Electric Two Wheeler Sales in April 2024 | Massive MoM Decline

Key Highlights:

• April 2024 saw a typical sales dip in electric two-wheelers, totaling over 64,000 units.
• Price hikes by major manufacturers due to subsidy reductions affected sales performance.
• Ola Electric maintained a strong lead with 33,062 units sold, capturing 52% market share.
• TVS Motor Co and Bajaj Auto strategize for market growth, aiming to increase penetration and expand networks.

April 2024 presented a subdued landscape for the electric two-wheeler market, as total sales amounted to just over 64,000 units. This dip is in line with the usual trend for April, signifying a slow start to the fiscal year. However, this year’s performance was further impacted by various factors, including the reduction in subsidies leading to price escalations by major manufacturers such as TVS, Bajaj Auto, Ather Energy, and Hero MotoCorp.

Despite these challenges, let’s explore the top 10 OEMs that exhibited resilience in maintaining robust sales amidst these circumstances

Electric Two Wheeler April 2024 Sales

OLA Electric

In April, Ola Electric continued its dominant streak in the market, selling 33,062 units, securing an impressive 52% share. Unlike its competitors, Ola refrained from raising EV prices despite subsidy reductions.

Although experiencing a 35% month-on-month decline, Ola Electric remains at the forefront in market share, underscoring its strategic prowess. According to the company’s CEO, Ola S1 accounted for half of all 2W EV registrations in India in April, demonstrating strong brand presence and consumer preference.

TVS Motor

Securing the second position, TVS Motor Co sold 7,653 units in April. The company faced a significant 71% month-on-month decline, likely due to recent price adjustments. Despite this, TVS Motor Co maintained a 12% market share. With ambitious plans to capitalise on the growing EV market, the company aims for 30% market penetration by CY2025 and aims to boost EV sales contribution to its overall volumes within two years.

BAJAJ Auto

In April 2024, Bajaj Auto clinched the third position among EV OEMs, selling 7,515 Chetak units. Despite a -58% month-on-month decline, Bajaj Auto maintained a 12% market share, similar to TVS. The strong demand for Chetak variants and expansion of dealer networks signal positive prospects. The company plans to significantly expand its dealer presence and launch a new mass-market e-scooter under the Chetak brand umbrella in May 2024.

ATHER Energy

With Bajaj Auto's rise in sales, Ather Energy now stands at the fourth position, selling 4,052 units in April 2024. Despite a -77% month-on-month decline, Ather Energy holds a 6% market share. The introduction of the new Rizta lineup aims to bolster sales with varying features and price points.

Greaves Electric

Surprisingly, Greaves Electric surged to the fifth position in April, selling 2,511 units following the launch of the new Nexus family scooter. Despite this achievement, the company experienced a -15% month-on-month growth, holding a 4% market share.

Warwizard Innovations

Marking its best monthly sales figures for the first four months of 2024, Wardwizard Innovations rose to the sixth position, selling 1,205 units in April. Reflecting an 18% month-on-month growth, the company holds a 2% market share.

Hero Motocorp

Hero MotoCorp slipped to the seventh position, selling only 946 vehicles in April. With a -77% month-on-month growth and a 1% market share, the company aims to improve its standing with initiatives like the Vida Advantage offer.

Shema E-VEHICLE and Solar

Shema E-Vehicle and Solar Pvt, Ltd., a new entrant, ranked eighth, selling 891 units in April, marking a 9% month-on-month growth and holding a 1% market share. The company offers various high and low-speed scooter models.

Revolt Intellicorp

Achieving its best-ever sales, Revolt Intellicorp secured the ninth position by selling 743 units in April. With a positive 25% month-on-month growth and a 1% market share, the company expanded its dealership network across India.

Bgauss Auto

Bgauss Auto slipped to the last position, selling 711 units in April, experiencing a -77% month-on-month decline and holding a 1% market share. The company should focus on product enhancement and strategic initiatives to improve its standing in the competitive EV market.

Electric Two Wheeler Market Share

Carbike360 Says

Despite the overall market downturn and challenges posed by subsidy reductions, April 2024 showcased resilience and strategic moves by leading electric two-wheeler manufacturers. Ola Electric's continued dominance, coupled with strategic initiatives by companies like TVS Motor Co and Bajaj Auto, signals potential for growth despite the current setbacks. Innovations and new entrants inject dynamism into the market, yet challenges persist for some manufacturers like Hero MotoCorp. Overall, the market outlook remains optimistic, with opportunities for improvement and expansion evident across the industry.