% | −8.8% | — | +12.70pp |
| 6 | Mytrah Mobility | 6 | 2.5% | — | −71.4% | −4.64pp |
| 7 | Pinnacle Mobility Solutions | 5 | 2.0% | −50.0% | — | +2.05pp |
| 8 | Switch Mobility | 5 | 2.0% | +150.0% | +0.0% | +0.36pp |
| 9 | Others | 1 | 0.4% | — | −91.7% | −3.64pp |
Exact: Vahan's maker x month table filtered to battery-electric fuels (PURE EV, ELECTRIC(BOV)) and the segment's vehicle classes — not a company total multiplied by anything.
Who is gaining
Monthly share of the electric bus market for the six largest makers this month, over the last 15 completed months.
Electric Bus market share by month
Share of the segment each month, in per cent.
Market share, 2024 to May
The same table over 2024 to May, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Tata Motors | 628 | 34.99% | +18.59pp | +414.8% |
| 2 | JBM Auto | 347 | 19.33% | +8.44pp | +328.4% |
| 3 | PMI Electro | 267 | 14.87% | −8.11pp | +56.1% |
| 4 | Olectra Greentech | 263 | 14.65% | −1.61pp | +117.4% |
| 5 | VECV (Eicher) | 115 | 6.41% | +6.27pp | — |
| 6 | Mytrah Mobility | 64 | 3.57% | −3.42pp | +23.1% |
| 7 | Switch Mobility | 56 | 3.12% | −10.59pp | −45.1% |
| 8 | Pinnacle Mobility Solutions | 46 | 2.56% | +2.56pp | — |
| 9 | Veera Vahana Udyog | 8 | 0.45% | +0.45pp | — |
| 10 | Others | 1 | 0.06% | −12.44pp | −98.9% |
Frequently asked questions
How many electric buses were sold in India in May 2024?
Which company sold the most electric buses in May 2024?
What is the electric bus market share of each brand?
How are these numbers measured?
Electric Bus sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
