The electric two-wheeler market in India continues its upward trajectory, reporting a significant year-on-year growth of 24% in February 2024. This growth follows a strong start to the year, with January 2024 witnessing a 26% increase in sales compared to the previous year.
Industry Growth and Performance
In February 2024, the electric two-wheeler industry recorded sales of 81,963 vehicles, marking a notable increase from the 66,053 vehicles sold in February 2023, reflecting a robust 24% year-on-year growth.
Ola Electric Leads Market Share
Ola Electric emerged as a frontrunner in the market, reporting record-breaking sales of 33,722 electric two-wheelers in February 2024. This achievement was bolstered by a strategic discount offered by the company during the month. With this remarkable sales figure, Ola Electric now commands an impressive 41% market share in India’s electric two-wheeler market.
The company witnessed a staggering year-on-year growth of 91%, showcasing a remarkable surge from 17,616 vehicles sold in February 2023 to 33,722 vehicles sold in February 2024. Anshul Khandelwal, Chief Marketing Officer at Ola Electric, attributed this success to the expanding S1 scooter portfolio and increasing customer acceptance of quality EVs at competitive price points.
TVS Motors and Bajaj Auto Maintain 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 holds an 18% market share and recently announced plans to expand its electric two-wheeler sales to Nepal and Europe.
Bajaj Auto closely followed, reporting sales of 11,618 vehicles in February 2024, marking a remarkable 360% increase from the previous year. With a 14% market share, Bajaj Auto continues to strengthen its presence in the electric two-wheeler segment.
Ather Faces Minor Setback Ahead of Product Launch
Ather, a prominent player in the market, reported sales of 8,983 electric two-wheelers in February 2024, capturing an 11% market share. However, the company experienced a slight month-on-month decline of 4% amidst intensifying competition.
Despite this setback, Ather is gearing up to introduce its family scooter, the Rizta, at its upcoming Community Event in April. This new product launch is anticipated to further invigorate competition in the market, especially against rivals such as the TVS iQube and the Bajaj Chetak.
