The Indian electric two-wheeler market continued its positive growth trajectory in the first 11 months of FY 2024, with sales exceeding 800,000 units. This represents a significant 26% increase year-on-year compared to the same period in FY2023.
Ola Electric maintained its dominant position in the market with a 41% share, selling 33,722 units in February 2024. This was likely driven by a strategic price reduction on their S1 lineup.
TVS Motor Co. and Bajaj Auto followed closely behind with 18% and 14% market share, respectively. TVS likely benefited from the consistent performance of their iQube model, while Bajaj Auto’s market share is likely due to the popularity of their Chetak offering.
Here’s a table showing the top electric two-wheeler manufacturers in India for the first 11 months of FY 2024, along with their April 2023 to February 2024 unit sales:
| EV manufacturer | Apr 23 | May 23 | Jun 23 | Jul 23 | Aug 23 | SEP ’23 | Oct 23 | Nov 23 | Dec 23 | Jan 24 | FEB ’24 | TOTAL |
| Ola Electric | 22,068 | 28,739 | 17,687 | 19,401 | 18,743 | 18,701 | 23,839 | 29,945 | 30,324 | 32,316 | 33,722 | 2,75,485 |
| TVS Motor Co | 8,758 | 20,433 | 7,867 | 10,398 | 15,482 | 15,610 | 16,501 | 19,117 | 12,293 | 15,313 | 14,499 | 1,56,271 |
| Ather Energy | 7,801 | 15,429 | 4,602 | 6,681 | 7,146 | 7,189 | 8,463 | 9,303 | 6,522 | 9,342 | 8,983 | 91,461 |
| Bajaj Auto | 3,720 | 10,000 | 3,007 | 4,127 | 6,579 | 7,104 | 9,066 | 11,833 | 10,405 | 10,872 | 11,618 | 88,331 |
Looking Ahead:
The Indian electric two-wheeler market is expected to witness continued growth in the coming years, driven by factors such as:
Technological advancements in electric vehicles
Improved charging infrastructure
A wider range of product offerings catering to diverse consumer needs
Supportive government policies, like the FAME 2 scheme, that make electric vehicles more affordable
With several established players and new entrants joining the market, the Indian e2W industry is well-positioned to achieve even greater sales milestones in the future.
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