FY2024 has been a remarkable year for the Indian electric vehicle industry, especially for electric two-wheelers. Retail sales of electric scooters and motorcycles have hit a new high, reaching 935,000 units, showing a significant 29% increase from the previous year’s sales of 728,201 units. March 2024 stood out as the best month yet, with sales nearing 130,000 units. The month on month growth of March 2024 stands at a huge 65. 42 %.
This surge was largely due to buyers rushing to dealerships before the subsidy reduction starting April 1. The new Electric Mobility Promotion Scheme 2024 (EMPS) promises continued subsidies for electric two- and three-wheelers for four months from April 1 onwards, motivating buyers to make their purchases before the deadline. Ola Electric, TVS Motor company, Bajaj Auto, Ather Energy are the first four players whose combined sales of 719,720 units account for 77% of the total 936,315 retails in FY2024.
Here are the top 10 players who have outperformed themselves in March 2024:
1] OLA ELECTRIC
Leading the pack once again is Ola Electric, solidifying its position at the forefront of the electric vehicle market. A strategic decision to significantly reduce prices across its S1 range propelled Ola Electric to achieve its highest-ever monthly sales of 50,538 units in March 2024, a notable increase from the 33,923 units sold in February. This remarkable achievement not only marks Ola Electric’s best monthly sales but also stands as a record for any single OEM in India thus far. With a month-on-month growth rate of 48.97% and a commanding market share of 37.02%, Ola Electric continues to set the pace in the industry.
2] TVS MOTOR COMPANY
TVS Motor Company stands firm at the second position. The company has recorded sales of 26,456 units, showing a strong increase from February’s 14,607 units. With a remarkable month-on-month growth rate of 81.18% and a market share of 19.39%, the company is making impressive progress in the electric vehicle (EV) market. Anticipating a 30% market penetration for two-wheeler EV sales in India by CY2025, TVS aims to substantially increase the contribution of EV sales to its overall volumes over the next two years. Expanding its EV sales program to Nepal and Europe, TVS is preparing to introduce a range of new EVs targeting different customer segments, offering a complete portfolio ranging from 5 to 25 kilowatts.
3] BAJAJ AUTO LIMITED
Pune based Bajaj Auto secured the third position yet again beating Ather Energy. It achieved sales of 17,900 units, marking a notable increase from February’s figure of 11,745 units. With a month-on-month growth rate of 52.40% and a market share of 13.11%, Bajaj Auto continues to strengthen its position in the market. Ramped-up production and an expanded Bajaj Chetak network have played crucial roles in accelerating sales.
4] ATHER ENERGY
Bengaluru-based Ather Energy has slipped down to fourth position in the list. In March 2024, the company recorded sales of 17,204 units, showing a considerable increase from February’s 9,066 units. With a month-on-month growth of 89.76% and a market share of 12.60%, the company is making good progress. However, despite Ather Energy’s increasing sales, its market share compared to the top three is declining. Looking ahead, Ather is gearing up to launch its family scooter, named Rizta, on Ather Community Day scheduled for April 6, 2024. Positioned to be priced between Rs 110,000 and just under Rs 130,000, the Rizta aims to broaden Ather’s market reach. The company has teased several clips of the scooter to generate interest. Pre-bookings for Rizta are already open at Rs 999.
5] HERO MOTORCORP LTD
Hero Motorcorp Ltd is at the fifth player in the list. It registered a modest sales of 4,060 units in March 2024 a slight increase of 1, 755 units sold in February 2024. The company’s month-on-month growth stands impressively at 131.33%, although its market share remains at only 3%. Additionally, Hero MotorCorp has filed a patent application for a new electric scooter, targeting the B2B segment. This patented model is anticipated to compete with the Kinetic E-Luna. CEO Niranjan Gupta has previously revealed plans to expand the Vida product portfolio in FY25 by introducing three new models. These include a “mid-priced” scooter, an “economically priced” scooter, and a dedicated B2B model.
6] KINETIC GREEN ENERGY AND POWER SOLUTIONS LTD
