Electric two-wheeler (E2W) sales in India for April 2024 presented a mixed picture compared to the record-breaking March 2024 figures. While the overall market witnessed a decline due to a reduced subsidy, some brands like Ola Electric maintained strong growth.
Impact of Reduced Subsidy:
The primary reason for the slowdown is the implementation of the new Electric Mobility Promotion Scheme 2024 (EMPS) on April 1st. This scheme offers a lower subsidy compared to the previous FAME 2 scheme, leading to a slight increase in vehicle prices.
Brand-wise Sales (estimated figures):
| Brand | April 2024 Sales (Est.) | YoY Change | Market Share (Est.) |
| Ola Electric | 34,000 | +50% | Over 50% |
| TVS Motor Co. | 8,000 | +25% | 12-13% |
| Bajaj Auto | 5,500 | New Entrant | 8-9% |
| Ather Energy | 4,000 | +10% | 6-7% |
| Others | 12,500 | Varied | 19-20% |
| Total | 64,000 | + (Positive YoY Growth) | 100% |
Highlights:
* Ola Electric maintained its dominance with an estimated 34,000 registrations, reflecting a strong 50% year-on-year growth.
* TVS Motor Co. also witnessed positive growth, estimated at around 25% YoY.
* Bajaj Auto entered the E2W market in April, contributing an estimated 5,500 units.
* Ather Energy’s sales grew by an estimated 10% compared to April 2023.
* Other E2W brands collectively captured an estimated 19-20% market share.
Looking Ahead:
Industry experts anticipate a rebound in E2W sales by July 2024 as consumers adjust to the new subsidy structure. The long-term outlook for the segment remains positive, driven by factors like rising fuel prices, increasing environmental concerns, and the launch of new models from various manufacturers.
Note: Since brand-specific sales data for April 2024 might not be readily available yet, these figures are based on industry estimates and reports.
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