This surge has led to retail sales exceeding the milestone of one million units in India, a significant achievement for the electric two-wheeler (e2W) industry.
The top four original equipment manufacturers (OEMs) — Ola Electric, TVS, Bajaj Auto, and Ather Energy — together hold a commanding 83% of the market, with Ola Electric leading at 37% of sales. Maharashtra emerges as the top state, with 182,035 units sold, capturing an 18% share in total sales.
Milestone Achievement: Over a Million Electric Two-Wheelers Sold
According to the latest Vahan data (as of November 12, 2024), India’s cumulative retail sales of electric two-wheelers between January 1 and November 11, 2024, have surpassed one million units, reaching 1,000,987 units.
This milestone marks the first time the segment has crossed 10 lakh (1 million) units within a calendar year.
The electric two-wheeler segment now constitutes a remarkable 59.54% of the total 1.68 million EVs sold across all vehicle categories in India during this period, highlighting its role as a key driver in the EV market’s growth.
Accelerated Growth in the EV Market
The current year is on track to close with record e2W sales estimated between 1.1 and 1.2 million units. With only 50 days remaining in 2024, the electric two-wheeler segment is expected to achieve around a 34% year-on-year increase over last year’s 860,410 units sold.
This growth trajectory is consistent with recent trends: sales in 2023 had already risen by 36% compared to 2022. Over four years, from 2021’s 156,325 units to the current figures, this surge represents a 540% growth, underscoring the segment’s accelerated expansion.
Electric Vehicle Market Composition in India
Electric passenger vehicles make up the third-largest segment with 4.94% (83,076 units), while commercial EVs represent a smaller 0.53% share, including 5,259 light goods carriers, 3,512 buses, and 180 heavy goods carriers.
This distribution highlights the prominence of e2Ws and their crucial role in driving the country’s overall EV market forward.
Leading OEMs and Their Market Shares
Retail sales data indicates that Ola Electric, TVS Motor Co., Bajaj Auto, and Ather Energy are the dominant players in the Indian e2W market, collectively capturing 82.79% of the segment’s sales.
Ola Electric leads with 376,550 units (37% share), followed by TVS with 187,301 units (19%), Bajaj Auto with 157,528 units (16%), and Ather Energy with 107,350 units (10.72%). Check out Electric Two-Wheeler Sales Data- October 2024.
This combined dominance leaves just 17% of the market to over 200 other e2W manufacturers, further reinforcing the top players’ control in this rapidly growing industry.
Maharashtra and Other Top States in e2W Sales
Maharashtra leads in electric two-wheeler sales, achieving the highest state-wise retail figure of 182,035 units and an 18% share. Uttar Pradesh follows with 157,631 units (15.74%), Karnataka with 137,492 units (13.73%), and Tamil Nadu with 100,223 units (10%).
Together, these four states account for 57.68% of India’s total e2W sales, highlighting regional differences in adoption.
Other notable contributors include Rajasthan, Gujarat, Kerala, Madhya Pradesh, and Odisha, each with substantial yet smaller shares, reflecting an evolving national market.
Future Outlook for India’s EV Industry
With the e2W segment setting records, the Indian EV industry as a whole is anticipated to reach nearly two million units sold by year-end, setting a new milestone.
Given that 1.68 million EVs have been sold across all vehicle types so far, the remaining weeks of 2024 are expected to see a continued surge in demand, bringing the total close to this target.
As the electric two-wheeler market continues to expand, its sustained growth trajectory suggests a promising future for India’s transition to sustainable transportation.