The Indian electrical two-wheeler market continued its constructive progress trajectory within the first 11 months of FY 2024, with gross sales exceeding 800,000 models. This represents a major 26% improve year-on-year in comparison with the identical interval in FY2023.
Ola Electrical maintained its dominant place out there with a 41% share, promoting 33,722 models in February 2024. This was seemingly pushed by a strategic value discount on their S1 lineup.
TVS Motor Co. and Bajaj Auto adopted intently behind with 18% and 14% market share, respectively. TVS seemingly benefited from the constant efficiency of their iQube mannequin, whereas Bajaj Auto’s market share is probably going because of the recognition of their Chetak providing.
Right here’s a desk displaying the highest electrical two-wheeler producers in India for the primary 11 months of FY 2024, together with their April 2023 to February 2024 unit gross sales:
EV producer
Apr 23
Could 23
Jun 23
Jul 23
Aug 23
SEP ’23
Oct 23
Nov 23
Dec 23
Jan 24
FEB ’24
TOTAL
Ola Electrical
22,068
28,739
17,687
19,401
18,743
18,701
23,839
29,945
30,324
32,316
33,722
2,75,485
TVS Motor Co
8,758
20,433
7,867
10,398
15,482
15,610
16,501
19,117
12,293
15,313
14,499
1,56,271
Ather Vitality
7,801
15,429
4,602
6,681
7,146
7,189
8,463
9,303
6,522
9,342
8,983
91,461
Bajaj Auto
3,720
10,000
3,007
4,127
6,579
7,104
9,066
11,833
10,405
10,872
11,618
88,331
Trying Forward:
The Indian electrical two-wheeler market is anticipated to witness continued progress within the coming years, pushed by elements equivalent to:
Technological developments in electrical autosImproved charging infrastructureA wider vary of product choices catering to numerous shopper wantsSupportive authorities insurance policies, just like the FAME 2 scheme, that make electrical autos extra inexpensiveWith a number of established gamers and new entrants becoming a member of the market, the Indian e2W trade is well-positioned to realize even higher gross sales milestones sooner or later.
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