Electric two-wheeler retail sales in November 2024 recorded almost 1,19,000 units, according to Vahan Data.
Notably, November 2024 brought a significant decrease in sales due to the end of festive offers, reflecting the dynamic nature of the market. However, it turned out to be the third-best monthly sales in the current year with a YoY growth of 24%
The top three electric two-wheeler manufacturers – Ola Electric, TVS and Bajaj Auto, were engaged in an head on conflict for their electric vehicle registrations in November 2024.
Ola Electric continued to dominate the market in October as well and maintained market leadership, followed closely by TVS Motor and Bajaj Auto.
Let’s look closer at the top 10 Original Equipment Manufacturers (OEMs) in the EV industry for November 2024.
Top 10 E2W Companies – November 2024 Sales Data with Market Share
| EV Manufacturer | October Sales | November Sales | MoM Growth (%) | Market Share (November) |
|---|---|---|---|---|
| Ola Electric | 41,775 | 29,191 | -30.15% | 31.10% |
| TVS Motor Co | 28,302 | 26,163 | -7.56% | 27.87% |
| Bajaj Auto | 28,360 | 18,403 | -35.12% | 19.60% |
| Ather Energy | 16,156 | 12,741 | -21.16% | 13.57% |
| Hero MotoCorp | 7,223 | 5,952 | -17.59% | 6.34% |
| Greaves Electric Mobility | 3,989 | 4,468 | +12.00% | 4.76% |
| Revolt Intellicorp | 952 | 1,994 | +109.41% | 2.12% |
| Bgauss Auto | 2,022 | 1,878 | -7.12% | 2.00% |
| Kinetic Green Energy | 1,444 | 1,095 | -24.15% | 1.17% |
| Lectrix EV | 991 | 534 | -46.09% | 0.57% |
Data: Vahan Dashboard
Ola Electric
Ola Electric continues to maintain its first position in the electric two-wheeler market leader board in November 2024 as well. The company reported a substantial decrease in retail sales, with sales figures falling to 29,191 units compared to 41,755 units in October.
This decrease results in a month-over-month growth rate of -30.15%, reducing Ola’s substantial market share to 25.09%.
TVS Motors
In a surprising turn of events, TVS Motors failed to surpass Ola Electric by just 3,029 units and retained the second position in November 2024.
The company sold 26,163 electric two wheelers, a slight decrease from the 28,302 units sold in October. Its month-on-month growth stands at -7.56%, with a market share of 23.55%.
Bajaj Auto
Bajaj Auto continues to maintain it’s third position in November 2024.
The company sold 18,403 electric vehicles in November which is a substantial decrease from the 28,360 units sold in October 2024. Bajaj recorded a month-on-month growth of -35.2% and holds a market share of 22.59%.
Ather Energy
Ather Energy maintained the fourth spot in the leader board with sales figure of 12,741 units in November.
The Bangalore-based electric 2W OEM had a slight fall from the 16,156 units sold in October, reflecting a -21.16% month-on-month growth. It now holds a % market share.
Hero MotoCorp
Hero MotoCorp, placed in the fifth position, reported a sales of 5,952 units in November 2024, a great jump from 7,223 units sold in September. This represents a reduction in month-on-month growth by -17.59% and its market share currently stands at %.
Greaves Electric Mobility
Greaves Electric continues to secure the sixth position, with sales increasing substantially from 3,989 units in October to 4,468 units in November, resulting in a significant 12% month-on-month growth and a market share of %.
Greaves Electric Mobility, like the other five OEMs on the leader board, is focusing on cost efficiency to enhance its competitive edge in the EV market.
Revolt Intellicorp
Revolt Intellicorp jumped up from the last position and secured the 7th position in November. In terms of sales, it recorded a sales figure of 1,994 units, up from 952 units in October. This resulted in a substantial month-on-month growth of 109.41%, leading to a market share of only %.
Revolt Intellicorp, unlike the other OEMs on the leader board, was the only OEM that could achieve such a substantial positive MoM growth in November 2024.
Bgauss Auto
Bgauss Auto slipped to the eighth position in November, losing to Revolt Intellicorp with sales of 1,878 electric two-wheelers, a decrease from 2,021 units sold in October 2024.
This reflects a month-on-month decrease of 7.12%. However, Bgauss Auto maintains a market share of only % this month.
Kinetic Green Energy
Kinetic Green Energy slipped down the leader board and secured the ninth position in November, recording sales of 1,095 electric scooters, a slight decrease from 1,444 units sold in October. This reflects a negative month-on-month growth of -24.15% but with a market share of just %.
Lectrix EV
Lectrix EV made it to the leader board, however it secured the last position in November 2024. The company sold almost 600 units of its electric two-wheelers, down from the 991 units in October.
This fall resulted in a month-on-month growth of -46.09%, contributing to a market share of just % for November.
Tight Competition
The electric two-wheeler market witnessed a fierce contest in November, with Ola Electric’s market share falling to 25%, whilst TVS and Bajaj Auto battled closely at 23.55% and 22.59%.
Despite Ola’s dominance, its overall sales figures and market share has been drastically falling in the current year. It dropped from a high of 49.8% in May to 25% in November. This indicates increasing competition from competitors like TVS and Bajaj, whose consistently improving sales figures hint at a potentially tighter conflict in the upcoming year.
Final Thoughts
November turned out to be an electrifying month for the EV industry with overall retail sales of electric two-wheelers witnessing a significant surge as well as a huge milestone.
However, the sales figures have fallen drastically in November for most OEMs, which contributed to the overall fall of the total retail sales of electric two-wheelers in November by 18 per cent.
Although, the remaining weeks of 2024 are anticipated to see a surge in sales. The electric two-wheeler industry is anticipated to sell up to 1.1 to 1.2 million units by the end of 2024, which would be a 34% increase over the previous year and an 540% increase in retail sales over four years.