Electric 2-wheeler sales cross the 1 million mark in 2024

Ola Electric, TVS, Bajaj and Ather Energy control 83% of the market.

Electric 2-wheeler sales have crossed the 1 million-unit mark for the first time in a year. As per the Vahan website, 1,000,987 units were sold between January 1 and November 11, 2024.

The electric 2-wheeler segment has been growing at a rapid pace in India. In CY2023, the segment registered a growth of 36% over the previous year. Going by current trends, the segment looks poised to close the year with record sales of 1.1-1.2 million units. This will constitute a growth of 36% YoY and more than 540% over CY2021 when merely 1,56,325 units were sold.

The data shows that Ola Electric, TVS, Bajaj and Ather Energy control 83% of the market. Ola leads with sales of 3,76,550 units and a market share of 37%. TVS is the second largest electric 2-wheeler brand with sales of 1,87,301 units, amounting to a market share of 19%.

Bajaj Auto has a market share of around 16%. The company has sold 1,57,528 units so far in 2024. Bangalore-based Ather Energy is in fourth place with a market share of 10.72% and sales of 1,07,350 units.

If you look at the state-wise distribution of sales, Maharashtra leads the pack with 18.18% of the total electric 2-wheeler sales. According to the data, 1,82,035 units have been sold in the state, followed by Uttar Pradesh with 1,57,631 units and a 15.74% share. Karnataka is in third place with a 13.73% share and sales of 1,37,492 units.

Source: Autocar India