Electric Two-Wheeler Sales in India: September 2024 Roundup

Electric Two-Wheeler Sales in India: September 2024 Roundup

September 2024 witnessed a mixed bag of fortunes for electric two-wheeler (E2W) manufacturers in India. While some companies saw a decline in sales compared to the previous month, others experienced growth. Despite the fluctuations, the overall market for electric two-wheelers continues to expand, driven by government incentives, technological advancements, and increasing consumer awareness.

Top 10 E2W Companies by Sales in September 2024:

1. Ola Electric: Despite a slight decline of 23.61% from August, Ola Electric maintained its dominant position in the market. Their S1 and S1 Pro models continue to be popular choices among consumers.
2. Ather Energy: Ather Energy saw a modest increase of 5.79% in September, solidifying its position as a key player in the premium electric two-wheeler segment.
3. TVS Motor: TVS Motor experienced a significant decline of 125.41% in September, likely due to factors such as production constraints or changes in sales strategies.
4. Hero Motorcorp: Hero Motorcorp saw a minor decline of 10.11% in September. However, they remain a strong contender in the market with their range of electric two-wheelers.
5. Bajaj Auto: Bajaj Auto’s sales dropped by a substantial 72.19% in September. This could be attributed to various factors, including changes in product offerings or market strategies.
6. Greaves Electric: Greaves Electric reported a slight decline of 3.39% in September. They continue to be a significant player in the affordable electric two-wheeler segment.
7. Bguass Auto: Bguass Auto saw a positive growth of 7.58% in September, indicating increasing demand for their products.
8. Revolt Intellicorp: Revolt Intellicorp experienced a minor decline of 8.49% in September. They are focused on the premium electric motorcycle segment and continue to innovate.
9. Wardwizard Innovations: Wardwizard Innovations saw a decline of 13.63% in September. They have a presence in both the electric scooter and electric motorcycle segments.
10. Kinetic Green: Kinetic Green saw a positive growth of 11% in September. Their focus on affordable electric two-wheelers has helped them gain market share.

Key Trends and Highlights:

• Market Consolidation: The overall electric two-wheeler market is undergoing consolidation, with a few leading players dominating the sales.
• Product Differentiation: Companies are focusing on product differentiation to attract customers. This includes unique designs, advanced features, and competitive pricing.
• Charging Infrastructure Development: The government and private players are investing in expanding the charging infrastructure across the country, addressing range anxiety.
• Government Incentives: Government policies and incentives continue to play a crucial role in driving the adoption of electric two-wheelers.

Challenges and Opportunities:

• Supply Chain Issues: The ongoing global supply chain disruptions can impact the availability of components for electric vehicles.
• Battery Technology: Advancements in battery technology are essential for improving the range and performance of electric two-wheelers.
• Consumer Confidence: Factors such as economic conditions and consumer sentiment can influence the demand for electric vehicles.

Despite the fluctuations in September, the overall trend for electric two-wheelers in India remains positive. As the country continues its transition towards sustainable transportation, the demand for these eco-friendly vehicles is expected to grow further.