Almost 1.40 Lakh Two-wheeler EVs Sold In India In March 2024!

Almost 1.40 Lakh Two-wheeler EVs Sold In India In March 2024!

News by Team Drivio | 5 Apr 2024

For obvious reasons, Ola Electric was at the top of this leaderboard 

  • Heck, these big sales numbers are without the help of EMPS, which begins on April 1
  • For the uninitiated, EMPS stands for Electric Mobility Promotion Scheme
  • Next on the list was TVS and Bajaj

In the fiscal year 2024, the electric scooter and motorcycle market experienced an unprecedented surge, culminating in a remarkable retail sales figure of 9.44 lakh units. Noteworthy among these numbers is March 2024, which witnessed the highest-ever monthly sales, reaching 1,36,559 units.

This achievement marks only the second instance of monthly sales surpassing the 1 lakh mark, the first being in May 2023 when 1,05,564 units were sold. The spike in May 2023 was attributed to consumers accelerating their purchases ahead of the significant reduction in the FAME II subsidy scheme effective from June 1, 2023.

Among the multitude of players in the market, four OEMs have notably distinguished themselves: Ola Electric, Ather Energy, TVS Motor Co, and Bajaj Auto. These companies not only achieved six-figure sales individually but also collectively accounted for an impressive 77 percent of the total retail sales in FY24, amounting to 7,24,662 units.

Ola Electric:

Ola Electric with its electric scooters S1 Pro, S1 Air and S1 X Plus closed FY24 with retail sales of 3,26,428 units, nearly doubling the sales figure of FY23. This surge can be attributed to strategic pricing reductions and offering substantial FAME subsidies to buyers of its popular S1 range of e-scooters in February and March 2024. Ola's exemplary performance includes its best-ever monthly sales of 50,545 units in March 2024, establishing the company as the first Indian EV maker to surpass 3 lakh unit sales in a fiscal year, commanding a significant 35 percent market share.

TVS Motor Co:

TVS Motor Co witnessed substantial growth in FY24, propelled by the success of its iQube e-scooter. With retail sales reaching 1,82,933 units and recording a remarkable 125 percent year-on-year growth, the company secured a notable 19.37 percent market share. Similar to Ola, TVS achieved its highest-ever monthly sales in March 2024, further solidifying its position in the market.

Bajaj Auto:

Bajaj Auto experienced a remarkable fiscal year with the sale of 1,06,431 Chetak e-scooters, marking a significant 273 percent year-on-year increase. The company's best-ever monthly sales of 17,933 units in March 2024 contributed to its market share of 11.27 percent, nearly tripling its share from FY23. Bajaj Auto's consistent performance narrowed the sales gap with competitors, demonstrating its resilience and competitiveness in the market.

Ather Energy:

Ather Energy with the pack of 450S, 450X and 450 Apex reported retail sales of 1,08,870 units in FY24, representing a notable 41.50 percent increase from the previous fiscal year. This performance translated to a 12 percent market share, reflecting the company's steady growth and market presence. Ather concluded FY24 on a high note with its best-ever monthly sales of 17,221 units in March 2024, setting the stage for further expansion with the launch of its family scooter, Ather Rizta.

Additionally, the growth outlook for FY25 remains promising, driven by factors such as increasing consumer adoption of electric two-wheelers due to high petrol prices and sustained demand for last-mile deliveries. With OEMs focusing on localisation and product cost rationalisation, coupled with advancements in indigenous manufacturing of EV components, the industry is poised for continued growth and innovation despite facing challenges associated with a high sales base from FY24.