The electric two-wheeler market commenced 2024 on a robust note, witnessing a surge of over 26% with sales exceeding 81,000 units. Notably, Ola, the market leader, achieved its highest-ever monthly sales, reaching an impressive 32,160 units in January. Ola Electric Leads the Market. TVS reported strong sales with 15,181 units of its iQube model, while Bajaj Auto maintained its lead over Ather Energy for the fourth consecutive month. The cumulative sales for the initial 10 months of FY2024 are poised remarkably, standing just 4,253 units shy of the record-breaking 728,235 electric vehicles sold in FY2023.
To talk in short about total sales figure in 2023, so as per Vahan data, the registrations of Electric Vehicles (EVs) in the country had witnessed a notable increase, surging from 10.25 Lakh units in the previous year to 15.13 Lakh units in 2023. The registrations of two-wheeler EVs in the country experienced a robust 34% year-on-year (YoY) growth, reaching a total of 8.49 Lakh units in 2023. Ola Electric Leads the Market The top three electric vehicle companies in 2023 remained the same as in January 2024 – Ola Electric, TVS Motor Company LTD, and holding the third spot, Bajaj Auto. This consistent lineup highlights their ongoing influence and prominence in the electric vehicle market.
Let’s quickly go through the performance of the top 8 market OEMs in January 2024:
Ola, marking a significant milestone as the first Indian EV maker to surpass 250,000 units in a single year, continues to dominate in FY2024. Boasting its best-ever monthly retail with 32,160 units sold in January 2024 as compared to 30,331 units sold in December 2023, Ola maintains a substantial lead over its competitors. Impressively, the month-on-month growth for Ola stands at 6.03%, and the company holds a remarkable 40% market share. Cumulatively, with sales reaching 247,607 units in the initial 10 months of FY2024, Ola consistently achieves an impressive monthly retail average of 24,760 units, solidifying its stronghold in the electric vehicle market.
In Chhattisgarh, a Volvo C40 Recharge Electric SUV caught fireTVS Motor Co maintains a robust growth trajectory, primarily driven by its single product, the iQube e-scooter. In January 2024, the company achieved impressive retail sales of 15,181 units, marking a notable increase from the 12,293 units sold in December 2023. This success secured TVS Motor Co a significant market share of 19% in January 2024, contributing to a cumulative total of 141,640 units over the initial 10 months of the fiscal year. Demonstrating consistent progress, the month-on-month growth for TVS Motor Co stands at an impressive 23.5%.
