Page 7 - ITLN November - December 2024

However, India also excels in heavy over 2,000 electric buses supplied
vehicle manufacturing, being the largest across Indian cities.
producer of tractors, the second- JBM Auto and Mahindra Group
largest manufacturer of buses, and the followed in sales, reporting 530 and
third-largest producer of heavy trucks 515 units, respectively, highlighting
globally. In the financial year 2023, the strong demand for their electric
country produced 25.9 million vehicles buses and vehicles. Other key players
and exported 4.76 million vehicles. included Olectra Greentech and PMI
Daimler India Commercial Vehicles Electro Mobility.
(DICV), a renowned company in the Cross-industry collaborations
sector, achieved its best performance are on the rise, such as Bajaj Auto's
in 2023 with sales of 23,400 trucks and partnership with Flipkart to deliver
nearly 2,000 buses, a 39% increase 1,000 electric cargo vehicles, supporting
from the previous year. While domestic sustainable logistics. Meanwhile,
revenue grew by 21%, exports comprise The two-wheeler market Mahindra Last Mile Mobility has
about 35% of sales. The company is at the forefront of surpassed 200,000 EV sales, leading
exports brands like Fuso, Mercedes- India's path towards EV the L5 EV segment with a 41.2% market
Benz, and Freightliner to 60 markets. share, driven by products like the
In April 2024, Tata Motors saw adoption, with 35–40% Mahindra Treo and e-Alfa.
substantial growth in its medium and electrification projected Overall, India's push towards
heavy commercial vehicle segment, by FY31. electric and sustainable mobility
selling 13,218 units compared to 9,515 is gaining momentum, driven by
in April 2023. Total vehicle sales for the Hemal N. Thakkar supportive government policies and a
month reached 77,521, up from 69,599 a CRISIL growing market base.
year earlier.
Motors led the market with 5,590 What's fuelling India's drive
Rise of eCVs and cross-industry eCVs, holding a 65% share, thanks to towards EVs?
collaborations its diverse lineup, including electric Hemal N Thakkar, Senior Practice
India's electric commercial vehicle buses and goods vehicles. The Leader & Director, CRISIL, projected
(eCV) market surged 175.5% year- company's significant contribution to that the two-wheeler market will
over-year, with 8,571 units sold. Tata sustainable transportation includes lead the EV adoption and see 35–40%
5
www.itln.in November - December 2024