Category Wise EV sales Report Jan 2024 – Electric car sales on the Rise
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
A significant key to sustainable mobility is making personal vehicles green, as almost 60% of all the pollution caused by cars comes from private vehicles and 40% from the rest of heavy or business vehicles. So, turning personal vehicles electric plays a crucial role in our aim to achieve sustainable goals.
The change is happening with consistent efforts from both the government and consumers and the rate of Indian EV adoption is rising. The best part is that the 4-wheelers that cause the most pollution are going electric at a much more rapid pace.
As the EV sales report of January 2024 is finally out, we prepared this article exploring the category-wise EV sales, analysing the full report, and forecasting the future possibilities in the EV world.
Category EV sales January 2024:
India, a highly dense country, has higher 2-wheeler sales, and unlike Western countries, people in India prefer buying 2-wheelers. That’s why we have so many electric 2 – and 3-wheeler startups/companies; barely any new company has entered the 4-wheeler market. But this trend is changing, and with options like EV leasing, people are leaning towards buying expensive electric cars.
This pivot in market dynamics is reflected in the market reports also. Here’s a category-wise EV sales report for January 2024.
Segment | Jan-24 | Dec-23 | Change | % |
E-2W | 81476 | 75723 | 5753 | 7.60% |
E-rickshaw | 40499 | 45068 | -4569 | -10.14% |
E-3W L5 PAX | 6891 | 6487 | 404 | 6.23% |
E-cart | 3739 | 3692 | 47 | 1.27% |
E-3W L5 GOODS | 2164 | 2337 | -173 | -7.40% |
E-4W | 8079 | 7420 | 659 | 8.88% |
E-Bus | 506 | 573 | -67 | -11.69% |
Others | 461 | 270 | 191 | 70.74% |
Source – EV Reporter
The top EV 2-wheeler sellers include Ola Electric, Ather Energy, Bajaj Chetak, TVS Auto, etc., and currently, the EV market is highly monopolised. In the electric 2-wheeler market, the above-mentioned brands hold 80% of all electric scooter sales. In the electric 4-wheeler segment, Tata Motors alone holds up to 75% of all EV sales in the market.
Position of E-Rickshaws Sales:
E-rickshaws comprise the most significant chunk of all the electric vehicles sold, Although the sales numbers have been dipping in the past few quarters, they were the highest during their peak. Still, in India, the position of E-Rickshaw sales is quite favourable and shows strong growth potential:
Current position:
As e-rickshaws are targeted to a mass audience and come under a transport vehicle category, such vehicles usually have a higher and recurring demand. Unlike electric scooters, the E-rickshaws sales have a more extended history and consistent sales figures. That’s why the electric rickshaws might look losing in this report, but the e-rickshaw market is built on a much more robust foundation.
Here’s some number-crunching data about the E-rickshaw market:
- The India E-rickshaw market was valued at USD 1,146 Million last year and is expected to reach USD 2,810 billion, registering a CAGR of more than 11% during the forecast period.
Source: Mordorintelligence
E-Rickshaw Sales figures:
In a significant boost for the electric vehicle industry, October 2023 saw record sales of 56,818 electric three-wheelers, marking a remarkable 58% increase year-on-year. This momentum continued throughout the year, with year-to-date sales (January-October 2023) reaching a staggering 471,154 units, a 72% jump compared to the same period in 2022.
This surge in popularity is evident in the rising market share of electric three-wheelers, which now account for a commanding 54% of the total three-wheeler market, solidifying their position as a leading force in sustainable transportation.
How E-Rickshaw became such a hit:
A major key player was the supply-demand graph. People wanted an affordable commuting option, and drivers wanted a cost-effective alternative to expensive fuels, and the entry of electric rickshaws made it an instant hit. Apart from that, some related reasons made E-rickshaws a leader in the EV market.
Government backing through the FAME-II scheme provides crucial subsidies and infrastructure development, making EVs more accessible. Soaring fuel prices further increase the appeal of electric options, offering significant cost savings for operators.
The affordability of e-rickshaws is steadily improving, with manufacturers introducing new cost-friendly models that broaden the market reach. The transition to electric vehicles is also creating employment generation opportunities in manufacturing, servicing, and charging infrastructure, further boosting the overall ecosystem. These combined forces are creating a perfect storm for the dominance of electric three-wheelers in India’s transportation landscape.
Featured Articles
Bounce Infinity E1 Price, Range, Specs, & Features – 2024
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
Bounce Infinity at a glance:
The Bounce Infinity E1 electric scooter is a compelling choice for eco-conscious commuters seeking a blend of style, performance, and affordability. With its sleek design, impressive range, and a host of smart features, the E1 promises a delightful riding experience in the urban jungle.
At the heart of the E1 lies a robust 2 kW motor that delivers a spirited 55 kmph top speed, ensuring you easily navigate city streets. The scooter’s 2.5kWh Li-ion battery boasts a remarkable range of up to 100 km, keeping you on the move without range anxiety. Moreover, the E1 features regenerative braking, which intelligently converts braking energy back into battery power, extending your range further.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
Bounce infinity specifications:
Bounce Infinity Dimensions:
| Kerb weight | 94kg |
| Load Capacity | – |
| Seat height | 780mm |
| Wheel-base | 1260mm |
| Ground clearance | 155mm |
Bounce Infinity Dimensions:
Kerb weight | 94kg |
Load Capacity | – |
Seat height | 780mm |
Wheel-base | 1260mm |
Ground clearance | 155mm |
Bounce infinity features
- Drive Modes: Eco, Power and Turbo,
- Cruise Control
- Turbo Mode with Hill Assist
- Over Temperature Audio Alarm
- Digital Console
- Smartphone app support
- Combi Brake System
- 12 L boot space.
- Regenerative Braking system
Bounce Infinity price and warranty:
With a 100km range and 55km/h top speed, this scooter comes among the average segment electric scooters. The Bounce Infinity E1 is priced at ₹1,12,999/- ex-showroom, but you don’t need to pay all upfront.
Now, Lease the Bounce E1 electric scooter for an easy monthly fee and enjoy perks like free maintenance, charging support, insurance, and much more.
Bounce Infinity E1 Warranty:
Bounce Infinity comes with the best-in-class warranty for both vehicle and battery. Vehicle alone comes with 3 yrs/40000* Kms, whichever comes first. Battery alone comes with 3yrs/45000* Kms, whichever comes first.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
How to book bounce infinity:
You can book the scooter by pre-booking it on the website and get it delivered by visiting the nearest Bounce Infinity showroom, but paying the full upfront cost is unnecessary. Now lease the Bounce Infinity electric scooter from Zecat and own the scooter for an easy monthly fee.
Here’s how to lease Bounce E1:
- Click on the button,
- Fill the form,
- Book the slot.
