Electric Two-Wheeler Market Roars Into 2024: Ola Electric Leads the Charge with 40% Market Share

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The electric two-wheeler market commenced 2024 on a robust note, witnessing a surge of over 26% with sales exceeding 81,000 units. Notably, Ola, the market leader, achieved its highest-ever monthly sales, reaching an impressive 32,160 units in January. TVS reported strong sales with 15,181 units of its iQube model, while Bajaj Auto maintained its lead over Ather Energy for the fourth consecutive month. The cumulative sales for the initial 10 months of FY2024 are poised remarkably, standing just 4,253 units shy of the record-breaking 728,235 electric vehicles sold in FY2023.

To talk in short about total sales figure in 2023, so as per Vahan data, the registrations of Electric Vehicles (EVs) in the country had witnessed a notable increase, surging from 10.25 Lakh units in the previous year to 15.13 Lakh units in 2023. The registrations of two-wheeler EVs in the country experienced a robust 34% year-on-year (YoY) growth, reaching a total of 8.49 Lakh units in 2023. The top three electric vehicle companies in 2023 remained the same as in January 2024 – Ola Electric, TVS Motor Company LTD, and holding the third spot, Bajaj Auto. This consistent lineup highlights their ongoing influence and prominence in the electric vehicle market.

Let’s quickly go through the performance of the top 8 market OEMs in January 2024:

1] OLA ELECTRIC

Ola, marking a significant milestone as the first Indian EV maker to surpass 250,000 units in a single year, continues to dominate in FY2024. Boasting its best-ever monthly retail with 32,160 units sold in January 2024 as compared to 30,331 units sold in December 2023,  Ola maintains a substantial lead over its competitors. Impressively, the month-on-month growth for Ola stands at 6.03%, and the company holds a remarkable 40% market share. Cumulatively, with sales reaching 247,607 units in the initial 10 months of FY2024, Ola consistently achieves an impressive monthly retail average of 24,760 units, solidifying its stronghold in the electric vehicle market. 

https://e-vehicleinfo.com/electric-two-wheeler-market-roars-into-2024-ola-electric-leads-the-charge-with-40-market-share/

2] TVS MOTOR 

TVS Motor Co maintains a robust growth trajectory, primarily driven by its single product, the iQube e-scooter. In January 2024, the company achieved impressive retail sales of 15,181 units, marking a notable increase from the 12,293 units sold in December 2023. This success secured TVS Motor Co a significant market share of 19% in January 2024, contributing to a cumulative total of 141,640 units over the initial 10 months of the fiscal year. Demonstrating consistent progress, the month-on-month growth for TVS Motor Co stands at an impressive 23.5%.

3] BAJAJ Chetak

Pune-based Bajaj Auto, making its foray into the electric vehicle (EV) market in January 2020 alongside TVS, exhibited a commendable performance by retailing 10,742 Chetaks in January 2024, showcasing a good increase from the 10,408 units in the previous month. Impressively, the cumulative sales from April 2023 to January 2024 reached a total of 76,582 units. With this robust sales figure in January 2024, Bajaj Auto has surpassed Ather Energy, securing the third position among EV original equipment manufacturers (OEMs) for the fourth consecutive month. The month-on-month growth for Bajaj Auto stands at a substantial 3.21%, and the company commands a noteworthy market share of 13%. The competitive landscape for this position promises an intriguing battle in the forthcoming months. 

4] ATHER ENERGY

Bengaluru-based Ather Energy, recognized as India’s third-largest electric two-wheeler manufacturer, recorded robust retail sales with 9,209 units in January 2024, a good increase from 6,528 units in December 2023. This achievement solidifies Ather’s presence with a commendable 11% market share. Despite intense competition, notably from Bajaj Auto, which secured the third position in January, Ather Energy stands firm, demonstrated by its impressive 41.10% month-on-month growth. This underscores the company’s adaptability and resilience in the ever-evolving electric vehicle market. 

5] GREAVES ELECTRIC MOBILITY

Bengaluru-based Greaves Mobility secured the 5th spot with a total of 2,259 units sold in January 2024, showing a decrease from the 2,976 units in December 2023. The month-on-month growth stands at –15.02%, indicating a challenging month for Greaves Mobility in terms of sales performance. The company holds a market share of 3%, highlighting the need for strategic adjustments in the competitive electric vehicle market.

6] HERO MOTORCORP  

New Delhi-based Hero MotoCorp Limited secured the sixth spot with total sales of only 1,487 units, indicating a decline from the 1,599 units sold in December 2023. The month-on-month growth for Hero MotoCorp stands at a negative -7.00%, reflecting a challenging period for the company in terms of sales performance. With a market share of only 2%, the numbers underscore the impact of decreased sales and emphasize the importance of adjustments in the competitive electric vehicle market.

7] BGUASS AUTO 

Bgauss Auto Private Limited secured the 7th spot in terms of sales in January 2024. The company sold a total of 1,485 units, showing a slight increase from the 1,214 units sold in December 2023. The month-on-month growth for Bgauss stands at   22.32%, but despite the positive momentum in growth, the market share remains modest at only 2%. To boost sales further, focusing on strategic marketing initiatives and expanding the product portfolio could be key areas for improvement.

8] WARDWIZARD MOBILITY (Joy E-Bikes)

Vadodara-based Wardwizard Innovations and Mobility Limited secured the 8th position in sales for January 2024. The company sold 975 vehicles, a decrease from the 1,408 units sold in December 2023. Consequently, the month-on-month growth for Wardwizard stands at a negative -30.75%, reflecting a challenging period in terms of sales. With a market share of just 1%, the company faces the task of reversing the declining trend through strategic measures to boost its market presence and sales performance. 

Pranali Naik
Pranali Naik
An avid reader and an M.A. in English Literature. Currently, I'm on a journey to master the German language. I'm passionate about crafting natural, pure writing that reflects the world's unexpected surprises.

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