In the leap year of 2024, as February 29 came to a close, cumulative retail sales of electric two-wheelers for the first 11 months of the fiscal year exceeded a remarkable 800,000 units. According to retail sales data from the government of India’s Vahan website, electric two-wheeler Original Equipment Manufacturers (OEMs) collectively sold a total of 81,963 units in February 2024, surpassing January 2024 by 36 units (81,927 units). Among nearly 170 players, six OEMs have emerged as market leaders, including Ola Electric, TVS Motor Co, Ather Energy, Bajaj Auto, and the Greaves Electric-Ampere Vehicles.
Let’s have a look at the sales performance of the top 10 OEMs in February:
Table of Contents
1] OLA ELECTRIC
The first position is as always secured by Ola Electric.
Leveraging a substantial price-reduction initiative, Ola Electric, the frontrunner in the market, achieved an impressive sales milestone by delivering a record 33,722 e-scooters last month. This outperformed its previous peak in January 2024, with 32,216 units sold, bringing the cumulative total for the 11-month fiscal period to over 275,485 units. Boasting a market share of 41% in February 2024 and 34% in the initial 11 months of FY2024, Ola Electric has demonstrated consistent month-on-month growth, standing at 4.
To stimulate sales, Ola implemented a price cut of up to Rs 25,000 exclusively for February 2024, applicable to the S1 lineup, encompassing the S1 Pro, S1 Air, and S1 X+ (3kWh) scooters. Furthermore, February witnessed the introduction of a novel 8-year/80,000km extended warranty for the entire Ola Electric portfolio at no extra charge. As part of its expansion strategy, the EV OEM aims to elevate its all-India service center network from the current 414 facilities to around 600 by April 2024.
2] TVS MOTOR
TVS motor stands second in the list.
The iQube e-scooter continues to drive TVS Motor Co’s sales momentum. In February 2024, the company recorded sales of 14,499 units, securing an 18% market share and bringing its cumulative total for the first 11 months to 156,271 units (19.37% market share). Unfortunately, its month-on-month growth took a downturn, standing at a negative 5 percent. Despite this setback, the company has expanded its EV sales program to Nepal and Europe since January 2024. TVS Motor Co is strategically planning to introduce a series of new EVs targeting diverse customer segments, aiming to offer a comprehensive portfolio ranging between 5 to 25 kilowatts.
3] BAJAJ AUTO LIMITED
Pune-based Bajaj Auto, which entered the EV market in January 2020 (just like TVS) stands at the third position in the top 10 list of OEMS.
Bajaj Auto achieved significant retail success by selling 11,618 Chetak e-scooters in February 2024, contributing to a total of 88,331 units sold from April 2023 to February 2024. The February figures mark the company’s second-best monthly sales, trailing only behind November 2023 (11,833 units). This accomplishment gives Bajaj a noteworthy 14% EV market share in February and 11% for the cumulative period of April 2023 to February 2024. Impressively, the month-on-month growth stands at a robust 7 percent.
In this recent surge, Bajaj Auto has consistently outsold the No. 3 EV OEM, Ather Energy, for the fifth consecutive month, with Ather Energy reporting 8,983 units in February 2024. The uptick in sales could be attributed to the launch of Bajaj Chetak Urbane, showcasing its range, features, and technological advancements.
4] ATHER ENERGY
Ather Energy is the fourth player on the list. Ather Energy marked retail sales of 8,983 units in February 2024, securing an 11% market share, and a negative -4 % month-on-month growth. Despite being the third-ranked player in cumulative sales, Ather has surrendered the third position in monthly sales to the determined Bajaj Auto for the past five months. Undeterred, Ather has taken strategic steps to defend its market standing. Recently, the price of the 450S e-scooter was significantly reduced from Rs 20,000 to Rs 109,000, aligning with the company’s commitment to offer competitive pricing. Additionally, Ather introduced the new Apex 450 in early January, enhancing its product portfolio.
Looking ahead, Ather is set to launch its family scooter, named Rizta, on Ather Community Day – scheduled for April 6, 2024. Positioned to be priced between Rs 110,000 and just under Rs 130,000, the Rizta aims to broaden Ather’s market reach. Competing in the sub-Rs 130,000 price category, alongside popular models like TVS iQube, Bajaj Chetak, and Vida V1 Pro, the Rizta stands to benefit from FAME 2 subsidies, further strengthening Ather’s position in the electric scooter market.
5] GREAVES ELECTRIC
Ranked fifth among the OEMs, Greaves Mobility recorded retail sales of 2,606 units in February, up from 2,536. Securing a 3% market share, the company maintained a consistent month-on-month market share of 3%. In a strategic move in February 2024, Greaves Electric Mobility initiated a collaboration with Zero21, an energy solutions company based in Hyderabad. This partnership aims to enhance the accessibility of Zero21’s electric autorickshaws, including models like Chalo and Teer.
Adding another significant collaboration to its portfolio, Greaves Electric Mobility also partnered with Abdul Latif Jameel in February 2024. These strategic alliances reflect Greaves Electric Mobility’s commitment to expanding its presence in the electric mobility space and contributing to the broader ecosystem.
6] HERO MOTORCORP
Securing the sixth position in the top 10 list, Hero MotorCorp Ltd. reported retail sales of 1,750 units in February, up from 1,494 in January, reflecting a 2%market share and 17% MOM growth. The company is gearing up to elevate its presence in the electric vehicle (EV) domain in 2024. The CEO, Niranjan Gupta, announced plans to launch three electric scooters, catering to the ‘mid,’ ‘affordable,’ and ‘business-to-business (B2B)’ segments. Presently, the company exclusively sells the ‘Vida’ electric scooter, introduced in October 2022.
In a notable development, ACKO, a private sector general insurance company in India, has introduced an extended battery warranty plan specifically designed for removable batteries of electric vehicles (EVs). This plan applies to the VIDA V1, the inaugural EV launched under the emerging mobility brand by Hero MotoCorp. Covering the vehicle for the fourth and fifth years and up to 60,000 km, this plan addresses customer concerns regarding battery life and performance, contributing to enhanced acceptance of electric vehicles.
7] BGUASS AUTO
As the seventh player on the list, Mumbai-based BGauss Auto reported 1,349 sales in February 2024, a marginal decrease from 1,487 in the previous month. With a month-on-month growth rate standing at -9% and a modest market share of 2%, BGauss Auto faces challenges in boosting its sales and market position. The company recently launched the BG C12i EX e-scooter, which has a range of 85 km.
To boost sales and improve its position, BGauss Auto needs to focus on product innovation, introducing advanced features or new models. Robust marketing campaigns are essential to highlight the benefits of their electric scooters. Exploring collaborations for charging infrastructure, financing, or fleet sales can expand market reach. Conducting customer education programs will enhance awareness of electric scooters’ advantages. A reliable after-sales service network is crucial for customer satisfaction.
8] WARDWIZARD MOBILITY
Securing the eighth position on the list, Wardwizard Innovations and Mobility Limited faced a sales decline in February 2024, registering only 840 vehicles compared to January’s 976 units. This dip resulted in a mere 1% market share, coupled with a discouraging negative month-on-month growth of -14%. To rectify this downturn, Wardwizard should explore avenues for product improvement, incorporating innovative features or launching upgraded models to pique consumer interest. Additionally, a targeted and impactful marketing strategy can be instrumental in creating awareness about the brand and its offerings, potentially expanding the customer base.
9] OKINAWA AUTOTECH
Occupying the ninth position on the list, Okinawa Autotech faced a challenging month in February 2024, reporting total retail sales of only 600 vehicles. This marked a decrease from January’s sales figure of 683 vehicles, contributing to hurdles in achieving positive month-on-month growth and market share. With a meager 1% market share and a negative month-on-month growth of -3%, Okinawa Autotech must strategically reassess its sales approach, exploring avenues for product innovation, targeted marketing, and potential pricing adjustments to regain momentum in the competitive electric vehicle market. Adopting a comprehensive strategy is essential for Okinawa Autotech to overcome current challenges and solidify its standing in the dynamic landscape of electric mobility.
10] OKAYA EV
Emerging as the final entrant on the list, Okaya EV Pvt Limited encountered challenges in February 2024, securing sales of only 657 vehicles. While this represented a marginal increase from January’s sales of 581 vehicles, the company faced hurdles in establishing a substantial market share, currently standing at 1%. On a positive note, Okaya EV Pvt Limited exhibited a noteworthy month-on-month growth of 13%. To strengthen its position in the competitive electric vehicle market, Okaya EV Pvt Limited may need to focus on strategic initiatives, including product diversification, targeted marketing efforts, and exploring opportunities for market expansion.
