By The electric two-wheeler market in India continues its upward trajectory, with a robust year-on-year growth of 24% reported in February 2024, following a 26% growth in January 2024. This positive trend reflects the increasing demand for electric vehicles in the country.
In February 2024, the industry recorded sales of 81,963 electric two-wheelers, compared to 66,053 vehicles sold in February 2023, marking a significant increase in sales volume.
Ola Electric Leads Market Share with Record Sales
Ola Electric emerged as the market leader, reporting record sales of 33,722 electric two-wheelers in February 2024. The company’s sales surged amid a promotional discount, securing a dominant 41% market share in India’s electric two-wheeler market. Ola Electric witnessed a remarkable year-on-year growth of 91%, reinforcing its position as a key player in the industry.
Anshul Khandelwal, Chief Marketing Officer at Ola Electric, attributed the company’s success to its expanding S1 scooter portfolio and growing customer awareness and acceptance of quality electric vehicles at competitive price points.
TVS Motors and Bajaj Auto Maintain Strong Positions
TVS Motors secured the second position in the market, with sales of 14,499 electric two-wheelers in February 2024, representing a 15% year-on-year growth. The company commands an 18% market share and recently announced plans to expand its electric two-wheeler sales to Nepal and Europe, signaling further growth opportunities.
Bajaj Auto recorded a remarkable sales surge, with 11,618 electric two-wheelers sold in February 2024, marking a substantial 360% increase from the previous year. Despite fierce competition, Bajaj Auto maintains a close third position with a 14% market share.
Ather Reports Slight Decline Ahead of Product Launch
Ather, a significant player in the electric two-wheeler market, reported sales of 8,983 vehicles in February 2024, capturing an 11% market share. However, the company experienced a slight month-on-month decline of 4% amid intensifying competition in the market.
Ather is gearing up to launch its new family scooter, the Rizta, which is expected to compete with models from TVS and Bajaj. The launch is scheduled for April, and the company anticipates a positive response from consumers.
Overall, the electric two-wheeler market in India is witnessing dynamic growth, driven by factors such as increasing consumer awareness, favorable government policies, and expanding product portfolios from leading manufacturers.
