Category wise % EV sales for E Cars, Scooters February 2024
H. Karan Kumar
“Electric vehicle sales are rising.” This fact is backed by the monthly EV sales data, which brought a sales jump of 4.4% MoM growth in February. The hefty discounts remained the top reason for these positive numbers.
One interesting takeaway from the February sales report is the growth in electric car sales. As a 2-wheeler-heavy country, India has a significantly smaller scope of car sales, and electric cars are the costliest of all; they are expected to have a nominal growth rate. But with the grace of auto giants like Tata Motors and its price drop, the EV 2-wheeler market saw significant growth in FEB.
This article will look at the category-wise EV sales report with % wise EV penetration in the country.
Category-wise EV sales penetration:
| EV sales | % | EV | ICE |
| EV sales % | 7% | 140943 | 2037345 |
| EV 2 Wheeler sales % | 6% | 82111 | 13,56,765 |
| EV 3 wheeler sales % | 53% | 50571 | 44,290 |
| EV bus sales % | 13% | 341 | 2275.00 |
| EV 4 wheeler sales % (personal) | 2% | 6572 | 3,69,310 |
Market Leaders and Their Achievements
- Ola Electric: Dominating the Market
Ola Electric continues to dominate the electric two-wheeler market in India. In February 2024, Ola Electric sold almost 34,000 units, showing a 4.85% MOM increase compared to JAN 2024.
Comprising 41% of all the electric scooters sold in Feb 2024 and a total market share of 36%, Ola Electric continued its domination in the EV market.
Ola Electric’s success can be attributed to its price drop under the Valentine’s Month offer.
Here’s the price drop in the month of February:
| E-Scooter | Old Price | New Price | Price Cut |
| Ola S1 Pro | 1,47,499 | 1,29,999 | 17,500 |
| Ola S1 Air | 1,19,999 | 1,04,999 | 15,000 |
| Ola S1X+ | 1,09,999 | 84,999 | 25,000 |
- TVS Motor
Shockingly, the TVS motors sales have decreased by 4.5% from last month, and not releasing more updates or launching any new scooter could be a potential reason for the dipping sales report. Despite showing a negative sales growth, it stayed at the second position, showing the intense and deep connection TVS holds among the audience. A potential reason for TVS’s current position could be its strong dealership network in different states and cities.
- Bajaj Auto:
Bajaj Auto has shown a great jump by growing 1/5th times of the last month’s sales. Being a legacy player in the industry, it’s doing great and, for the EV market, has great plans for upcoming launches.
The Bajaj Chetak, the company’s sole electric scooter, experienced rising demand and accounted for a 13% market share in February, a significant jump from the 4% market share held in January 2023.
