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Electric Two-Wheeler Sales, May 2024: Ola Electric Defies Market Slump
Electric two-wheeler sales in India reached 76,907 units in May 2024. This marked a significant 27.15% decline from the 1,05,564 units sold in May 2023. The end of FAME II subsidies on March 31, 2024, and the introduction of the Electric Mobility Promotion Scheme 2024 (EMPS 2024) led to price hikes. Despite this, the segment saw an 18.12% month-on-month growth compared to April 2024's 65,111 units.
Ola Electric maintained its top position with its S1 range, selling 37,225 units in May 2024. This represented a 29.51% year-on-year increase from the 28,742 units sold in May 2023. Ola is also developing swappable battery technology to enhance its offerings.
TVS Motor secured the second spot with 11,788 units sold last month, though this was a 42.31% decline from the 20,434 units sold in May 2023. TVS recently launched a high-end variant of its iQube electric scooter, featuring a 7-inch screen and the largest battery among electric scooters. This new iQube ST trim competes with models like the Ola S1 Pro and Ather 450 Apex.
Bajaj Auto experienced a dip in sales to 9,214 units in May 2024 from 10,097 units in May 2023, marking a 42.31% year-on-year decrease. Ather Energy also saw a steep decline of 60.82%, selling only 6,045 units compared to last year's 15,430 units.
Other Notable Performances
Hero MotoCorp stood out with a remarkable year-on-year growth of 227.03%, selling 2,456 units in May 2024 compared to just 751 units in May 2023. Greaves and Wardwizard also showed significant year-on-year growth with sales of 1,956 and 1,261 units respectively.
Conversely, Bgauss saw a decline of 36.16%, selling only 1,158 units. Revolt's sales grew by 20.10% to reach 687 units, while Quantum Energy's sales skyrocketed by an impressive 786.44% to hit 523 units in May 2024.
Month-on-Month Comparison
On a month-on-month basis, the electric two-wheeler segment showed positive growth overall. Sales increased by 18.12% from April's figure of 65,111 units. Ola Electric's sales improved by 9.60%, reaching up from April's total of 33,963 units.
TVS Motor saw a substantial month-on-month increase of 53.59%, up from April's sales of 7,675 units. Bajaj Auto also experienced a rise of 22.38%, selling more Chetak electric scooters than the previous month's total of 7,529 units.
Ather Energy recorded a month-on-month growth of 48.82%. Hero MotoCorp had an outstanding performance with a month-on-month increase of 159.35%, rising from April's sales figure of just 947 units.
Lower on the list were companies like Bgauss which saw a significant improvement of 62.87% in sales. Revolt experienced a slight decline of 7.54%, while Quantum and Okaya saw increases of 22.77% and 39.52% respectively. Okinawa's sales fell by 17.40%, whereas Kinetic Green and Pure Energy noted modest growths of around 1.58% and 16.49% respectively.
The electric two-wheeler market continues to evolve despite challenges such as subsidy changes and price hikes. Companies are adapting with new models and technologies to meet consumer demands.
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