India’s Electric Two-Wheeler Market in FY 2024

Dive into India’s electric two-wheeler market with a comprehensive look at sales figures, top performers, and future trends. From Ola Electric to Hero MotoCorp, explore the growth and competition shaping the sustainable mobility landscape.

A Comprehensive Analysis of India’s Electric Two-Wheeler Sales

In the bustling streets of India, a silent revolution is underway—one powered by electricity. The electric two-wheeler market, once a niche sector, is now buzzing with growth and innovation. The fiscal year 2024 witnessed a surge unlike any other, with sales skyrocketing to a record 9,47,087 units, marking a remarkable 30 percent growth from the previous year.

Beyond these numbers lies a tale of sustainability, ingenuity, and fierce competition. Join us on a journey through the vibrant terrain of India’s electric two-wheeler market, as we uncover the highs, the lows, and the promising future that awaits.

Riding the Electric Wave: Growth and Market Share Expansion

The electric two-wheeler segment in India has been steadily gaining traction, and FY 2024 was a defining chapter in its story. Sales figures soared to an all-time high of 9,47,087 units, propelling the segment’s market share to a robust 5.4 percent—an impressive leap from the 4.5 percent recorded in FY 2023.

Top Players Leading the Charge

At the helm of this electric revolution stands Ola Electric, boasting an impressive sales tally of 3,29,327 units in FY 2024. The company’s stellar year-on-year growth of 115.48 percent underscores the enthusiastic embrace of their electric offerings. Following closely is TVS Motor Company, with a remarkable 122.84 percent growth and sales of 1,82,969 units, signaling a strong stride towards sustainable mobility.

Notable Figures in the Electric Two-Wheeler Market

Here’s a glimpse into the sales performance of key Electric Two-Wheeler OEMs in FY 2024, showcasing their growth rates compared to the previous year:

S. No.Electric Two-Wheeler OEMSales in FY2024Sales in FY2023Growth Rate
1.Ola Electric (115.48%)3,29,3271,52,791115.48%
2.TVS Motor Company (122.84%)1,82,96982,108122.84%
3.Ather Energy (41.53%)1,08,88976,93941.53%
4.Bajaj Auto Group (226.14%)1,07,06932,829226.14%
5.Greaves Electric (2930.33%)31,2731,0322930.33%
6.Ampere Vehicles (-71.89%)23,77184,562-71.89%
7.Okinawa Autotech (-78.24%)20,87395,933-78.24%
8.Hero MotoCorp (1780.23%)17,6939411780.23%
9.Bgauss Auto (267.45%)15,2384,147267.45%
10.Okaya EV (6.47%)14,02613,1746.47%
11.Hero Electric (-86.35%)12,09388,069-86.35%
12.Kinetic Green Energy (74.04%)9,7035,57574.04%
13.Wardwizard Innovations (863%)9,115946863%
14.Revolt (-43.22%)7,34212,930-43.22%
15.Others (-23.64%)57,79675,689-23.64%

Ather Energy, known for its innovative designs and performance-oriented electric scooters, showcased a commendable growth rate of 41.53 percent, selling 1,08,889 units in FY 2024. Meanwhile, Bajaj Auto Group emerged as one of the highest gainers, with sales exceeding 1.07 lakh units and an impressive year-on-year growth of 226.14 percent.

Unveiling the Standout Performers

Among the rising stars in the electric two-wheeler market, Greaves Electric Mobility and Hero MotoCorp shine brightly. Greaves Electric Mobility achieved an astonishing growth rate of 2930 percent, selling 31,273 units in FY 2024. Hero MotoCorp, a stalwart in the Indian automotive industry, saw its electric division surge with a growth rate of 1780 percent and sales of 17,693 units.

Additionally, Wardwizard Innovations & Mobility Limited showcased an impressive growth trajectory, selling 9,115 electric two-wheelers in FY 2024—an 863 percent increase from the previous year.

Challenges and Resilience

While the market witnessed remarkable growth overall, some players faced challenges in FY 2024. Ampere and Okinawa experienced declines of 72 percent and 78 percent in sales, respectively, reflecting the competitive landscape of the industry. Revolt, known for its innovative designs, also faced a 43.22 percent decline in year-on-year sales, with 57,796 units sold in FY 2024.

The Road Ahead: Towards a Sustainable Future

As we look towards the horizon of India’s electric two-wheeler market, the future appears bright with promise. Manufacturers are gearing up to introduce new models, cutting-edge technologies, and sustainable solutions. With consumer interest in sustainable mobility on the rise, the stage is set for further growth, innovation, and a greener tomorrow.

The Rise of Electric Mobility: FY 2024 Insights into India’s 2W Sales

The narrative of India’s electric two-wheeler market is one of resilience, innovation, and a shared commitment to sustainability. From the impressive sales figures of Ola Electric and TVS to the rapid ascent of Greaves Electric and Hero MotoCorp, each milestone reflects the evolving landscape of mobility in India.

As we bid adieu to FY 2024 and usher in the promise of the coming fiscal year, one thing is abundantly clear—the electric wave is here to stay. The roads ahead are illuminated with possibilities, and the journey towards a sustainable future has only just begun. Join us as we continue to ride the electric wave, towards a greener, cleaner tomorrow.

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