In the first ten months of 2024, sales of electric two-wheelers reached 954,164 units, marking a 38% increase from the 692,363 units sold during the same period in the previous year.
The festive season of October 2024 witnessed a significant surge in the electric vehicle (EV) market, particularly in the two-wheeler segment, as manufacturers recorded an 85% increase in retail sales year-over-year. The total units sold reached 139,031 compared to 75,164 units during the same month last year.
This uptick in sales is part of a broader shift away from traditional petrol-powered vehicles towards electric alternatives. Throughout the first ten months of 2024, the industry sold 954,164 electric two-wheelers, marking a 38% increase from the 692,363 units sold in the corresponding period of 2023.
Ola Electric, despite facing ongoing challenges related to service and product quality, has experienced a volatile sales trajectory this year. In October alone, the company managed to sell 41,605 units, a significant increase from the 27,615 units sold in August and 24,716 units in September. The company’s sales peaked in March with a record 53,640 units, boosting its market share to 38%. However, this figure has since decreased to 27% by September.
Meanwhile, other players in the EV two-wheeler market have also shown robust growth. TVS Motor, for instance, reported the sale of 29,890 electric two-wheelers in October 2024, an 81% increase from the 16,507 units sold in the same month the previous year. The company’s market share rose to 21% during this period.
In September, TVS Motor ranked third in the market after Bajaj but climbed to the second position in October, with Bajaj slipping to third. Despite Bajaj Auto selling a considerable 71,940 Chetaks in 2023, TVS Motor’s sales of 166,581 iQubes substantially widened the gap between the two. However, this year, the gap has notably reduced to 27,164 units.
As electric two-wheelers continue to gain popularity, the competitive landscape within the EV industry is rapidly evolving, reflecting a significant shift in consumer preference towards more sustainable transportation options.
