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FY2024 has been a remarkable year for the Indian electric vehicle industry, especially for electric two-wheelers. Retail sales of electric scooters and motorcycles have hit a new high, reaching 935,000 units, showing a significant 29% increase from the previous year’s sales of 728,201 units. March 2024 stood out as the best month yet, with sales nearing 130,000 units. The month-on-month growth of March 2024 stands at a huge 65. 42 %.  

This surge was largely due to buyers rushing to dealerships before the subsidy reduction starting April 1. The new Electric Mobility Promotion Scheme 2024 (EMPS) promises continued subsidies for electric two- and three-wheelers for four months from April 1 onwards, motivating buyers to make their purchases before the deadline. Ola Electric, TVS Motor Company, Bajaj Auto, and Ather Energy are the first four players whose combined sales of 719,720 units account for 77% of the total 936,315 retails in FY2024.  

Here are the top 10 players who have outperformed themselves in March 2024:

Sr.No OEMFebruary MarchMOM Growth %Market Share %
1Ola Electric33,92350,53848.97%37.02%
2TVS Motor 14,60726,46581.18%19.39%
3 Bajaj Auto11,74517,90052.40%13.11%
4Ather Energy 9,06617,20489.76%12.60 %
5Hero Motorcorp1,7554,060131.33 %2.97 %
6Kinetic Green 6323,964527.21 %2.90 %
7Bguass Auto 1,3503,107130.14 %2.27%
8Greaves Electric 2,6093,14520.54%2.30%
9Okaya EV  6571,23387.67 %0.90 %
10Wardwizard  8411,01921.16 %0.74% 


Leading the pack once again is Ola Electric, solidifying its position at the forefront of the electric vehicle market. A strategic decision to significantly reduce prices across its S1 range propelled Ola Electric to achieve its highest-ever monthly sales of 50,538 units in March 2024, a notable increase from the 33,923 units sold in February. This remarkable achievement not only marks Ola Electric’s best monthly sales but also stands as a record for any single OEM in India thus far. With a month-on-month growth rate of 48.97% and a commanding market share of 37.02%, Ola Electric continues to set the pace in the industry.

Read More Ola Electric to launch E-Rickshaw and E-bike by this month


TVS Motor Company stands firm in the second position. The company has recorded sales of 26,465 units, showing a strong increase from February’s 14,607 units. With a remarkable month-on-month growth rate of 81.18% and a market share of 19.39%, the company is making impressive progress in the electric vehicle (EV) market. Anticipating a 30% market penetration for two-wheeler EV sales in India by CY2025, TVS aims to substantially increase the contribution of EV sales to its overall volumes over the next two years. Expanding its EV sales program to Nepal and Europe, TVS is preparing to introduce a range of new EVs targeting different customer segments, offering a complete portfolio ranging from 5 to 25 kilowatts.


Pune-based Bajaj Auto secured the third position yet again beating Ather Energy.  It achieved sales of 17,900 units, marking a notable increase from February’s figure of 11,745 units. With a month-on-month growth rate of 52.40% and a market share of 13.11%, Bajaj Auto continues to strengthen its position in the market. Ramped-up production and an expanded Bajaj Chetak network have played crucial roles in accelerating sales.


Bengaluru-based Ather Energy has slipped down to fourth position in the list. In March 2024, the company recorded sales of 17,204 units, showing a considerable increase from February’s 9,066 units. With a month-on-month growth of 89.76% and a market share of 12.60%, the company is making good progress. However, despite Ather Energy’s increasing sales, its market share is declining compared to the top three. Looking ahead, Ather is gearing up 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. The company has teased several clips of the scooter to generate interest. Pre-bookings for Rizta are already open at Rs 999


Hero Motorcorp Ltd is the fifth player on the list. It registered modest sales of 4,060 units in March 2024 a slight increase of 1, 755 units sold in February 2024. The company’s month-on-month growth stands impressively at 131.33%, although its market share remains at only 3%. Additionally, Hero MotorCorp has filed a patent application for a new electric scooter, targeting the B2B segment. This patented model is anticipated to compete with the Kinetic E-Luna. CEO Niranjan Gupta has previously revealed plans to expand the Vida product portfolio in FY25 by introducing three new models. These include a “mid-priced” scooter, an “economically priced” scooter, and a dedicated B2B model.


Kinetic Green Energy and Power Solutions Ltd is a new entrant for the sixth position. The company registered sales of 3, 964 units in March, a notable increase from only 632 units sold in February. The company has experienced an exceptional month-on-month growth rate of 527.21% and currently holds a market share of 2.90%. This success can be attributed to the triumphant launch of the Kinetic Zulu and, more recently, the Kinetic E-Luna. 


As the seventh player on the list, Mumbai-based BGauss Auto reported sales of 3,107 units in March a not-so-huge increase when compared to sales of 1,350 units in February. The company has achieved a month-on-month growth rate of 130.14% while holding a market share of only 2.27%. Recently, VOICE, a prominent Electric Vehicle (EV) aggregator and comprehensive enabler for all EV requirements, forged a strategic partnership with BGauss Electric Vehicles. This collaboration aims to deploy 5,000 EVs for last-mile partners, corporate customers, and B2B fleets, providing an end-to-end solution for seamless deployment. 


Greaves electric mobility slipped from the fifth to the eighth position in the list. It registered sales of 3,145 units in March 2024, a very small increase of 2, 609 vehicles sold in February 2024. Therefore its month-on-month growth is only 20.54%, with a market share of only 2.30 %. Greaves Electric needs to focus on product innovation, introducing advanced features or new models to boost sales and improve its position. Robust marketing campaigns are essential to highlight the benefits of their electric scooters. 


Okaya EV was in the last position the previous month, but in March it climbed one rank high and secured the ninth position. It sold 1,233 vehicles in March 2024 and slight increase from 657 units sold in February 2024. The company registered a good month-in-month growth of 87.67% but has a mere market share of only 0.90%. Okaya EV recently introduced “Ferrato,” a brand dedicated to its premium electric two-wheeler products. The company plans to launch three electric motorcycles and one scooter under the Ferrato brand, with a focus on high-end models. Customer experience centers for Ferrato will begin operations alongside a new product portfolio. These upcoming releases are scheduled for launch this month, aiming to combine cutting-edge technology with sophisticated design and performance. Okaya Electric Vehicle aims to redefine innovation in the EV sector with its Ferrato lineup.


March has not been a good month for Wardwizard Mobility. It stumbled to the last rank in March. It could sell only 1,019 vehicles in March, as of 841 vehicles sold in the previous month. It managed to secure a month-on-month growth of 21.16%, followed by a mere market share of 0.74%. To boost its sales and performance, the company needs to ramp up its sales strategies, marketing ideas, and a lot more to survive in the automotive market. 


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