The electric two-wheeler market in January 2024 continued its impressive growth trend from CY2023, with total sales reaching 81,343 units, marking a substantial 26 percent year-on-year increase compared to January 2023. These figures are sourced from the government's VAHAN portal as of 5 am on February 1, 2024.
Ola Electric: Leading the Charge
Ola Electric, a pioneering Indian EV two-wheeler manufacturer, maintained its dominant position in FY2024. The company achieved record-breaking monthly sales of 32,160 units in January 2024 solidifying its lead over competitors. Notably, Ola Electric became the first Indian EV two-wheeler company to surpass sales of 2.5 lakh units in a single year.
TVS: Sustained Growth
TVS Motor Co witnessed sustained growth, retailing 15,181 units in January 2024, securing a commendable market share of 19 percent. The success of TVS Motor Co's iQube e-scooter contributed significantly to its continued growth trajectory. Moreover, the company expanded its EV sales program to Nepal and Europe starting January 2024 indicating strategic efforts to diversify its market reach. Plans are underway to introduce a series of new EV models tailored to different customer segments offering power options ranging from 5 to 25 kW.
Bajaj: Rising Demand for Chetak
Bajaj Auto experienced a surge in demand for its Chetak e-scooters, with sales reaching 10,742 units in January 2024. This represents a substantial increase from 3,790 units sold in April 2023, with monthly sales peaking at 11,833 units in November the same year. Bajaj's consistent performance enabled it to outsell Ather Energy for the fourth consecutive month indicating intense competition in the market. With plans to expand its Chetak network from 141 to 250 cities by March 2024, Bajaj Auto aims to solidify its position as a top performer in India's electric two-wheeler market.
Ather Energy: Innovating and Expanding
Bengaluru-based startup Ather Energy celebrated its 10th anniversary in January 2024, achieving sales of 9,209 units and capturing an 11 percent market share. The company implemented a price reduction of Rs 20,000 for its 450S e-scooter, bringing the price down to Rs 1.10 lakh. Additionally, Ather Energy received a significant boost from early investor Hero MotoCorp which plans to increase its stake to 39.7 percent. Ather Energy is set to unveil its family scooter, Rizta, on Ather Community Day, scheduled for either February or March. With more than 175 experience centers spread over India the company hopes to grow its network and by March 2024, add another 75 locations.
Market Rankings and Outlook
In January 2024, Greaves Electric Mobility secured the fifth position with sales of 2,351 units, followed by Hero MotoCorp's Vida brand with 1,487 units. Bgauss Auto rounded off the list with 1,485 units sold. The market for electric two-wheelers is expected to grow and innovate further in the next months as interested parties anticipate more competition and growth.