Experts suggest that one of the key factors behind the recent deceleration is India’s gradual transition toward electric commercial vehicles (eCVs). Despite diesel-powered vehicles still making up about 75% of the commercial fleet, the electric segment is rapidly gaining traction.According to India Brand Equity Foundation, Trust established by the Department of Commerce, Ministry of Commerce and Industry, the eCV market is projected to grow by 16.7% in FY 2024–25, reaching approximately 10,000 units. Much of this growth is driven by increasing adoption of electric buses and electric light goods vehicles (e-LGVs).In the first nine months of calendar year 2024, e-LGV sales hit 4,689 units, accounting for 59% of total eCV sales and marking a massive 233% year-on-year increase. Electric bus sales also grew impressively, with 3,071 units sold during the same period — up 108% from the previous year.Sales of electric buses in India are expected to grow 3.6-fold in the financial year 2026-27, reaching more than 17,000 units compared to 3,644 units sold in FY24, a report said. The likely exponential sales growth is attributed to cost reductions, better charging infrastructure, and supportive government policies.
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