The electric two-wheeler segment in India continues its upward trajectory, with October 2024 witnessing a significant surge in sales. The festive season proved to be a boon for EV manufacturers, as overall sales increased by a remarkable 85% year-over-year (YoY) to 1,39,031 units.
Electric two-wheeler retail sales in October 2024 recorded 1,39,031 units, marking a strong month for major EV manufacturers. Notably, October brought a significant increase in sales, reflecting the dynamic nature of the market.
Electric Two-Wheeler Sales Data- October 2024
| EV Manufacturer | SEP | OCT | MoM Growth (%) | Market Share (%) |
|---|
| Ola Electric | 24,716 | 41,605 | 68.35% | 27.35% |
| TVS Motor Co | 18,218 | 29,890 | 64.11% | 19.66% |
| Bajaj Auto | 19,198 | 28,188 | 46.84% | 18.53% |
| Ather Energy | 12,847 | 15,894 | 23.75% | 10.45% |
| Hero MotoCorp | 4,321 | 3,309 | -23.45% | 2.18% |
| Greaves Electric Mobility | 2,777 | 3,981 | 43.36% | 2.62% |
| Bgauss Auto | 1,237 | 2,021 | 63.36% | 1.33% |
| Kinetic Green Energy | 467 | 1,443 | 208.77% | 0.95% |
| Bounce Electric | 1,006 | 5,107 | 407.46% | 3.36% |
| Revolt Intellicorp | 703 | 949 | 34.99% | 0.62% |
Top 5 Electric two-wheeler companies by October 2024 are as follows:
- Ola Electric
- TVS Motor
- Bajaj AutoÂ
- Ather Energy
- Hero Motorcorp
Ola Electric continued to dominate the market in October as well and maintained market leadership, followed closely by TVS Motor and Bajaj Auto. Let’s take a closer look at the top 10 Original Equipment Manufacturers (OEMs) in the EV industry for October 2024.
Ola Electric
In October, Ola Electric continues to maintain its first position in the electric two-wheeler market leader board. The company reported a substantial increase in sales, with figures rising to 41,605 units compared to 24,716 units in September.
This increase results in a month-over-month growth rate of 68.35%, increasing Ola’s substantial market share to 27.35%.
TVS Motors
In a surprising turn of events, TVS Motors surpassed Bajaj and regained the second position in October 2024
The company sold 29,890 units, a significant jump from the 18,218 units sold in September. Its month-on-month growth stands at 64.11%, with a market share of 19.66%.
Bajaj Auto
Bajaj Auto slipped to third position in October 2024, overtaken by TVS Motors.
The company sold 28,188 electric vehicles in October which is a significant increase from the 19,198 units sold in September 2024. Bajaj recorded a month-on-month growth of 46.84% and holds a market share of 18.53%.
Ather Energy
Ather Energy maintained the fourth spot in the leader board with sales figure of 15,984 units.
The Bangalore-based E2W OEM had a slight growth from the 12,847 units sold in September, reflecting a 23.75% month-on-month growth. It now holds a 10.45% market share.
Hero MotoCorp
Hero MotoCorp, placed in the fifth position, reported a sales of 7,309 units in October 2024, a great jump from 4,321 units sold in September. This represents a solid month-on-month growth and its market share currently stands at 2.18%.
Hero MotoCorp achieved its best-ever monthly retails this month since it has been actively trying to enhancing its brand presence for Vida, with its network boasting 203 touchpoints, including 180 dealers across 116 cities.
Greaves Electric Mobility
Greaves Electric continues to secure the sixth position, with sales increasing slightly from 2,777 units in September to 3,981 units in October, resulting in a significant 43.36%
month-on-month growth and a market share of 2.62%.
Greaves Electric Mobility, like the other five OEMs on the leader board, is focusing on cost efficiency to enhance its competitive edge in the EV market.
Bgauss Auto
Bgauss Auto secured the seventh position in October with sales of 2,021 electric two-wheelers, an increase from 1,237 units sold in September 2024.
This growth reflects a month-on-month increase of 63.36%. However, Bgauss Auto maintains a market share of only 1.33% this month.
Kinetic Green Energy
Kinetic Green Energy secured the eighth position in October, recording sales of 1443 electric scooters, a substantial increase from 467 units sold in September. This reflects a tremendous month-on-month growth of 208.77% but with a market share of just 0.95%.
Bounce Electric
Bounce Electric secured the ninth position in October 2024. The company sold over 5000 units of its electric two-wheelers, up from 1006 units in September.
This increase resulted in a substantial month-on-month growth of 407.46%, contributing to a market share of just 3.36% for October.
Revolt Intellicorp
Revolt Intellicorp secured the last position in October. In terms of sales, it recorded a sales figure of 949 units, up from 703 units in August. This resulted in a month-on-month growth of 34.99%, leading to a market share of only 0.62%.
Final Thoughts
October turned out to be an electrifying month for the EV industry with retail sales of all electric two-wheelers being substantially high all thanks to the festive season and the unique schemes as well as attractive deals offered by the various OEMs.
