India’s electric commercial vehicle segment continued its upward trajectory in May 2026, with total retail registrations climbing to 2,400 units — a 119.4% year-on-year surge from 1,094 units in May 2025 and a 3.40% sequential rise over April 2026’s 2,321 units. Perhaps more telling is the market share story: EV penetration in the commercial vehicle segment rose to 2.86% in May 2026, up from 2.26% in April 2026 and just 1.37% a year ago. The direction of travel is unmistakable.
Tata Motors
With 879 units in May 2026, Tata Motors retained its position as the segment’s dominant player, posting a 7.33% month-on-month growth and a commanding 282.17% year-on-year jump from 230 units in May 2025. The numbers reflect the company’s early and sustained investment in electric commercial vehicle infrastructure and fleet partnerships.
Euler Motors
Euler Motors sold 547 units in May 2026, a marginal 0.55% dip from April’s 550 units, but the year-on-year story is extraordinary — a 1,462.86% surge from just 35 units in May 2025. From near-negligible volumes a year ago, Euler has established itself firmly as the segment’s second-largest player, a rise that speaks to strong last-mile delivery fleet adoption.
Mahindra Group
The Mahindra Group registered 263 units in May 2026, a 9% dip month-on-month from 289 units in April, though still 36.27% higher year-on-year from 193 units in May 2025. Within the group, Mahindra Last Mile Mobility drove virtually all volumes at 263 units, while the parent entity Mahindra and Mahindra reported zero sales in May after selling 5 units in April — a category exit or a temporary pause worth watching.
Switch Mobility
Switch Mobility sold 214 units in May 2026, a 48.61% jump over April’s 144 units and 71.20% higher year-on-year. The month-on-month surge is particularly notable, suggesting growing traction in the electric bus segment where Switch has been building its presence.
JBM Auto
JBM Auto’s May 2026 numbers are hard to ignore — 157 units, up 190.74% from just 54 units in April and 106.58% higher year-on-year from 76 units in May 2025. The near-tripling of sequential volumes points to either a significant order fulfillment or accelerating fleet adoption, making JBM one of the most interesting names to watch in the coming months.
Tivolt Electric Vehicles
Tivolt sold 67 units in May 2026, down 19.28% from April’s 83 units, but still a strong 415.38% higher year-on-year from 13 units in May 2025. The sequential dip after a strong April is not unusual for a relatively newer entrant still building scale.
VE Commercial Vehicles
VECV registered 58 units in May 2026, up 34.88% month-on-month from 43 units in April, but down 23.68% year-on-year from 76 units in May 2025. The recovery from April is encouraging, though the year-on-year decline suggests the company is still finding its footing in the electric CV space.
PMI Electro Mobility
PMI sold 50 units in May 2026, a steep 54.95% drop from 111 units in April and a 65.99% decline year-on-year from 147 units in May 2025. As a primarily bus-focused player, PMI’s numbers can be lumpy depending on government and institutional order cycles, but the back-to-back decline warrants attention.
Olectra Greentech
After selling just one unit in April 2026, Olectra bounced back to 48 units in May — a 4,700% sequential jump. The near-zero April number was clearly an anomaly, likely due to order timing or delivery schedules, and May’s recovery brings the company back closer to its more typical run rate, though still 37.66% below May 2025’s 77 units.
Energy in Motion
Energy in Motion registered 26 units in May 2026, down 36.59% from April’s 41 units, with no comparable year-on-year figure available. The company maintains a small but consistent presence in the segment.
The bigger picture
The electric commercial vehicle segment in India is no longer a pilot project — it is a market. Total volumes doubling year-on-year, market share nearly doubling in twelve months, and a growing roster of competitive players all point to a segment that is gaining genuine commercial momentum. The concentration of volume at the top — Tata Motors and Euler Motors together account for over 59% of May’s total — suggests the market is still in its consolidation phase, but the rapid rise of players like JBM Auto, Switch Mobility, and Tivolt indicates that the competitive landscape is broadening. The months ahead, particularly as the festive season approaches, will be worth watching closely.