November 2, 2024
India’s electric two-wheeler (E2W) market is blazing a trail in sustainable mobility, achieving the monumental feat of 1 million annual sales as of November 2024. Retail sales for the month reached 1,19,000 units, reflecting a 24% YoY growth, according to Vahan Data.
Despite a decline in sales following the festive season, November emerged as the third-best month of 2024, underscoring the sector’s resilience and immense growth potential.
Below are the sales figures
1. Ola Electric
- Performance: Continued its leadership with 29,191 units sold, despite a 30.15% MoM decline.
- Market Share: Holds a commanding 31.1%, though down from its peak of 49.8% in May.
- Focus: Strengthening its premium offerings while exploring affordable options to counter rising competition.
2. TVS Motor Co
- Performance: Narrowly missed the top spot with 26,163 units sold, a modest 7.56% MoM dip.
- Market Share: Maintained a strong 27.87%, reflecting its steady foothold in the market.
- Focus: Expanding its product line and deepening its penetration in Tier 2 and Tier 3 cities.
3. Bajaj Auto
- Performance: Sold 18,403 units, marking a significant 35.12% MoM decline.
- Market Share: Holds 19.6%, with plans to boost volumes through aggressive pricing strategies.
4. Ather Energy
- Performance: Delivered 12,741 units, a 21.16% MoM decline, placing it fourth on the leaderboard.
- Market Share: Accounts for 13.57%, with continued focus on tech-forward features and infrastructure partnerships.
5. Hero MotoCorp
- Performance: Sold 5,952 units, a 17.59% MoM dip, retaining its position as a major player.
- Market Share: Holds 6.34%, with plans to expand its electric scooter lineup in 2025.
6. Greaves Electric Mobility
- Performance: Achieved a 12% MoM growth, selling 4,468 units in November.
- Market Share: At 4.76%, Greaves is steadily growing through cost-efficient models aimed at budget-conscious buyers.
7. Revolt Intellicorp
- Performance: Recorded an impressive 109.41% MoM growth, with sales rising to 1,994 units.
- Market Share: Accounts for 2.12%, driven by strong demand for its electric motorcycles.
8. Bgauss Auto
- Performance: Sold 1,878 units, a 7.12% MoM decline, placing it in the eighth spot.
- Market Share: Holds 2%, focusing on affordability and compact urban solutions.
9. Kinetic Green Energy
- Performance: Delivered 1,095 units, marking a 24.15% MoM decline.
- Market Share: At 1.17%, the company aims to leverage its brand legacy to grow further.
10. Lectrix EV
- Performance: Sold 534 units, reflecting a steep 46.09% MoM decline.
- Market Share: Secured 0.57%, with a focus on re-strategizing its offerings.
