July 19, 2024

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Electric Two-Wheeler Sales Data June 2024: Market Decline Despite Ola Electric Lead

Electric Two-Wheeler Sales Data June 2024: Market Decline Despite Ola Electric Lead

The Indian electric two-wheeler market witnessed a significant sales decline in June 2024, dropping over 17% compared to May 2024. This slump comes amidst the transition from the FAME 2 subsidy scheme to the new Electric Mobility Promotion Scheme (EMPS) 2024.

Ola Electric Maintains Top Spot Despite Sales Decline

Ola Electric continues to dominate the market, holding the number one position in June 2024. However, the company experienced a negative month-on-month growth rate of 33%, selling 16,346 units compared to 24,487 units in May. Despite the decline, Ola retains a substantial market share of 31%.

TVS Motor, Bajaj Auto Follow Closely

TVS Motor and Bajaj Auto secured the second and third positions, respectively. TVS Motor’s sales dipped 17% month-on-month to 9,770 units, grabbing an 18% market share. Bajaj Auto witnessed a 15% decline, selling 7,768 units and holding a 15% market share.

Other Notable Players in the Electric Two-Wheeler Market

  • Ather Energy: The company remains in fourth place with sales of 5,819 units, reflecting a 5% decline but securing an 11% market share.
  • Hero MotoCorp: Sales grew by a commendable 25% month-on-month, reaching 3,068 units. However, their market share stands at only 6%.
  • Greaves Electric: A significant rise of 39% was observed in June sales (2,713 units) due to the launch of their new Ampere Nexus e-scooter. Their market share is 5%.
  • Bgauss Auto: Climbing one position to seventh, Bgauss Auto witnessed a decline in sales (1,062 units) and holds a 2% market share.
  • Wardwizard Innovations and Revolt Intellicorp faced declining sales, dropping to eighth and ninth positions, respectively.
  • Okaya EV saw a minimal decline in sales (517 units), holding the tenth position with a negligible market share.

Looking Ahead

The future of the electric two-wheeler market in India remains promising despite the June sales slump. New product launches, upcoming manufacturing facilities, and brand expansions are expected to positively impact future sales figures. Additionally, the impact of the new EMPS 2024 on the market remains to be seen.

Electric Two-Wheeler Sales Data June 2024

OEM May June MOM % Growth Market Share %
Ola Electric 24,487 16,346 -33% 31%
TVS Motor 11,810 9,770 -17% 18%
Bajaj Auto Ltd 9,241 7,768 -16% 15%
Ather Energy 6,116 5,819 -5% 11%
Hero Motorcorp 2,459 3,068 25% 6%
Greaves Electric 1,957 2,713 39% 5%
Bgauss Auto 1,159 1,062 -8% 2%
Wardwizard Innovations 1,265 896 -29% 2%
Revolt Intellicorp 687 660 -4% 1%
Okaya EV 521 517 -0.80% -1%

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