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.
