In June 2024, the electric two-wheeler market experienced a significant decline in sales, dropping by over 17%. Compared to May 2024, which saw sales of 64,029 units, June recorded a lower figure of 53,113 units. This dip in sales numbers may be attributed to the replacement of the FAME 2 subsidy with the new Electric Mobility Promotion Scheme (EMPS) 2024.
Despite the decline, Ola Electric continues to dominate the market, followed closely by TVS Motor and Bajaj Auto. Let’s take a closer look at the top 10 Original Equipment Manufacturers (OEMs) in the electric vehicle industry for June 2024.
| Sr.No | OEM | May | June | MOM % Growth | Market Share % | |
|---|---|---|---|---|---|---|
| 1 | Ola Electric | 24,487 | 16, 346 | – 33% | 31% | |
| 2 | TVS Motor | 11, 810 | 9, 770 | – 17 % | 18% | |
| 3 | Bajaj Auto Ltd | 9, 241 | 7, 768 | – 16 % | 15% | |
| 4 | Ather Energy | 6,116 | 5,819 | – 5 % | 11% | |
| 5 | Hero Motorcorp | 2,459 | 3,068 | 25% | 6% | |
| 6 | Greaves Electric | 1,957 | 2,713 | 39% | 5% | |
| 7 | Bgauss Auto | 1,159 | 1, 062 | – 8 % | 2% | |
| 8 | Wardwizard Innovations | 1, 265 | 896 | – 29 % | 2% | |
| 9 | Revolt Intellicorp | 687 | 660 | – 4 % | 1% | |
| 10 | Okaya EV | 521 | 517 | – 0. 8 | – 1 % |
1] OLA ELECTRIC
Ola Electric continues to maintain its first position in the electric two-wheeler market in June. However, the company reported lower sales in June, with figures dropping to 16,346 units compared to 24,487 units in May. This month-over-month decline results in a negative growth rate of –33%, though Ola still holds a substantial market share of 31%. But, the future looks promising for Ola Electric as the company recently secured SEBI approval for its IPO, aiming to raise ₹5,500 crore. Additionally, Ola plans to invest $100 million in the first phase of its gigafactory, which could potentially boost its sales figures in the future.
2] TVS MOTOR
TVS Motor maintained its second spot in the electric two-wheeler market in June, though it also experienced a decline in sales. June’s sales figures dropped to 9,770 units from 11,810 in May, resulting in a negative month-on-month growth of 17% and a market share of 18%. On May 13, TVS expanded its iQube lineup, introducing variants with both a 2.2kWh battery and a larger 3.4kWh battery. The company expects two-wheeler EV sales in India to reach 30% market penetration by 2025 and aims for a significant increase in EV sales contribution to its overall volumes over the next two years.
3] BAJAJ AUTO LTD
Bajaj Auto holds its No. 3 ranking with 7,768 Chetak units sold in June 2024, down from 9,241 in May. This marks a negative month-on-month growth of 15% and a market share of 15%. Bajaj Auto plans to enhance its offerings with the upcoming launch of a new mass-market e-scooter under the Chetak brand umbrella. The company recently launched Bajaj Chetak 2901 at an affordable price of Rs ₹ 95 998.
4] ATHER ENERGY
Ather Energy remains in the fourth position in June with sales of 5,819 units, down from 6,116 units in May, reflecting a month-on-month decline of 5% and a market share of 11%. Last month, Ather made headlines with the announcement of its third India plant in Maharashtra. This facility, located in Aurangabad Industrial City (AURIC), represents an investment of over Rs 2,000 crore and will have an annual production capacity of up to a million units of both EVs and battery packs. This new manufacturing plant may positively impact the sales numbers of Ather Energy in the future.
5] HERO MOTORCORP
Hero MotoCorp holds the fifth rank in June 2024 with sales of 3,068 units, marking a slight increase from May’s 2,459 units. This results in a commendable month-on-month growth of 25%. However, the company has to work harder to improve its market share, which for June stands at only 6%. Hero MotoCorp is expected to soon launch affordable and mid-range variants of the VIDA in the first half of this fiscal year, which could potentially boost its market presence.
6] GREAVES ELECTRIC
Greaves Electric holds the sixth position in June. With the launch of its new Ampere Nexus e-scooter, Greaves Electric Mobility saw a significant rise in its June sales. Compared to May’s 1,957 units, June sales increased to 2,713 units, reflecting a 39% month-on-month growth. However, its market share stands at 5%.
7] BGUASS AUTO
Bgauss Auto climbed one position from 8th to 7th in June. However, its sales saw a decline, with 1,062 units sold in June compared to 1,159 in May, resulting in a negative 8% month-on-month growth and a modest market share of 2%. Bgauss recently launched its latest EV, the BGauss RUV 350, available in three variants: RUV 350i, RUV 350 EX, and RUV 350 Max, with prices ranging from ₹1.10 lakh to ₹1.35 lakh.
8] WARDWIZARD INNOVATIONS
Wardwizard Innovations dropped to the 8th spot in June, reporting very low sales of only 896 units compared to 1,265 in May. This resulted in a negative month-on-month growth of -29% and a market share of just 2%.
9] REVOLT INTELLICORP
In June, Gurugram-based Revolt Intellicorp stood at the 9th position with sales of 660 units, down from 687 units in May. This decline led to a negative month-on-month growth of -4% and a market share of just 1%. To improve its position in the competitive EV market, Revolt Intellicorp should focus on enhancing its products, implementing smart strategies, and enhancing its marketing initiatives.
10] OKAYA EV
In June, Okaya EV recorded sales of 517 units, which was slightly lower than their May sales of 521 units, indicating a decrease of four vehicles. Their month-on-month growth is -0.8%, with a market share of just -1%.
