April 20, 2024

  • Daily Motion

Top Electric Two-Wheeler Manufacturers in India for the First 11 Months of FY 2024

 

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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