In 2023, the EV witnessed a ‘J’ shaped growth, with Ola Electric capturing 33% of the whole EV market, and a big reason for this growth is the government incentives and Fame 2 subsidy. In 2024, it’s expected to perform better or at least witness similar growth, and to get expected results; the most anticipated FAME 3 subsidy is very important. However, that’s a different story altogether. This blog post will look at EV sales numbers for Jan 2024.
In this article, we’ll see the top 10 electric 2-wheelers sold in Jan 2024 and monitor the MoM and YoY growth along with the latest updates about the EV makers and their future plans.
MoM electric 2-wheeler market performance:
Before jumping right into the brands, let’s first see how the electric 2-wheeler market performed in Jan 2024 compared to the previous month, Dec 2023. So, the total sales of electric 2-wheelers grew by 7% MoM, with total EV sales of 81343 units, which last month was near about 75,000 units. With such optimistic numbers, the overall EV market can see a 40-50% YoY growth compared to 2023.
As most EV manufacturers anticipated, the Fame 3 subsidy will play a major role in the Indian EV market becoming the global market leader.
Top 10 EV 2-wheelers sold in January 2024:
First, look at the top 4 EV market contenders controlling over 80% of the total EV market in India, i.e. Ola Electric, Ather Energy, Bajaj Auto., and TVS Motors.
1. Ola Electric:
With rapid expansion, competitive pricing, and the right product-market fit, Ola Electric has cracked the code and is now riding the EV market explosion in Indian demographics. A wide range of offerings is another reason for Ola Electric’s growth.
In January 2024, Ola Electric sold 32 160 units, which in December 2023 was about 30,000 units, and Ola’s MoM growth was 6%. This growth might not sound phenomenal, but according to last month’s statistics, when all other EV makers were witnessing a -ve growth rate, Ola reported a +ve growth rate, which tells us that Ola is performing quite well. With a 75% YoY growth rate, Ola once again showcased its growing dominance in the EV market.
2. TVS iQube:
The TVS’s growth story is also something that deserves great appreciation. Starting with an overpriced, poor-quality product, TVS was merely surviving the EV market, but over time, TVS iQube improved, and it’s now in the position to beat the domination of Ola Electric easily.
The biggest issue with Ola Electric is the servicing and after-sales support whereas TVS holds its expertise in that aspect.
In January 2024, TVS iQube sold 15181 units, which in December 2023 was about 12,500 units, and the MOM growth was 23%. This is a significant win because last month was too weak for all the automakers, including TVS. The YOY growth for TVS iQube is 24%, which is neither bad nor good.
3. Bajaj Chetak:
The number 3 position is very special because the top 2 contenders keep fighting for this position, i.e., Ather and Bajaj Chetak. After all, both companies have a similar position and targeted audience but a large difference in the product segment.
The Bajaj Chetak is a robust, heavy, comfortable, and utility-based electric scooter, whereas Ather focuses on serving youth with a very nominal range and technologically stuffed electric scooter.
In January 2024, Bajaj Chetak sold 10,742 units, which in December 2023 was about 10,024 units, and the MOM growth was 3%, which is virtually negligible in terms of growth.
List of Top 10 Most Sold EVs in January 2024:
E-Scooter Brand | January | December | MoM | YoY |
Ola Electric | 32160 | 30216 | 6% | 75% |
TVS iQube | 15181 | 12057 | 20% | 24% |
Bajaj Chetak | 10742 | 9969 | 7% | 205% |
Ather Energy | 9209 | 6485 | 29.5% | 0.19% |
Greaves | 2351 | 2975 | -26% | 2602% |
Hero Motocorp. | 1487 | 1566 | -5% | 0% |
BGauss Auto. | 1485 | 1214 | 18% | 107% |
Joy E-Bike | 975 | 1408 | -44.4% | 512% |
Kinetic Energy | 820 | 986 | -20% | 2565% |
Okinawa | 683 | 966 | -41.4% | -29% |
EVs and there are market capitalisation:
EV manufacturers | Market capitalisation |
Ola Electric | 39% |
TVS iQube | 18.5% |
Bajaj Chetak | 13% |
Ather Energy | 11.3% |
The above 4 brands control up to 70% of the EV market share in India.
Electric motorcycle sales in India:
The electric motorcycle market is monopolised by only one company, i.e. Revolt Motors; their most popular EV, the Revolt RV400, is the eye of an apple in the electric motorcycle community. New companies like Hop Electric, Ultraviolet, Tork Motors, etc., are entering the market and planning to make it big.
Brand | January | December | MoM |
Revolt Motors | 528 | 678 | 22% |
Tork Motors | 221 | 205 | 7% |
Oben Roar | 0 | 0 | 0 |
Ultraviolet | 13 | 10 | 30% |
