Electric Two-Wheeler Sales Report 2024. Ola Dominates in March.
H. Karan Kumar
Taking the lead, Ola Electric has cemented its position as the industry leader. The strategic decision to reduce prices across its S1 range resulted in the company’s highest-ever monthly sales of 50,545 units in March 2024, up from 33,923 units in February. With a monthly growth rate of 48.97% and a commanding market share of 37.02%, Ola Electric continues to set the pace in the industry.
A significant reason for this growth can be attributed to the depletion of the FAME 2 subsidy, which created an urgency among people to buy EVs as early as possible because buying it later might cost them much more.
TVS Motor Company solidified its second position with sales of 26,465 units in March 2024, up from 14,607 units in February 2024. With a robust monthly growth rate of 81.18% and a market share of 19.39%, the company is making impressive strides in the electric vehicle (EV) market.
Bajaj Auto, based in Pune, secured the third position with sales of 17,900 units, a significant increase from February’s 11,745 units. With a monthly growth rate of 52.40% and a market share of 13.11%, Bajaj Auto continues to strengthen its foothold in the market.
Ather Energy slipped to fourth in March 2024 despite significant sales of 17,204 units, up from 9,066 units in February 2024. With a monthly growth rate of 89.76% and a market share of 12.60%, Ather Energy continues to make good progress.
Hero Motorcorp secured the fifth position with modest sales of 4,060 units in March 2024, a significant increase from February’s 1,755 units. The company’s monthly growth rate stands impressively at 131.33%, although its market share remains at only 3%.
- Kinetic Green Energy
Kinetic Green Energy secured the sixth position with sales of 3,964 units in March 2024, a significant increase from February’s 632 units. The company’s monthly growth rate stands at a whopping 527.21%, and it currently holds a market share of 2.90%.
BGauss Auto secured the seventh position with sales of 3,107 units in March 2024, a considerable increase from February’s 1,350 units. The company’s monthly growth rate is 130.14%, holding a market share of 2.27%.
- Greaves Electric Mobility
Greaves Electric Mobility slipped to the eighth position with sales of 3,145 units in March 2024, a slight increase from February’s 2,609 units. The company’s monthly growth rate stands at 20.54%, and it holds a market share of 2.30%.
- Okaya EV
Okaya EV climbed one rank to secure the ninth position with sales of 1,233 units in March 2024, a notable increase from February’s 657 units. The company’s monthly growth rate is 87.67%, holding a market share of 0.90%.
- Joy eBike
Joy eBike stumbled to the last rank in March with sales of 1,019 units, a slight increase from February’s 841 units. The company’s monthly growth rate is 21.16%, holding a market share of 0.74%.
Conclusion:
In conclusion, the electric two-wheeler market in India has shown promising growth in FY2024, with Ola Electric leading the pack. The industry players must continue focusing on innovation, customer-centric products, and robust marketing strategies to maintain their growth trajectory. Talking about the govt. Subsidies for Electric Vehicles: after ending the FAME 2 subsidies, the govt. has now implemented the EMAP subsidy (Electric Mobility Acceleration Program), under which the government has allocated 500 crores for EV manufacturers so that the EV prices don’t go too high. The EMAP subsidy will end on July 2024.
