India’s electric two-wheeler market continues its momentum; over 81,000 units sold in January

Not only are global consumers increasingly inclined towards adopting electric vehicles, but Indian consumers are also prominently displaying a significant interest in transitioning their preferences towards electric two-wheelers. According to data available on the government website VAHAN Platform, the electric two-wheeler market in India is commencing 2024 on an electrifying note, sustaining the robust growth observed in the preceding year.

The industry has achieved a noteworthy milestone with a total of 81,343 units sold in January 2024, reflecting a remarkable 26% year-on-year growth, and underscoring the growing popularity of electric vehicles (EVs) among the Indian populace.

Ola Electric Dominates with Record Sales

Leading the charge is Ola Electric, solidifying its position as the frontrunner in the electric two-wheeler segment. With an outstanding performance of 32,160 units sold in January 2024 – its highest monthly sales to date – Ola Electric continues to maintain a commanding lead over its competitors. Notably, Ola Electric achieved the milestone of being the first Indian EV two-wheeler company to sell over 2.5 lakh units in a single year, further emphasising its dominance in the market.

TVS Motor’s Growth Trajectory

TVS Motor has sustained its strong growth trajectory, retailing 15,181 units in January 2024, securing a substantial 19% market share. The company’s iQube e-scooter has played a pivotal role in its success. Moreover, with expansions into Nepal and Europe, TVS Motor Co is positioning itself as a global player in the electric two-wheeler market. Plans for a diverse portfolio with offerings ranging from 5 to 25 kW indicate the company’s commitment to catering to varied customer segments.

Bajaj Auto’s Rising Demand for Chetak

Bajaj Auto continues to witness a surge in demand for its Chetak e-scooters, selling 10,742 units in January 2024. This marks the fourth consecutive month of outperforming Ather Energy, indicating fierce competition for market positioning. Bajaj Auto’s aggressive expansion plans, including a network expansion to 250 cities by March 2024, and a consistent presence in the best-selling monthly chart, underscore its commitment to sustained growth.

Ather Energy’s Strategic Moves

Celebrating its 10th anniversary, Ather Energy retailed 9,209 units in January 2024, securing an 11% market share. The price reduction of the 450S e-scooter and increased stake from early investor Hero MotoCorp have provided a boost. Ather Energy’s upcoming family scooter, Rizta, and plans to expand its experience centres to over 250 outlets by March 2024 reflect the company’s commitment to innovation and customer reach.

Other Performers

During the same period, Greaves Electric Mobility claimed the fifth position by selling 2,351 units. Following closely, Hero MotoCorp secured the sixth position with sales of 1,487 units, and Bgauss Auto closely trailed behind with 1,485 units sold.

Conclusion

The electric two-wheeler market in India is witnessing a dynamic landscape with companies like Ola Electric, TVS Motor Co, Bajaj Auto, and Ather Energy driving growth and competition. As the industry continues to evolve, innovations, strategic expansions, and customer-centric initiatives are expected to shape the future of electric mobility in the country.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.