The Indian electric vehicle industry, especially the electric two-wheeler field, had an outstanding year in FY2024. The retail sale figures for both e-scooters and e-motorcycles reached a new pinnacle at 935,000 units; indicating a substantial increase of almost 29% compared to last year’s sales record of 728,201 units. Impressively, March 2024 broke all previous records with nearly 130k sold vehicles while retaining its month-on-month growth rate at an exceptional 65.42%.
This sudden spike can primarily be attributed to buyers hurrying towards dealerships before subsidy cuts began on April 1 under the Electric Mobility Promotion Scheme (EMPS)2024 which continues subsidizing purchases until July end allowing purchasers motivation to acquire them.
Analysts noted that Ola Electric, TVS Motor Company, Bajaj Auto, and Ather Energy were among the four leading contributors whose collective 150K+ unit sales accounted for an impressive 77% share of a total of 936315 retails registered during FY24 through electric motorcycle or scooter sector.
Top 3 Most Selling E-Scooter
1. Ola
The S1 range of Ola Electric has solidified its leadership in the electric vehicle field by cutting down prices. In March 2024, the company broke an exceptional milestone with a sensational achievement of selling 50,538 units – marking their highest-ever monthly sales and outshining last month’s count of 33,923 units. This significant triumph is not only emblematic of remarkable performance but also cements Ola Electric as India’s topmost OEM to set this new record-breaking benchmark.
Ola Electric remains at the forefront of the electric vehicle industry with a dominant market share of 37.02% and an impressive month-on-month growth rate of 48.97%. This achievement reinforces their robust standing in the sector, highlighting their capacity to establish new standards for others to follow.
2. TVS MOTOR
As the second-largest player in the market, TVS Motor Company continues to thrive. Sales surged from 14,607 units in January to an impressive 26,465 units in February – indicating a substantial month-on-month growth of 81.18%. The company’s solid market share of 19.39% positions it well within the electric vehicle (EV) sector as it seeks to capitalize on India’s anticipated two-wheeler EV sales penetration rate of up to 30% by CY2025. Moreover, with plans underway for expanding its EV sales scope into Nepal and Europe too; TVS is readying itself for a great launch showcasing range through differentiated offerings catering to distinct consumer needs whereby models will be made available on varying power outputs ranging between five-25 kilowatts each.
3. Bajaj Auto LTD
Sitting firm in third place, Bajaj Auto of Pune outpaces Ather Energy. Their recent sales results are impressive as 17,900 units were sold – a considerable growth from February’s output of 11,745 units. Such an increase – an incredible month-on-month rise of 52.40% with a market share reaching up to 13.11%, shows that Bajaj is on the right track! The driving force behind their success? Primarily through ramping up production and expanding the Chetak showroom network which proves pivotal for Baja’s strategy.
Least
| Sr. No | OEM | February | March | MOM Growth % | Market Share % |
|---|---|---|---|---|---|
| 1 | Ola Electric | 33,923 | 50,538 | 48.97% | 37.02% |
| 2 | TVS Motor | 14,607 | 26,465 | 81.18% | 19.39% |
| 3 | Bajaj Auto | 11,745 | 17,900 | 52.40% | 13.11% |
| 4 | Ather Energy | 9,066 | 17,204 | 89.76% | 12.60% |
| 5 | Hero Motorcorp | 1,755 | 4,060 | 131.33% | 2.97% |
| 6 | Kinetic Green | 632 | 3,964 | 527.21% | 2.90% |
| 7 | Bguass Auto | 1,350 | 3,107 | 130.14% | 2.27% |
| 8 | Greaves Electric | 2,609 | 3,145 | 20.54% | 2.30% |
| 9 | Okaya EV | 657 | 1,233 | 87.67% | 0.90% |
| 10 | Wardwizard | 841 | 1,019 | 21.16% | 0.74% |