With the automotive world leading towards a zero-emission future, it is the electric two-wheeler commuters that are leading the game
The electric two-wheeler market in India saw a significant surge in registrations during February 2024, indicating a healthy 24% year-on-year growth in electric scooters. According to data sourced from Vaahan, this increase in adoption reflects the growing traction of electric vehicles in the country, with major manufacturers making strides in this booming sector.
In February, registrations of electric two-wheelers reached 81,963 units with a slight increase in the month-on-month numbers while some could say that the presence of an additional day in February compared to last year also contributed to this growth.
The year-on-year average monthly sales stood at 73,190 units, a staggering 21% increase compared to last year’s 60,500 units. Another key point to be considered in the EV space is the adoption of electric vehicles compared to ICE vehicles which would give us a picture as to how many potential customers have opted for an EV over the respective ICE versions.
|
Top 10 Electric 2-Wheeler Makers |
Units |
|
1. Ola Electric |
33,722 |
| 2. TVS Motor Company | 14,499 |
| 3. Bajaj Auto | 11,618 |
| 4. Ather energy | 8,983 |
| 5. Greaves Electric (formerly Ampere) | 2,606 |
| 6. Hero MotoCorp | 1,750 |
| 7. Bgauss Auto | 1,349 |
| 8. Wardwizard | 840 |
| 9. Okinawa | 660 |
| 10. Okaya EV | 657 |
So, for that, the electric two-wheeler penetration rate for February 2024 reached 5.7 per cent, an increase from January’s 5.6 per cent, highlighting the steady growth of EV scooters in the market. Coming down to the official numbers, Ola Electric led the pack in February 2024, retaining its top spot with 33,722 units registered.
Not only did Ola Electric secure the highest registrations, but it also commanded an impressive 41.1 per cent market share. This accomplishment was further strengthened by a strategic price cut and several offers concerning service, battery and portable chargers in the final 15 days of the month.
Following Ola Electric were prominent players like TVS Motor with a market share of 17.7 per cent, Bajaj Auto at 14.2 per cent, and Ather Energy at 11 per cent. Greaves Electric, formerly known as Ampere, captured 3.2 per cent of the market share.
Top 10 E2W players by volume in February 2024: Ola Electric (33,722 units) TVS Motor (14,499 units) Bajaj Auto (11,618 units) Ather Energy (8,983 units) Greaves Electric (formerly Ampere) (2,606 units) Hero MotoCorp (1,750 units) Bgauss Auto (1,349 units) Wardwizard (840 units) Okinawa (660 units) Okaya EV (657 units)