EV sales Report March 2024 | Ola Ruling market Left Right & Center
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
In sustainable transportation, electric two-wheelers are making significant strides, demonstrating considerable growth in the market. This article delves into the sales data of electric two-wheelers for the financial year 2024, presenting a detailed analysis of market trends and key players.
Electric Two-Wheeler Sales: A Snapshot
In March 2024, India experienced a surge in electric two-wheeler sales, reaching an impressive figure of over 1,36,000 units. This marked a 50% increase compared to the prior year. The surge in sales was primarily attributed to consumers pre-buying vehicles and taking advantage of year-end discounts.
OLA ELECTRIC | 50,545 |
TVS MOTOR | 26,479 |
BAJAJ AUTO LTD | 17,933 |
ATHER ENERGY | 17,221 |
HERO MOTOCORP | 4,061 |
KINETIC GREEN | 3,963 |
BGAUSS AUTO | 3,108 |
GREAVES ELECTRIC | 3,008 |
OKAYA EV | 1,233 |
JOY EBIKE | 1,019 |
Year-on-Year Performance
The total sales of electric two-wheelers for the financial year 2024 hit close to 9,42,088 units, a 30% increase from the previous year. It’s worth noting that while in March 2023, EV two-wheeler sales were around 85,000 units, the number was significantly lower (54,000 units) in March 2022.
Market Penetration
According to an analysis report by Elara Capital, the market penetration for EV two-wheelers stood at 8.9% in March 2024, up from 5.7% in the previous month. The overall penetration for the financial year 2024 was 5.4%, compared to 4.5% in 2023.
Impact of FAME II Scheme
The impressive sales figures come at a pivotal time, with the FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) subsidy set to end on March 31, 2024. Despite the looming end of the subsidy, the market displayed signs of stabilisation.
Top Market Players
Ola Electric: The Leader of the Pack
In March 2024, Ola Electric continued its reign as the market leader, registering the highest number of sales at 53,000 units, equivalent to a 37% market share.
Other Key Players
Following Ola Electric, TVS Motors, Bajaj Auto, and Ather Energy held significant market shares, making up 19.4%, 13.1%, and 12.6% of the market, respectively.
Market Shares for the Financial Year 2024
Over the course of the financial year 2024, Ola Electric maintained its top position with a 34.6% market share. TVS Motors followed with a 19.4% share, while Ather Energy, Bajaj Auto, and Greaves Electric (formerly Ampere) held 11.5%, 11.3%, and 5.8% of the market, respectively.
Ola Electric’s Success Story
Ola Electric’s Chief Marketing Officer, Anshul Khandelwal, attributed the company’s success to its robust scooter portfolio, which helped it surpass the 53,000 registration mark in March. Ola Electric also recently introduced a series of initiatives to promote electric vehicle adoption.
Future Trends
As we move forward, the landscape of the electric two-wheeler industry is set to evolve. The discontinuation of the FAME II subsidy may impact the market, but the growth trajectory of electric two-wheelers, as demonstrated by the sales figures, suggests a promising future.
In conclusion, the rise in sales of electric two-wheelers in March 2024 and the financial year 2024 is a testament to the growing acceptance of electric vehicles in India. The market is witnessing healthy competition among key players, leading to continuous innovation and improvements in the sector.
