The overall electric 2W sales tally stood at 9,47,087 units in FY 2024 registering a 30 per cent growth over the previous year as the surge was evident
The electric two-wheeler segment is slowly gaining traction in the Indian market and the overall growth over the past few years is quite encouraging for the manufacturers. In FY 2024, electric two-wheeler sales touched a new high of 9,47,087 units, thereby registering a 30 per cent YOY growth over the previous year. In terms of market share, the electric two-wheeler segment grew to a healthy 5.4 per cent as compared to the FY 2023’s 4.5 per cent.
Ola Electric continued with its top spot in the FY 2024 sales tally by selling 3,29,237 units, registering a 115.48 per cent YOY growth. Trailing behind is the TVS Motor Company with around 1.83 lakh units in the bag, a 122.84 per cent growth over the previous year.
Ather Energy’s growth in FY 2024 stood at 41.53 per cent by selling 1,08,889 units. Bajaj Auto Group is one of the highest gainers in FY 2024 as the Indian two-wheeler manufacturer sold over 1.07 lakh units with YOY growth of 226.14 per cent.
| S. No. | Electric Two-Wheeler OEM | Sales in FY2024 | Sales in FY2023 |
| 1. | Ola Electric (115.48%) | 3,29,327 | 1,52,791 |
| 2. | TVS Motor Company (122.84%) | 1,82,969 | 82,108 |
| 3. | Ather Energy (41.53%) | 1,08,889 | 76,939 |
| 4. | Bajaj Auto Group (226.14%) | 1,07,069 | 32,829 |
| 5. | Greaves Electric (2930.33%) | 31,273 | 1,032 |
| 6. | Ampere Vehicles (-71.89%) | 23,771 | 84,562 |
| 7. | Okinawa Autotech (-78.24%) | 20,873 | 95,933 |
| 8. | Hero MotoCorp (1780.23%) | 17,693 | 941 |
| 9. | Bgauss Auto (267.45%) | 15,238 | 4,147 |
| 10. | Okaya EV (6.47%) | 14,026 | 13,174 |
| 11. | Hero Electric (-86.35%) | 12,093 | 88,069 |
| 12. | Kinetic Green Energy (74.04%) | 9,703 | 5,575 |
| 13. | Wardwizard Innovations (863%) | 9,115 | 946 |
| 14. | Revolt (-43.22%) | 7,342 | 12,930 |
| 15. | Others (-23.64%) | 57,796 | 75,689 |
| – | Total (15%) | 9,47,087 | 7,28,205 |
Greaves Electric Mobility and Hero MotoCorp are the top gainers in the category with 2930 per cent and 1780 per cent YOY growth, respectively. The former managed to sell 31,273 units while the latter’s sales bar stood at 17,693 units. Setting aside the prominent names in the market, Wardwizard Innovations & Mobility Limited sold a total of 9,115 electric two-wheelers in FY 2024, registering 863 per cent YOY growth.
While a slew of top manufacturers saw healthy growth in FY 2024, there are a few prominent names that failed to make a mark in the segment. Ampere and Okinawa sales plummeted by 72 per cent and 78 per cent, respectively in FY 2024.
Revolt is another popular name in the market which saw a 23 per cent decline in its YOY sales as it sold 57,796 units in FY 2024. It will be interesting to see what this FY has in store!