Electric Two-Wheeler Sales See 30 Per Cent Growth In FY2024

With total sales of 9,47,087 units, the market share of electric two-wheelers grew from 4.5 per cent in FY2023 to 5.4 per cent in FY2024.

By car&bike Team

2 mins read

Published on April 9, 2024

Highlights

Electric two-wheelers now have a market share from 5.4 per cent, up from 4.5 per cent in FY2023
Greaves and Hero MotoCorp saw 4-digit growth in FY2024
Established players like Okinawa, Hero Electric and Revolt saw a significant drop

The growth in sales of electric two-wheeler has been slow but steady. India saw sales of 9,47,087 electric two-wheelers in FY2024, which is a growth of 30.06 per cent over FY2023. The market share of electric two-wheelers also grew 0.9 per cent during the same time. Ola Electric retains the number one spot with total retail sales of 3,29,237 units and a growth of 115.48 per cent. Similarly, TVS Motor Company also saw a growth of 122.84 per cent with sales of 1,82,969 units.

Also Read: Passenger Vehicle Sales At An All-Time High In FY2024

Hero MotoCorp by way of Vida Electric, saw its electric two-wheeler sales grow 1780.23 per cent in FY2024

But the biggest gainer in FY2024 had two surprise OEMs. The sales of Greaves Electric Mobility grew a whopping 2930.33 per cent, from selling 1,031 units in FY2023 to 31,273 units in FY2024. Sure, the base was low, but all things considered, it is a sign of solid growth for the company. Similarly, Hero MotoCorp, the biggest player in ICE two-wheeler segment, saw a staggering growth of 1780.23 per cent, from selling 941 units in FY2023 to 17,693 units in FY2024. Wardwizard Innovations and Mobility too saw a growth of 863.53 per cent, with 946 units sold in FY2023 to 9,115 units sold in FY2024.

Two-Wheeler OEM	FY2024	FY2023	Y-o-Y %
Ola Electric	3,29,237	1,52,791	115.48%
TVS Motor Company	1,82,969	82,108	122.84%
Ather Energy	1,08,889	76,939	41.53%
Bajaj Auto Group	1,07,069	32,829	226.14%
Greaves Electric Mobility	31,273	1,032	2930.33%
Ampere Vehicles Pvt Ltd.	23,771	84,562	-71.89%
Okinawa Autotech	20,873	95,933	-78.24%
Hero MotoCorp	17,693	941	1780.23%
Bgauss Auto Pvt Ltd.	15,238	4,147	267.45%
Okaya EV Pvt Ltd.	14,026	13,174	6.47%
Hero Electric Vehicles Pvt Ltd.	12,093	88,609	-86.35%
Kinetic Green Energy & Power Solutions	9,703	5,575	74.04%
Wardwizard Innovations & Mobility	9,115	946	863.53%
Revolt Intellicorp Pvt. Ltd.	7,342	12.93	-43.22%
Others	57,796	75,689	-23.64%
TOTAL	9,47,087	7,28,205	30.06%

While the OEMs mentioned above had a staggering growth in FY2024, there were a few established EV players who saw a significant drop in their overall sales in the financial year that ended on March 31, 2024. Chetak Technology Limited and Hero Electric, both companies saw a drop of 86.88 per cent and 86.35 per cent. But Bajaj Auto saw its EV sales grow 273.22 per cent, from 28,537 units in FY2023 to 1,06,506 units in FY2024.

Okinawa Autotech saw its sales drop 78.24 per cent in FY2024

Other established EV players like Okinawa Autotech and Revolt Intellicorp also saw a decline of 78.24 and 43.22 per cent in FY2024 over FY2023. It is clear that few established brands are feeling the heat especially from the likes of Ola Electric, Hero MotoCorp and Ather Energy.