Electric 2W Sales in February 2024, Ola, TVS, Bajaj, Hero & Ampere, Get Insight

Key Highlights:

• TVS Motors showcased a positive growth of 15.31% YoY.
• OLA Electric demonstrated an impressive growth rate of 91.21% YoY.
• Hero witnessed a drastic decline of 70.12% YoY in electric 2-wheeler sales.

In February 2024, the sales performance of various companies in the 2W (Two-Wheeler) sector showed mixed results compared to the same period last year. While some companies experienced substantial growth, others faced significant declines.

Electric 2W: YoY Sales Performance

Hero: We can see that the sales plummeted drastically by 70.12% compared to February 2023. This substantial decline indicates challenges or changes in the market dynamics affecting Hero's performance adversely.

TVS Motors: The company witnessed a positive growth of 15.31% YoY, reflecting a healthy sales performance. This growth suggests successful strategies or favourable market conditions benefiting TVS Motors.

Bajaj Auto: Bajaj experienced an extraordinary growth rate of 363.01% YoY, indicating a remarkable improvement in sales performance. This significant surge could be attributed to effective marketing strategies or product innovations.

OLA Electric: The company demonstrated an impressive growth rate of 91.21% YoY, indicating strong market demand or successful expansion strategies. OLA Electric's substantial increase in sales highlights its competitive edge in the market.

Ather Energy: Ather experienced a decline of 9.95% YoY, indicating a slight setback in sales performance compared to the previous year. This decline may require further investigation into factors affecting Ather Energy's market position.

Ampere: A significant decline of 53.9% YoY, is faced by the company, indicating challenges or changes affecting its sales performance negatively. Further analysis is needed to identify areas for improvement or strategies to mitigate declining sales.

Electric 2W: MoM Sales Performance

Hero: The company showcased a commendable performance in February, witnessing a substantial growth rate of 17.6% compared to January. This growth indicates positive consumer response and effective marketing strategies by the company.

TVS Motors: The company experienced a decline in sales by 10.8% in February compared to January. This downturn might be attributed to various factors such as market saturation, competitive pressure, or seasonal fluctuations.

Bajaj Auto: Bajaj encountered a significant decrease in sales, with a notable decline of 28.31% in February. This decline could be indicative of internal challenges or external market conditions impacting consumer demand.

OLA Electric: OLA demonstrated a positive sales trend with a growth rate of 4.9% in February. The increase in sales reflects consumer confidence in the brand's offerings and its position in the electric vehicle market.

Ather Energy: Ather experienced a slight decline in sales by 2.3% in February. While the decrease is marginal, it suggests the need for the company to reassess its sales strategies or product offerings to maintain or improve market share.

Ampere: The company witnessed a substantial decline of 82.8% in sales in February compared to January. This drastic decrease could be due to various factors, including supply chain disruptions, product issues, or market dynamics affecting consumer preferences.

Also Read: MG Motor Introduces Comet EV in India, Enhanced with Rapid Charging Option

2-wheeler OEMs Sales in February 2024

Hero leads the market with a total of 413,284 units sold in February 2024. Hero recorded the highest number of ICE sales at 411,534 units. It has a nominal presence in the EV segment, with only 1,750 EV units sold. The company’s EV sales account for a marginal 0.42% of its total sales, indicating a comparatively slower transition towards electric vehicles.

TVS Motors followed with 247,719 units sold, securing the second position. TVS Motors have made significant strides in the EV market, with 14,510 EV units sold. TVS Motors has notable proportions of EV sales, constituting 5.86% of its total sales.

Bajaj Auto stands at third place with 171,051 units sold, 159,383 ICE units and 11,668 EV units sold. Bajaj Auto has notable proportions of EV sales, constituting 6.82% of their total sales.

OLA Electric and Ather Energy, although comparatively smaller players, have also made notable sales of 33,743 and 8,988 units, respectively. OLA Electric and Ather Energy have indicated their exclusive focus on electric vehicles, for which they are known.

CarBike360 Says

The February 2024 sales report highlights both successes and challenges within the 2W sector. While companies like TVS Motors, Bajaj Auto, and OLA Electric showed remarkable growth, others like Hero, Ather Energy, and Ampere faced declines or slower growth rates. Understanding these trends and their underlying causes is crucial for companies to adapt their strategies and maintain or improve their market positions.