In a robust start to 2024, electric two-wheeler sales in India reached over 81,000 units in January, marking a significant 26% year-on-year growth. Leading the charge, Ola Electric achieved its best-ever monthly sales with 32,160 units, followed by TVS Motor Co with 15,181 iQube units sold. Notably, Bajaj Auto has consistently outsold Ather Energy for the fourth consecutive month.
Cumulatively, sales for the first 10 months of FY2024 stand at 723,982 units, trailing just 4,253 units behind the record 728,235 electric vehicles (EVs) sold in the entire FY2023. The industry is poised to set a new fiscal record, targeting a total of 900,000 units by the end of FY2024, reflecting a 24% growth over the previous fiscal year.
Market Leaders and their Performance:
- Ola Electric: Achieved 32,160 units in January, holding a 39% market share. Cumulative sales for April 2023-January 2024 reached 247,607 units, maintaining its lead in the EV market.
- TVS Motor Co: Sold 15,181 iQube units in January, securing an 18.66% market share. The cumulative total for April 2023-January 2024 stands at 141,640 units, showcasing consistent growth.
- Ather Energy: Recorded 9,209 units in January, capturing an 11.32% market share. Despite facing competition, Ather Energy remains a key player in the e-two-wheeler market.
The overall growth in the electric two-wheeler sector is attributed to sustained efforts by leading manufacturers and a growing market demand for eco-friendly alternatives. The industry anticipates further expansion and technological advancements in the coming months.
