Electric two wheeler sales surged in July 2024 with Ola, TVS and Bajaj together commanding a 73% market share
Electric two wheeler sales in India are improving by leaps and bounds. Strong buyer sentiments, expanding model lineup, advances in battery technology and expanding sales networks have played a major role in its growth. Sales grew by 97.22% on a year-on-year (YoY) basis while month-on-month (MoM) sales were also higher by 35.44% in July 2024. Leading companies like Ola Electric, TVS Motor and Bajaj Auto continued at the forefront of this list to command a 73% market share while every OEM on this list with the exception of Okaya has seen YoY growth.
Electric 2W Retail July 2024 – YoY
With a total of 1,07,716 units sold last month, the electric two wheeler segment has posted an astronomical 97.22% YoY growth over 54,616 units sold in July 2023. MoM sales also surged by 35.4% and sales also surged by 35.44% when compared to 79,530 units sold in June 2024.
Ola Electric headed this list with 41,624 unit sales in July 2024. This was a 114.49% YoY growth from just 19,406 units sold in July 2023 relating to a 22,218 unit volume improvement. MoM sales also saw a 13.35% growth over 36,723 units sold in June 2024. Ola’s electric two wheeler lineup has just been expanded with its first electric bike Roadster. It is being presented in three different models which include Roadster X, Roadster and Roadster Pro. S priced from Rs 74,999 to Rs 2,49,999 (ex-showroom).
TVS Motor Co, with its iQube e-scooter, has accounted for sales of 19,486 units in the past month. This was an 87.40% YoY and 40.15% MoM growth over 10,398 units and 13,904 units sold in July 2023 and June 2024 respectively. TVS introduced the Celebration Edition of this iQube as a limited offering of just 1000 units on 15th August 2024. It is set apart with a dual-tone colour scheme, special badging and bold decals and are priced at Rs 1,19,628 for the 3.4 kWh variant and at Rs 1,29,420 for the S variant.
Bajaj Chetak electric scooter was in high demand last month with 19,657 units sold. This was a hefty 327.43% YoY growth from 4,131 units sold in July 2023 while MoM sales were up 96.41% over 8,990 units sold in June 2024. Bajaj also recently launched the Chetak 3201 Special Edition scooter, which is being sold exclusively on Amazon at an introductory price of Rs 1.29 lakh. It offers a higher range of 136 km, well over the 126 km range offered by the Premium variant.
Ather Energy has been seeing good demand for the new Rizta scooter, deliveries of which have begun in Pune, Delhi, Ahmedabad and Agra. The company has reported electric two wheeler sales at 10,087 units, up by 50.89% on a YoY and 65.25% on a MoM basis. A healthy YoY growth of 409.60% was reported by Hero MotoCorp with its electric two wheeler sales at 5,045 units in the past month. It was also a 64.39% MoM growth when compared to 3,069 units sold in June 2024. Hero MotoCorp currently commands a 4.68% market share.
Electric 2W Retail July 2024 – Sub-5,000 Units
Lower down the sales list was Greaves Electric (Ampere) with 3,154 unit sales last month. The company reported a 46.09% YoY and 16.26% MoM growth when compared to 2,159 units and 2,713 units sold in July 2023 and June 2024 respectively. There was BGauss with 1,792 unit sales last month showing off a 171.10% YoY and 68.74% MoM growth while Revolt sales improved to 868 units and Wardwizard to 853 units. Wardwizard however, posted a 4.80% MoM decline over 896 units sold in June 2024.
Kinetic Green (687 units) and Bounce Electric (667 units) each reported excellent YoY and MoM growth in sales while Quantum EV sales at 644 units saw a 195.41% YoY growth but sales declined by 4.59% on a MoM basis. Okaya with 468 units sold last month reported a 40.31% and 9.48% YoY and MoM decline in sales. There were others on this list that added 3,984 units total electric 2W sales last month down by 49% over 7,812 units sold in July 2023 but an 8.91% MoM improvement from 3,658 units sold in June 2024.
Source: Bike - rushlane.com
