January EV Sales Out: Ola Leads India's EV Scooter Revolution

January EV Sales Out: Ola Leads India's EV Scooter Revolution

News by Team Drivio | 3 Feb 2024

The electric two-wheeler market in India witnessed robust growth in January 2024, with Ola Electric leading the charge and other players jostling for position.

  • Total electric two-wheeler sales exceeded 81,000 units in January 2024, a 26% increase over December 2023.
  • Ola Electric dominated with 32,160 units sold and 40% market share, registering its highest-ever monthly sales.
  • An intense battle ensued for 2nd and 3rd positions between TVS Motor, Bajaj Auto and Ather Energy.

This marks a 26% increase compared to the previous month. Ola Electric emerged as the clear market leader, registering its highest-ever monthly sales at 32,160 units. Ola, which comprises Ola S1 Air, Ola S1 X, Ola S1 Pro Gen 2, etc., poses a threat to the likes of Ather 450, Bajaj Chetak, TVS iQube and others.

Ola Maintains Stronghold at #1 Spot

Ola Electric sold 32,160 units in January, a 6% month-on-month growth. With this, the company commands a 40% market share, consolidating its leadership position. Ola's cumulative sales for the April 2023-January 2024 period stand at 247,607 units. The company has already crossed 250,000 units in FY2024, becoming the first Indian EV maker to achieve this milestone.

TVS Motor Registers Impressive Growth

TVS Motor Company retained its #2 spot, selling 15,181 units of its iQube e-scooter model in January. This denotes a 24% increase from December 2023 sales. TVS Motor's market share stands at 19% currently. The company has sold 141,640 units cumulatively in FY2024 so far.

Battle for 3rd Spot Intensifies

Bajaj Auto moved up to the 3rd position in January, with sales of 10,742 Chetak units. This pushed down Ather Energy to 4th place. While Bajaj Auto registered 3% month-on-month growth, Ather Energy showcased stronger growth at 41% with sales of 9,209 units. This battle for the 3rd spot promises to be close in the coming months.

Other Players Witness Mixed Results

Among other players, Greaves Electric Mobility took the 5th spot but saw a 15% decline in sales versus December 2023. Hero MotoCorp and BGauss Auto took the next positions, both witnessing growth. Meanwhile, WardWizard Joy e-Bikes' sales dipped 31%, indicating challenges ahead.

The electric two-wheeler market is clearly gaining momentum, with Ola Electric strengthening its leadership despite competition. However, the fight for subsequent positions remains close. Sustained product innovation and strategic marketing initiatives will be vital for companies to boost their market shares in this rapidly evolving landscape.