In April 2024, the electric two-wheeler market witnessed a downturn, with sales totaling just over 64,000 units. This dip reflects the usual trend for April, marking the beginning of the new fiscal year, where sales typically start slow. However, this year, several factors have contributed to the subdued performance, including the recent reduction in subsidies leading to price hikes by major manufacturers such as TVS, Bajaj Auto, Ather Energy, and Hero MotoCorp.
Despite these challenges, let’s now delve into the top 10 OEMs that have managed to maintain strong sales performance amidst these conditions:
| Sr.No | OEM | March | April | MOM Growth % | Market Share % |
| 1 | Ola Electric | 50,761 | 33,062 | – 35% | 52% |
| 2 | TVS Motor | 26,604 | 7,653 | -71% | 12% |
| 3 | Bajaj Auto | 18,054 | 7,515 | -58% | 12% |
| 4 | Ather Energy | 17,304 | 4,052 | -77% | 6% |
| 5 | Greaves Electric | 3,149 | 2,675 | -15% | 4% |
| 6 | Warwizard Innovations | 1,021 | 1,205 | 18% | 2% |
| 7 | Hero Motorcorp | 4,077 | 946 | -77% | 1% |
| 8 | Shema E- Vehicle and Solar Pvt.Ltd | 749 | 819 | 9% | 1% |
| 9 | Revolt Intellicorp | 594 | 743 | 25% | 1% |
| 10 | Bgauss Auto | 3,114 | 711 | -77% | 1% |
Table of Contents
1] OLA ELECTRIC
In April, Ola Electric maintained its dominant position in the market, selling 33,062 units and capturing a remarkable 52% share. Ola refrained from increasing EV prices despite reduced subsidies, unlike competitors like TVS, Ather Energy, and Bajaj Auto. Despite experiencing a negative month-on-month growth of 35%, Ola Electric continues to lead in market share, a testament to its strategic planning and execution. According to the company’s CEO, in April, one out of every two 2W EVs registered in India was an Ola S1, highlighting the brand’s strong presence and customer preference in the market.
2] TVS MOTOR
TVS Motor Co secured the second position with sales of 7,653 units. The company witnessed a negative 71% month-on-month decline in sales, likely attributed to the recent price hikes. Despite the downturn, TVS Motor Co maintained a 12% market share last month. With ambitions to capitalize on the growing EV market, the company aims for two-wheeler EV sales in India to achieve 30% market penetration by CY2025. Additionally, TVS is strategizing to substantially increase the contribution of EV sales to its overall volumes within the next two years.
Read More: TVS X Electric Scooter Launched in India at price tag 2,49,900/-
3] BAJAJ AUTO
In April 2024, Bajaj Auto secured the third position among EV OEMs with sales of 7,515 Chetaks. Despite the decline, Bajaj Auto maintained the same market share as TVS at 12%. The company also experienced a negative month-on-month growth of -58%. However, the two Chetak variants, Urbane and Premium, continued to witness strong demand, attributed to a robust production ramp-up and an expanding dealer network. Bajaj Auto plans to extend its dealer presence from 164 cities and 200 touchpoints to approximately 600 showrooms within the next three to four months. Additionally, the company is gearing up to launch a new mass-market e-scooter under the Chetak brand umbrella, expected to debut in May 2024.
4] ATHER ENERGY
With Bajaj Auto’s ascent in sales figures, Ather Energy now occupies the fourth position in the EV market, having sold 4,052 units in April 2024. The company experienced a negative month-on-month growth of -77%, with a 6% market share. To boost sales, Ather launched the new Rizta on April 6, offering variants ranging from the Rizta S priced at Rs 109,999 to the Rizta Z priced at Rs 149,999. The Rizta S comes equipped with a 2.9 kWh battery offering a 123km range, while the Z variant features a 3.7 kWh battery with a 160km range. Noteworthy features of the family EV include the largest two-wheeler seat in India and ample storage space.
5] GREAVES ELECTRIC
To a surprise, Greaves Electric, previously ranked eighth, has surged to the fifth position in the EV market in the month of April. Bolstered by the launch of the new Nexus family scooter on April 30, Greaves Electric Mobility recorded sales of 2,511 units in April. Despite achieving this milestone, the company experienced a – 15% month-on-month growth and holds a 4% market share. Notably, Greaves Electric recently made headlines for testing its newly launched Nexus scooter, covering an impressive distance of 1 lakh km, including a rigorous 10,000 km journey from K2K.
6] WARWIZARD INNOVATIONS
Wardwizard Innovations, securing the sixth position, has notably experienced a surge in demand, marking its best monthly sales figures for the first four months of 2024 with 1,205 units sold in April. The company which was at the last position previously, has now jumped up to the sixth position. This positive trend reflects an 18% month-on-month growth and a 2% market share. Looking ahead, the company stands to sustain its impressive performance by strategically focusing on expanding its product portfolio and refining its business strategies. By capitalizing on these opportunities, Wardwizard Innovations is poised to maintain its upward trajectory in the EV market.
7] HERO MOTORCORP
Hero MotoCorp has slipped to the seventh position in April, recording sales of only 946 vehicles. With a negative -77% month-on-month growth and a market share of just 1%, the company faces challenges in the competitive EV market. Hero MotoCorp recently introduced the Vida Advantage offer, providing customers with an enhanced ownership experience through benefits and services worth INR 27,000, valid for 5 years. This initiative aims to attract more customers and improve the brand’s standing in the market amid increasing competition.
8] Shema E- Vehicle and Solar
April 2024 has a new OEM ranked eighth on the list. Odisha-based Shema E-Vehicle and solar Pvt, Ltd. is the fresh entrant on the list. The company sold 891 units in April 2024, with a 9% month-on-month growth and a 1% market share. The company sells high-speed scooters named Nova, Eagle Quikk, Eagle +, and Tuff +. Its low-speed scooters include Eagle, Tuff, Bold, and Hobby. Shema Electric looks forward to sustaining its impressive performance by strategically expanding its product portfolio and refining business strategies. With a focus on these opportunities, the company is poised to maintain its upward trajectory in the EV market.
9] REVOLT INTELLICORP
Revolt Intellicorp achieved its best-ever sales in April 2024, securing the ninth position by selling 743 units. The company experienced a positive 25% month-on-month growth while maintaining a market share of 1%. Notably, Revolt Intellicorp recently expanded its network by adding 115 dealerships, including 15 new outlets across India.
10] BGAUSS AUTO
Bgauss Auto, which held the seventh position last month, has slipped to the last position in April. The company sold 711 units during the month, experiencing a negative -77% month-on-month growth, with only a 1% market share. The reduction in subsidies appears to have largely impacted the company. Bgauss Auto should actively focus on product enhancement, smart strategies, marketing initiatives, etc., to ramp up its standing and sales in the competitive EV market.
