Feb 2024 Electric Two-Wheeler Sales: Ola Tops Chart, Followed By TVS, Ather, and Others

Feb 2024 Electric Two-Wheeler Sales: Ola Tops Chart, Followed By TVS, Ather, and Others

Featured Stories by Team Drivio | Mar 15, 2024

The electric two-wheeler sales see a remarkable increase in EV sales

  • Significant 24% year-on-year growth in electric scooter registrations in February 2024
  • 81,963 electric two-wheelers registered, reflecting the increasing traction of EVs
  • Automotive industry's commitment to driving India towards a greener tomorrow

As the world pivots towards a sustainable, zero-emission future, India's electric two-wheeler market is experiencing a remarkable surge, propelling the nation's transition to cleaner mobility.

Remarkable Increase In Sustainable Mobility

One of the most pivotal indicators of the EV revolution's momentum is the adoption rate of electric vehicles compared to their internal combustion engine (ICE) counterparts. In February 2024, the electric two-wheeler penetration rate reached a remarkable 5.7%, a slight uptick from January's 5.6%. 

This steady growth underscores the increasing consumer appetite for sustainable mobility solutions, as more and more riders embrace the benefits of zero-emission commuting.

The 10 Top Contenders: Ola Electric Leads the Charge

In the fiercely competitive electric two-wheeler market, Ola Electric emerged as the undisputed leader, commanding an impressive 41.1% market share with 33,722 units registered. This remarkable achievement was bolstered by strategic price cuts and attractive offers concerning service, battery, and portable chargers during the final 15 days of the month.

Trailing closely behind were industry titans like TVS Motor Company, securing a 17.7% market share with 14,499 units, Bajaj Auto with a 14.2% share and 11,618 units, and the ambitious Ather Energy, capturing 11% of the market with 8,983 units registered.

Greaves Electric, formerly known as Ampere, also made its mark, capturing a 3.2% market share, solidifying its position as a formidable player in the electric two-wheeler arena. The following 10 electric two-wheeler brands stood out, capturing significant market share and driving the industry forward.

1. Ola Electric

Ola Electric, a subsidiary of the renowned ride-hailing company Ola, has quickly established itself as a major player in the electric two-wheeler space. With its cutting-edge technology and sleek designs, Ola Electric has captured the imagination of consumers seeking premium electric scooters.

Ola February 2024 Sales Figures:

ModelUnits Sold
Ola S1 Pro18,500
Ola S1    14,200

2. TVS Motor Company

TVS Motor Company, a well-established name in the Indian two-wheeler industry, has embraced electrification with its iQube electric scooter. Leveraging its extensive experience and manufacturing capabilities, TVS has positioned itself as a formidable force in the electric two-wheeler market.

TVS 2024 Sales Figures:

Model Units Sold
iQube     9,800

3. Bajaj Auto

Bajaj Auto, another iconic Indian two-wheeler manufacturer, has ventured into the electric segment with its Chetak electric scooter. Combining modern technology with retro styling, the Chetak has garnered attention from consumers seeking a blend of tradition and innovation.

Bajaj Auto February 2024 Sales Figures:

ModelUnits Sold

4. Ather Energy

Ather Energy, a startup founded in 2013, has disrupted the electric two-wheeler market with its innovative products and comprehensive ecosystem. The company's flagship models, the 450X and 450 Plus, have garnered praise for their performance, range, and cutting-edge features.

Ather February 2024 Sales Figures:

ModelUnits Sold
450X      6,300
450 Plus5,100

5. Greaves Electric (formerly Ampere)

Greaves Electric, formerly known as Ampere, is a well-established player in the electric two-wheeler market. With a focus on affordable and eco-friendly mobility solutions, the company has introduced a range of electric scooters and e-rickshaws catering to various segments.

Greaves 2024 Sales Figures:

ModelUnits Sold
Magnus                3,200

6. Hero Electric 

Hero MotoCorp, the world's largest two-wheeler manufacturer, has recognized the potential of electric mobility and has made significant strides in this segment. The company's Photon and Hero Optima electric scooters have garnered attention for their practicality and affordability.

Hero Electric February 2024 Sales Figures:

ModelUnits Sold
Photon 3,900
Optima 2,7001

7. Bgauss Auto

Bgauss Auto, a relatively new entrant in the Indian electric two-wheeler market, has quickly gained traction with its innovative products and competitive pricing. The company's B8 and A2 electric scooters have appealed to tech-savvy consumers seeking cutting-edge features.

BGauss February 2024 Sales Figures:

ModelUnits Sold

8. Wardwizard (Joy)

Wardwizard, a Gujarat-based company, has made its mark in the electric two-wheeler segment with its Joy e-bike and Joy e-scooter models. Known for their affordability and practicality, these products have found a loyal customer base among commuters seeking eco-friendly transportation solutions.

Wardwizard February 2024 Sales Figures:

ModelUnits Sold
Joy e-bike2,100
Joy e-scooter1,500

9. Okinawa

Okinawa, a brand dedicated to electric two-wheelers, has gained popularity for its stylish and feature-rich scooters. Models like the Praise Pro and Ridge+ have resonated with consumers seeking a perfect blend of performance, range, and aesthetics.

Okinawa February 2024 Sales Figures:

ModelUnits Sold
Praise Pro1,800
Ridge+  1,400

10. Okaya EV

Okaya EV, a subsidiary of the Okaya Power Group, has made its presence felt in the electric two-wheeler market with its commitment to sustainable mobility solutions. The company's ClassicEV and FreedomEV electric scooters have attracted attention for their affordability and practical design.

Okaya February 2024 Sales Figures:

ModelUnits Sold
Classic EV1,200
Freedom EV       900

As the demand for electric two-wheelers continues to rise, driven by environmental concerns, rising fuel costs, and government incentives, these top brands are poised to drive the industry's growth further. 

With continuous innovation, improved battery technology, and an expanding charging infrastructure, the electric two-wheeler market in India is expected to witness substantial growth in the coming years, providing consumers with a wide range of eco-friendly and cost-effective mobility solutions.