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Electric Two-Wheeler Sales In India Hit New Heights In June 2024
Electric two-wheeler (2W) sales in India saw a significant rise in June 2024, with 79,530 units sold. This marked a 72.48% year-on-year (YoY) increase from 46,108 units sold in June 2023 and a 3.41% month-on-month (MoM) growth from May 2024's 76,907 units. Ola Electric led the market with a commanding 46% share of total retail sales.
Ola Electric Dominates
Ola Electric topped the sales chart with 36,723 units sold in June 2024. This represented a remarkable 107.57% YoY growth from the previous year's 17,692 units. However, there was a slight MoM decline of 1.35% compared to May 2024's sales of 37,225 units.
| Rank | 2W Electric Scooter | May'24 | May'23 | Growth (%) YoY |
| 1 | Ola | 37,225 | 28,742 | 29.51 |
| 2 | TVS | 11,788 | 20,434 | -42.31 |
| 3 | Bajaj | 9,214 | 10,097 | -8.75 |
| 4 | Ather | 6,045 | 15,430 | -60.82 |
| 5 | Hero MotoCorp | 2,456 | 751 | 227.03 |
| 6 | Greaves EV | 1,956 | 1,155 | 69.35 |
| 7 | WardWizard | 1,261 | 364 | 246.43 |
| 8 | BGauss | 1,158 | 1,814 | -36.13 |
| 9 | Revolt | 687 | 572 | 20.10 |
| 10 | Quanutum EV | 523 | 59 | 786.44 |
Bajaj Auto secured the third spot with its Chetak electric scooter, selling 8,990 units last month. This was an impressive YoY growth of 198.57% from June 2023's sales of 3,011 units. Despite this, MoM sales dipped by 2.43%, down from May's figure of 9,214 units.
TVS Motor and Ather Energy
TVS Motor's iQube electric scooter contributed significantly to the overall sales with 13,904 units sold in June 2024. This marked a YoY increase of 76.74% from June 2023's figure of 7,867 units and a MoM improvement of 17.95% over May's sales of 11,788 units.
Ather Energy also showed notable growth with its electric scooters selling 6,104 units in June 2024. This was a YoY rise of 32.61% from the previous year's figure of 4,603 units and a marginal MoM increase of just under one per cent from May's sales of 6,045 units.
Hero MotoCorp and Greaves Electric
Hero MotoCorp reported an extraordinary YoY growth rate of 560%, selling 3,069 units in June compared to just 465 units in June last year. The company also saw a promising MoM growth rate of nearly twenty-five per cent from May’s figure of 2,456 units.
Greaves Electric experienced substantial improvements both YoY and MoM with retail sales reaching up to 2,713 units last month. This marked an increase of over eighty-eight per cent YoY and nearly thirty-nine per cent MoM.
Other Notable Performances
Bgauss recorded an impressive YoY improvement with sales rising by over four hundred fifty-six per cent to reach 1,062 units in June compared to just under two hundred units sold in the same month last year. However, there was an eight per cent decline on an MoM basis from May’s figure of over one thousand one hundred fifty-eight units.
Wardwizard managed to sell only nine hundred ninety-six units but still achieved over one hundred three per cent YoY growth despite experiencing a nearly twenty-nine per cent MoM decline.
Lesser-Known Brands
Quantum Energy showcased the highest YoY growth at seven hundred fifty-four per cent by selling six hundred seventy-five units compared to seventy-nine in June last year while also achieving nearly thirty per cent MoM growth over five hundred twenty-three unit sales in May this year.
Revolt reported six hundred sixty unit sales but faced declines both on YoY and MoM bases whereas Okaya (five hundred seventeen) and Kinetic Green (four hundred fifty-seven) showed outstanding YoY improvements.
Decline for Okinawa
Okinawa experienced significant declines both on YoY and MoM bases with only three hundred eighty-two unit sales marking reductions by eighty-five per cent and twenty-three per cent respectively.
The collective contribution from other electric two-wheeler OEMs amounted to two thousand nine hundred ninety-one unit sales last month which reflected over fifty-two per cent YoY decline but showed slight MoM improvement by just above two per cent.
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