In sync with the strong growth of the EV industry in India, the electric commercial vehicle (e-CV) segment is also hitting new highs this year. Not only did it register highest monthly sales in August (4,746 units, up 191% YoY) but its cumulative January-August retail sales of 23,540 units are already 6,895 units more than entire CY2025 sales (16,695 units).
All three key e-CV categories (passenger buses, light goods carriers and heavy goods carriers) have registered robust growth. Zero-emission light goods carriers (17,292 units, up 202% YoY) accounted for the bulk of sales – 73 percent – up from the 62% share they had in January-August 2025. This is an increase of 11,566 units YoY and reflects the surge in demand coming from last-mile mobility providers, particularly from urban India.
Sales of electric buses, which are mainly bought by state transport undertakings for inter-city operations and local municipal corporations for city transport, saw sales grow 43% YoY to 4,556 units albeit their share of the e-CV market fell to 19% from 35% a year ago. And demand for heavy goods carriers, typically used for infrastructure operations across the country, jumped 618% YoY to 1,637 units which gives them a 7% YTD share of e-CV retail sales versus 2% in the year-ago period.
E-SCV SALES TO CROSS 25,000 UNITS THIS YEAR, EULER OUTSELLS MAHINDRA TO BE NEW NO. 2
The battle for overall e-CV volumes is won or lost in the light goods category (e-SCV) which is the most affordable and also the biggest beneficiary of the boom in demand from multiple industries for zero-emission cargo transportation. In CY2025, a total of 11,155 e-SCV or e-light goods carriers were sold. Given that 17,292 e-SCVs have already been delivered in January-August 2026, we forecast e-SCV retails to be in excess of 25,000 units for this calendar year.
Sales of light goods carriers are driven by the burgeoning demand for cargo deliveries catered to by the hub-and-spoke model in urban India from various industries including e-commerce, white goods, FMCG, parcel and courier and organised retail. An added factor is growing number of new models in the market and as well as being the eco-friendly option for intra-city and inter-city operations. Given the current global crude oil supply crisis, demand for this vehicle category can only rise further as diesel e-SCV buyers shift to zero-emission vehicles. Let’s take a closer look at the e-CV market performance of the Top 10 companies.
Of the total 23,540 e-CVs sold in India in the first eight months of this year, market leader Tata Motors accounted for 7,867 units, up 201% YoY. This gives the overall CV market leader an e-CV marketshare of 33% share, five percentage basis points higher than the 28% it had a year ago. The bulk of Tata Motors’ sales have come from its electric light goods carriers (SCVs) – the 7,717 units comprising the Ace Pro EV, Ace EV and Intra EV command a 98% share of its total retails with the remaining 151 units being filled in by electric buses and vans. While Tata has expanded into the intermediate and heavy-duty segments with the Ultra EV range (7-12T), alongside the Prima EV 55T tractor and Prima EV 28T tipper, designed for more demanding freight requirements, its passenger mobility portfoliocomprises the Starbus EV and Ultra EV buses for both intra-city and intercity operations.
In June this year, Tata Motorsannounced that it had secured over 3,400e-CVorders across segments comprising around 2,000 SCVs and pick-ups, 900 trucks, and 500 buses. These orders cut across a diverse range of applications from e-commerce, logistics, FMCG and FMCD distribution, and intra-city mobility to demanding sectors such as cement, steel, mining, and tarmac operations, alongside inter- and intra-city passenger transport. Given its growth rate, expect Tata Motors to surpass annual retails of 10,000 e-CVs for the first time in CY2026, a big jump over its CY2025 score (4,905 units).
The big news though comes from the Hero MotoCorp-backed Euler Motors, the Delhi-based start-up which began operations in CY2018 and is currently among the fastest growing e-CV companies. Euler Motors’ portfolio comprises only e-SCVs comprising the Storm Turbo EV 1000, Storm EV T1500 and the Turbo Storm EV Long Range 200. Between January and August, these three e-SCVs have sold 4,637 units (up 1,305% YoY), giving Euler a 20% share of the overall e-CV market – a massive jump over the 4% it had in January-August 2025 (330 units). Sales have risen month-on-month since March – (484 units), April (554 units), May (565 units), June (730 units), July (788 units) – and hit a new monthly high in August (869 units).
Tata Motors and Euler Motors together had a 53% share of the 23,540 units sold in CY2026 YTD. While Tata grew its share to 33% from 28% YoY, Euler’s share jumped to 20% from just 4% a year ago.
Third-ranked Mahindra Last Mile Mobility, which sold 2,401 Zeo e-CVs in the past eight months, up 52% (January-August 2025: 821 units) has also fared well albeit its growth rate is much slower compared to Tata and Euler. As a result, MLMM has a current market share of 8% in CY2026 compared to 12% in the year-ago period. The Mahindra Zeo, launched on October 3, 2024, has a 60kph top speed, 160km travel range on a single charge and a 7-year or 150,000km battery warranty. Given that MLMM has had a single model since the past two years, it will need to expand its e-SCV portfolio if it is to forge ahead.
Switch Mobility, the e-CV arm of CV major Ashok Leyland, has a presence in two categories: e-buses (where it is the No. 2 after JBM Auto) and e-SCVs (No. 4 after Tata, Euler and MLMM). The company has clocked total retail sales of 2,401 e-CVs in the past eight months, up 71% YoY (January-August 2025: 1,140 e-CVs) which gives it an 8% market share, down 4 percentage basis points on the 12% a year ago. This year’s sales are split into 1,041 e-buses (12-metre E1, EiV12, and the EiV22 double-decker) and 911 e-SCVs (LEV3 and LEV4 small trucks). In CY2025, Switch Mobility had sold a total of 1,901 e-CVs.
Electric bus market leaderJBM Auto sold 1,057 units in January-August 2026, up 29% YoY (January-August 2025: 821 units). This gives it a 24% e-bus market share and a 4% overall e-CV market share. Its highest monthly sales to date came in March 2026 (196 e-buses) and helped propel numbers to a new high. JBM’s eight-month sales are already more than the 1,014 e-buses it delivered in CY2025. In July, JBM inked a pact with e-CV leasing platformDrivn to supply 500 e-buses next year.
Electric bus maker Olectra Greentech is ranked sixth amongst the 55 players in the e-CV industry with 878 units, up 45% YoY (January-August 2025: 604 e-buses). In August, Olectra posted its highest monthly retails of 315 units and also topped the e-bus sales chart last month. The company has an order book of around 8,000 buses which should keep it in good stead this year and in CY2027.
Construction equipment major Sany Heavy Industry India, the largest overseas subsidiary of the SANY Group of China, which caters to multiple vehicle categories including earthmoving, lifting, mining, ports and roads, is benefiting from the massive infrastructure development programmes being implemented across the country. In the past eight months, Sany Heavy Industry India has delivered 797 zero-emission heavy goods trucks to customers including a monthly best of 615 units in August. Sany is the e-HGV market leader with a 49% market share, followed by IPL Technology (369 units / 23% share), Energy In Motion (229 e-HGVs / 14% share), Tata Motors (60 e-HGVs), Blue Energy Commercial Vehicles (48 e-HGVs) and Ashok Leyland (28 e-HGVs).
Bus manufacturer PMI Electro Mobility Solutions (788 e-CVs), up 21% YoY, is ranked eighth on the e-CV OEM ladder-board.
The Murugappa Group’s Tivolt Electric Vehicles, which markets the Montra brand of e-CVs, is another company which is witnessing speedy growth and currently ranked ninth. In the current year to date, the company sold 715 e-CVs, up 686% on a low year-ago base of 91 units. This performance gives it a 3% share versus 1% a year ago. Its portfolio comprises the Eviator e-SCV range (Eviator 350 (32 kWh) and Eviator 350L+ (50 kWh). While the Eviator 350, which has a claimed real-world range of up to 140km per charge, is targeted at urban last-mile delivery operators, the Eviator 350L+ (certified range of 300km) targets intercity and high-demand applications such as refrigerated transport and municipal services. The existing Montra 40kWh model remains in the lineup, giving fleet operators three battery configurations to choose from within the same vehicle platform.
VE Commercial Vehicles (VECV) wraps up the Top 10 e-CV list with 589 units, up 76% YoY (January-August 2025: 335 units). This total comprises 444 e-SCVs and 145 e-buses.
Given the continuing West Asia crude oil crisis and rising geopolitical tension in the Gulf region, which has adversely impacted the global supply chain and seen Brent crude jump from below $70 a barrel in January 2026 to over US $108 today (September 14), the commercial vehicle industry in India and in key global markets should see a rise in demand for electric vehicles.
For commercial vehicle operators, the Total Cost of Ownership (TCO) which encapsulate vehicle purchase cost, owning and operating costs is the barometer of success. With diesel (Rs 97.83 a litre in Mumbai today versus an estimated Rs 87.67 before the price hike on May 14, 2026) costing substantially more now, TCO would be considerably higher for a CV operator. As a result, e-CV OEMs can expect a see demand grow substantially in the coming year. As downtime as a cost for a CV operator, owning multiple e-CVs offers benefits in terms of more efficient use through logging more kilometres at a lower cost compared to a diesel-powered CV. This comes at a time when most electric CV OEMs are investing heavily in making their zero-emission vehicles more efficient in terms of capability, charging and travel range.
Given the current strong growth momentum, it would not be surprising if the Indian e-CV industry registers record retail sales of 40,000-42,000 units in CY2026, registering handsome 150% YoY growth.
ALSO READ: 10 million EVs sold in India since 2017, EV penetration at 11% in 2026