Electric Two-Wheeler Sales Surge in July 2024: OLA Electric Continues to Dominate
The electric two-wheeler market in India continues to witness robust growth, with July 2024 marking another significant milestone. The overall sales for the month surged, fueled by increasing fuel prices, environmental concerns, and the growing range of affordable electric two-wheelers.
OLA Electric maintains its top position
OLA Electric, the market leader, further consolidated its position by registering impressive sales of 41,597 units in July 2024, reflecting a growth of 13% compared to the previous month. This remarkable performance solidifies OLA Electric’s dominance in the electric two-wheeler segment.
TVS Motor and Bajaj Auto witness substantial growth
TVS Motor and Bajaj Auto emerged as strong contenders, showcasing substantial growth in their electric two-wheeler sales. TVS Motor recorded sales of 19,417 units, marking a remarkable 38% increase from the previous month. Similarly, Bajaj Auto witnessed a phenomenal surge of 95%, with sales reaching 17,642 units in July 2024.
Other key players
Ather Energy, Hero Moto Corp, and Greaves Electric also contributed significantly to the overall market growth. Ather Energy reported sales of 10,080 units, reflecting a growth of 63% compared to the previous month. Hero Moto Corp and Greaves Electric witnessed sales of 5,044 units and 3,154 units, respectively, indicating year-on-year growth.
Market Share
OLA Electric continued to lead the market with a substantial share of 39%, followed by TVS Motor at 18% and Bajaj Auto at 16%. Ather Energy, Hero Moto Corp, and Greaves Electric held market shares of 9%, 5%, and 3%, respectively.
Overall Outlook
The electric two-wheeler market in India is poised for further growth in the coming months. With increasing consumer awareness, improving battery technology, and expanding charging infrastructure, the demand for electric two-wheelers is expected to rise significantly.
Table: Electric Two-Wheeler Sales Data – July 2024
Sr. no.
Name of the OEM
June (Units)
July (Units)
MOM Growth (approx)
Market Share (%) (approx)
1
OLA ELECTRIC
36,785
41,597
13%
39%
2
TVS MOTOR
14,015
19,417
38%
18%
3
BAJAJ AUTO
9,043
17,642
95%
16%
4
ATHER ENERGY
6,192
10,080
63%
9%
5
HERO MOTO CORP
3,074
5,044
64%
5%
6
GREAVES ELECTRIC
2,715
3,154
16%
3%
7
BGAUSS AUTO
1,062
1,792
68%
2%
8
REVOLT INTELLICORP
660
868
31%
0.98%
9
WARDWIZARD
897
852
-5%
0.96%
10
KINETIC ENERGY
458
687
50%
0.77%
This comprehensive report provides insights into the performance of key players in the electric two-wheeler market and highlights the overall growth trajectory of the segment.
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