Electric 2W Sales Report For March 2024: Ola, TVS, Bajaj and Ather are Major Key Players

Key Highlights:

• E2W segment witnessed significant growth rate of 29% in FY2024.
• Total retail sales reached 9,35,000 units in FY2024.
• Recorded the highest-ever M-o-M growth rate of 48.97%.

The E2W segment in India has witnessed significant growth in FY2024. With a total retail sales reaching 9,35,000 units, the growth represents a substantial increase of 29% as compared to the sales figure of FY2023 with 7,28,201 units. In March 2024, total sales reached almost 1,30,000 units, which is an impressive growth of 65.42% for a month-on-month basis.

Electric Two Wheeler: MoM Sales Report 
 

Electric Two Wheeler: YoY Sales Report 

Top 7 E2W Performance in March 2024

Ola Electric: Recorded the highest month-on-month growth rate of 48.97%, Ola has achieved the highest-ever monthly sales by selling 50,538 units in March 2024. Ola Electric has demonstrated exceptional growth year-on-year, more than doubling its sales from March 2023 to March 2024. This achievement can be considered as the result of price reduction offers and discounts Ola introduced in March, 2024 on its S1 line. Currently Ola is offering Ola S1 Pro, S1X and S1 Air. Along with this Ola has also announced unveiling of Ola Solo, India's 1st autonomous e-scooter. 

TVS Motor Company: Experienced a remarkable growth rate of 81.18%, with a recorded sales of 26,465 units of electric two wheeler segment, TVS’ impressive growth inclined with its futuristic plan of expanding its electric vehicle presence in the market in India as well as in Nepal and Europe. Moreover TVS has come up with the strategic planning of expanding its EV portfolio in every segment to cater to a wider and different range of customers. Currently the brand offers only TVS iQube in electric two wheeler category. TVS Motor has also experienced significant growth year-on-year, with sales increasing by over 57%.

Bajaj Auto: Achieved a growth rate of 52.40%, no wonder, this achievement has been a result of Bajaj’s efforts to provide electric mobility solutions by expanding its Chetak network. Bajaj Auto has witnessed exponential growth year-on-year, with sales nearly quadrupling from March 2023 to March 2024.

Ather Energy: Witnessing an impressive growth rate of 89.76%, Ather has become a trusted brand because of advanced features equipped with a 450 lineup of e-scooters. Ather Energy has maintained steady growth year-on-year, albeit at a slightly slower rate compared to some other players.  The overall m-o-m growth of Ather is remarkable. The brand has been offering some of the best and most popular scooters like 450s, 450x, and 450 Apex. With the launch of the upcoming scooter Rizta, the sales rate is expected to grow higher in the month of April.

Hero Electric: Hero has experienced a decline in sales year-on-year, however, the company has recorded a notable growth rate of 131.33%, indicating its increasing presence in the electric two-wheeler segment. Hero has shown remarkable growth in its E2W segment, and the same will be achieved with the upcoming launches of new two-wheelers by the brand. Currently, Hero was in the news for filing a patent application for a new e-scooter. Moreover, Hero is also focusing on its electric two wheeler oriented brand line Vida. Hero has claimed to bring a new e-scooter to its Vida product line.

Kinetic Green: Experienced an exceptional growth rate of 527.21%, highlighting its rapid expansion in the market. The growth is for sure the result of the launch of new Kinetic Zulu and Kinetic E-Luna. Furthermore, to expand its portfolio, Kinetic Green has patented new designs for Kinetic E-Luna with additional storage capacity; the scooter is expected to launch in the Indian market by the end of 2024. Kinetic Green has exhibited outstanding growth year-on-year, with sales increasing more than fivefold.

Okaya EV: The company has showcased growth of 87.67% on a Month-on-Month basis. Despite relatively lower market shares, Okaya EV exhibited significant growth rates, indicating their potential for future expansion.

Factors Driving March 2024 Surge

The rise in sales in the month of March 2024 can be influenced by several factors:
  
1. Subsidy Reduction Deadline: The first and foremost reason in the present scenario must have to be the subsidy reduction which is scheduled from April 1, 2024. Buyers must have rushed to purchase the preferred electric two wheeler to get their EVs at lower prices before the implementation of new Electric Mobility Promotion Scheme 2024 (EMPS). This scheme however has provided continued subsidy for electric two wheeler for next four months starting from April 1st 2024.

2. Increased Awareness: No wonder, compared to last few years, now electric two wheelers have been in demand. Amid growing environmental issues and concerns many have shifted toward use of sustainable mobility transports. On top of that, the government is also initiating awareness, schemes and policies which can influence masses to opt for electric vehicles. Such increased awareness must have influenced the growth rate of EV sales eventually.

3. Improved Product Offerings: New updated features and advancements being offered in the electric two wheelers, which has eventually gained the attention of many buyers. The E2W models which are currently present in the market are equipped with better   performance, range, and features, attracting more consumers.

CarBike360 Says

From the last two years the demand for electric two wheelers in India has doubled. The Indian market has witnessed rapid growth in March 2024, which have been driven by factors like subsidy deadlines, increased consumer awareness, and improved product offerings. The performance of all the key players in contributing to the setting up of the electric two wheeler segment as a prominent domain in the Indian automotive industry is commendable.