Electric Truck & LCV Sales March 2024: Tata Motors Leads With 84.8% Share
Every electric goods vehicle registered in India in March 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 March went
India registered 1,761 electric goods vehicles in March 2024, +587.9% on March 2023 and +227.9% on February.
Across the 3 completed months of 2024 to March, 2,743 electric goods vehicles have been registered, +641.4% on the same months of 2023.
Monthly electric goods vehicle registrations, 2023–2026
One line per calendar year. The dashed end of the current year is the month so far.
Electric Truck & LCV market share, March 2024
Tata Motors led the month with 1,493 registrations — 84.8% of the electric goods vehicle market — ahead of Mahindra Last Mile on 177 (10.1%), a gap of 1,316 units. Tata Motors also led February.
Tata Motors has gained the most share against March 2023, +72.28pp to 84.8%; Byd India has lost the most, −68.99pp to 2.5%.
The top three hold 97.3% of the segment; 11 manufacturers registered at least one electric goods vehicle.
Top 10 electric goods vehicle makers, March 2024
Electric goods vehicle registrations only — every other vehicle type these companies make is excluded.
Share is of every electric goods vehicle 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 | Mar 2024 | Share | MoM | YoY | Share vs Mar 2023 |
|---|---|---|---|---|---|---|
| 1 | Tata Motors | 1,493 | 84.8% | +244.8% | — | +72.28pp |
| 2 | Mahindra Last Mile | 177 | 10.1% | +365.8% | — | +10.05pp |
| 3 | Byd India | 44 | 2.5% | +57.1% | −76.0% | −68.99pp |
| 4 | Kinetic Green | 19 | 1.1% | +137.5% | — | +1.08pp |
| 5 | Pinnacle Mobility Solutions | 13 | 0.7% | — | — | +0.74pp |
| 6 | Evage Automotive | 5 | 0.3% | −66.7% | — | +0.28pp |
| 7 | Mahindra | 4 | 0.2% | −20.0% | −66.7% | −4.46pp |
| 8 | Switch Mobility | 3 | 0.2% | +0.0% | — | +0.17pp |
| 9 | Mlr Auto | 1 | 0.1% | +0.0% | — | +0.06pp |
| 10 | Omega Seiki | 1 | 0.1% | −50.0% | −66.7% | −1.12pp |
| 11 | Supertech Ev | 1 | 0.1% | — | — | +0.06pp |
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 goods vehicle market for the six largest makers this month, over the last 15 completed months.
Electric Truck & LCV market share by month
Share of the segment each month, in per cent.
Market share, 2024 to March
The same table over 2024 to March, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Tata Motors | 2,278 | 83.05% | +64.40pp | — |
| 2 | Mahindra Last Mile | 249 | 9.08% | +9.08pp | — |
| 3 | Byd India | 72 | 2.62% | −46.83pp | −60.7% |
| 4 | Evage Automotive | 30 | 1.09% | +1.09pp | — |
| 5 | Kinetic Green | 27 | 0.98% | +0.98pp | — |
| 6 | Olectra Greentech | 16 | 0.58% | +0.58pp | — |
| 7 | Omega Seiki | 15 | 0.55% | −3.24pp | +7.1% |
| 8 | Pinnacle Mobility Solutions | 14 | 0.51% | +0.51pp | — |
| 9 | Mahindra | 13 | 0.47% | −10.07pp | −66.7% |
| 10 | Mlr Auto | 7 | 0.26% | +0.26pp | — |
| 11 | Switch Mobility | 6 | 0.22% | +0.22pp | — |
| 12 | Ipl Tech Electric | 5 | 0.18% | +0.18pp | — |
| 13 | VECV (Eicher) | 4 | 0.15% | +0.15pp | — |
| 14 | Altigreen Propulsion Labs | 2 | 0.07% | +0.07pp | — |
| 15 | Capco Industries | 2 | 0.07% | +0.07pp | — |
Frequently asked questions
How many electric goods vehicles were sold in India in March 2024?
Which company sold the most electric goods vehicles in March 2024?
What is the electric goods vehicle market share of each brand?
How are these numbers measured?
Electric Truck & LCV 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.
