Electric Bus Sales Report: FY 17-18 to FY 23-24

The electric bus market in India is experiencing a surge in sales in 2024. As of April 29, 2024, a total of 1,571 electric buses have been sold. This report dives deeper into this trend, analyzing sales figures and growth patterns for the year so far and also sales analysis from FY 17 – 18 to FY 23 – 24.

The chart shows that electric bus sales have been on an upward trend since Fiscal Year 2017-2018. There was a significant jump in sales between FY 2019-2020 and FY 2021-2022, with sales increasing from 434 to 1,194 units. During the interim period i.e. FY 19-20 and FY 20-21, sales declined from 434 units to 373 units, representing a decrease of 14% attributed to the impact of the COVID-19 pandemic. Sales continued to climb in FY 2022-2023, reaching 1,984 units. In FY 23 – 24, 3693 buses have been sold, an 86.14% increase compared to the previous FY.

Based on the graph, electric bus sales till YTD 2024 appear to be on track to significantly surpass sales in 2023. Jan’24 reported the highest sales number with 549 units. 

Source: Society of Manufacturers of Electric Vehicles (SMEV)