India's Electric Two-Wheeler Sales Expected To Exceed 1 Million In 2024

Updated: Wednesday, July 3, 2024, 10:33 [IST]

The Indian electric two-wheeler industry, which sold a record 8,60,365 units in 2023, is on track to sell over a million units for the first time in 2024. The lowest monthly sales in 2024 were in April, following the closure of the FAME II subsidy scheme on March 31. This also explains why March 2024 saw the highest-ever sales of 1,40,273 units.

The FAME II subsidy scheme has been replaced by the Electric Mobility Promotion Scheme (EMPS), valid from April 1 to July 31. With EMPS boosting sales numbers in May and June, July should see a similar spike in EV sales as in March.

Ola Electric: Market Leader with 36,716 Units Sold

Ola Electric continues to dominate the market with cumulative six-month sales of 2,28,161 units and an impressive 81 percent YoY growth. This robust performance has increased the company's market share to 44 percent from 30.50 percent a year ago. Ola Electric's entry into the mass-market segment with the S1 X portfolio has paid off significantly.

TVS: Second Place with 13,897 Units Sold

TVS Motor Co sold 13,897 iQubes units last month, marking a 51 percent improvement on its May sales of 11,844 units. The company expects two-wheeler EV sales in India to reach a market penetration of 30 percent by 2025 and aims to increase its EV sales contribution over the next two years.

Bajaj: Third Place with 8,985 Units Sold

Bajaj Auto maintains its No.3 ranking with strong YoY growth of 192 percent and selling 8,985 Chetaks in June. The company plans to expand its dealer network from its current presence in 164 cities and around 200 touchpoints to approximately 600 showrooms within three to four months.

Ather Energy: Fourth Place with Sales of 6,097 Units

Ather Energy recorded sales of 6,097 units in June and a market share of 7.66 percent. However, its cumulative January-June sales at 52,235 units are down by12 percent compared to the same period last year. Ather aims to catch up with its new family-centric Rizta model and recently announced plans for setting up its third plant in Maharashtra.

Vida: Fifth Place with Sales of 3,068 Units

Vida e-scooters have seen demand pick up significantly this year; their average monthly sales have risen from just over two thousand units last year to more than three thousand this year. Vida's market share has also increased from just half a percentage point last year to nearly three percentage points this year.

Greaves Electric Mobility: Sixth Place with Sales of 2,713 Units

Greaves Electric Mobility experienced a significant rise in June sales after launching its new Ampere Nexus e-scooter. June sales reached an impressive total of 2,713 units—a 39 percent increase compared to May's figures.

DriveSpark Thinks

India's electric two-wheeler market is experiencing rapid growth as companies continue to innovate and expand their product offerings. With EMPS set to expire at the end of July, it will be interesting to see how consumers adapt to non-subsidized prices and whether growth rates will remain strong throughout the rest of the year.