India’s EV Market Surpasses 2 Million Units in 2024 – Top e2W Brands Leading the Charge

In 2024, the Indian electric vehicle (all segments) registrations reached nearly 2 million units. The total volume of electric 2-wheelers increased by 27 percent in 2024, reaching around 1.95 million units from 1.53 million in 2023. The main contributor to this growth is the large volume of the most affordable e2Ws provided by OEMs in the Indian market. Despite the uncertainties in governmental EV subsidy support in 2024, EV adoption in the market has experienced transformative growth. Moreover, initiatives like PM E-Drive, FAME II, and lower import taxes were the major factors for this rate of EV adoption in CY2024.

Growth in Electric Two-wheeler Sales

The e2W segment continued to be the dominant driver of green mobility in the country. According to Vahan data, there has been a 34 percent increase in total sales of e2Ws, reaching 1.15 million units in 2024 (compared to 0.86 million units in 2023).

Top Performers in the Electric Two-wheeler Market

The Indian EV market, loaded with hundreds of players, the four major performers has continued to maintain the largest share proportion of the e2W market during the year. These OEMs are - Ola Electric, TVS Motor Company, Bajaj Auto, and Ather Energy, all have recorded 6-figure sales in CY2024. Additionally, these OEMs have also recorded their best-ever annual sales performance individually. The total sales of these companies have been recorded up to 947,623 units, which accounts for 82% of total e2W sales in the country.

Ola Electric remained the leader in the Indian electric 2W market, although it lost its top position and dropped to third place in December 2024. Ola finished the year with about 4.08 lakh units sold, up from 2.67 lakh units in 2023.

TVS Motor secured the second position with total electric scooter sales reaching 2.2 lakh units (up from 1.67 lakh units).

Bajaj Auto saw substantial growth in e2W sales, reaching 1.93 lakh units (compared to 0.72 lakh units in 2023).

Ather Energy also saw an increase, with sales rising to 1.26 lakh units from 1.05 lakh units in 2023.

Other manufacturers, including Hero MotoCorp, Ampere by Greaves Electric Mobility, Revolt Motors, Bgauss Auto, and Kinetic Green, also reported notable growth in their vehicle sales during the year.

Even if some OEMs have launched more affordable EVs in 2024, the initial cost of an electric two-wheeler is still more than that of its ICE-based counterparts. However, the long-term financial viability is the reason for this major shift from ICE vehicles to EVs.

What Awaits Us in 2025?

All the top five OEMs, including Ola Electric, TVS, Bajaj Auto, Ather Energy, and Hero MotoCorp are aggressively working on reducing prices to launch more affordable EVs in the market. This trend is especially significant in light of the consistent reduction of governmental subsidies.

With a lot of exciting new EV launches expected in 2025, major reveals and launches are scheduled in the upcoming Bharat Mobility Expo, starting on 17 January 2025. As the competition in the market heats up, Carbike360 expects that customers will look for options that are not only affordable but also equipped with advanced technology and provide better EV infrastructure across the country. Stay tuned with CarBike360 for more updates.

Also Read: ​The Exciting New Launches Await at the Bharat Mobility Expo 2025.