Electric Two-Wheeler Sales – Ola Electric Achieves Milestone with Over 50k EV Sales
FY2024 has been among the greatest years in the Indian electric vehicle sector. Particularly the domain of electric two-wheelers that are emerging as a shining light as the trend towards electrification continues in India. The retail transactions of electric scooters and motorcycles have skyrocketed to incredible heights with a total of 935,000 units. This milestone marks a notable increment of 29% compared to last year’s figures of 728,201 units in total. All gratitude towards India’s leading EV makers that have led this March 2024 among the most memorable times for EV sales achieving great records for the industry. The retail tally rushed towards the 130,000 units mark which is a staggering MoM expansion of 65.42% compared to February 2024.
This remarkable growth in the EV sector is because of the buyers and the EV makers trying to push the boundaries of their products and expand their lineup of all sorts. Also, the Electric Mobility Promotion Scheme 2024 (EMPS) has pledged to sustain the momentum of subsidies for electric two-wheelers and three-wheelers for four months post-April 1 making both automakers and buyers go all in for their pursuit in the electric mobility sector..
Eminent players such as Ola Electric, TVS, Bajaj Auto, and Ather Energy have been at the forefront of this surge and collectively amassing sales figures with a total of 719,720 units. All constituting a share of over 77% of the total retail transactions of 936,315 units in FY2024. Let’s take a look at the top 10 contenders of this incredible record sales that have set India’s electric mobility growth to great heights.
| Manufacturer | February Sale | March Sale | Market Share % |
| Ola Electric | 33,923 | 50,538 | 37.02% |
| TVS Motor | 14,607 | 26,465 | 19.39% |
| Bajaj Auto | 11,745 | 17,900 | 13.11% |
| Ather Energy | 9,066 | 17,204 | 12.60 % |
| Hero Motorcorp | 1,755 | 4,060 | 2.97 % |
| Kinetic Green | 632 | 3,964 | 2.90 % |
| Bguass Auto | 1,350 | 3,107 | 2.27% |
| Greaves Electric | 2,609 | 3,145 | 2.30% |
| Okaya EV | 657 | 1,233 | 0.90 % |
| Wardwizard | 841 | 1,019 | 0.74% |
1. Ola Electric
Ola Electric once more takes the lead demonstrating its dominance in the electric vehicle sector in India. The EV maker made a calculated approach to slash prices across its S1 lineup propelleling the company to achieve its highest-ever monthly sales of 50,538 units in March 2024 compared to 33,923 units in February. This remarkable feat not only signifies Ola Electric’s standard in monthly sales but also establishes a precedent for any sole OEM in India yet. With a month-on-month growth trajectory of 48.97% and a formidable market share of 37.02%, Ola Electric persists in setting the standard in the sector.
2. TVS Motor Company
In the runner-up position comes firm TVS Motor Company. The firm has registered retail transactions of 26,465 units compared to 14,607 units in February. It is an impressive month-on-month growth rate of 81.18% and a commanding market share of 19.39%. By making a 30% market penetration for two-wheeler EV sales in India by CY2025, TVS endeavours to significantly increase the share of EV sales in its overall volumes over the forthcoming two years. Expanding its EV sales outreach to Nepal and Europe, TVS is gearing up to unveil a spectrum of novel EVs tailored to diverse consumer segments, presenting a comprehensive array ranging from 5 to 25 kilowatts.
3. Bajaj Auto
Securing a good third position once more, Pune-based Bajaj Auto surpasses Ather Energy yet again. The company achieved retail transactions totalling 17,900 units in March 2024 compared to 11,745 units in February. The automaker sported a month-on-month growth rate of 52.40% with a commanding market share of 13.11%, Bajaj Auto persists in fortifying its foot in the market in the long run. The boost in production capacity and the expansion of the Bajaj Chetak network have emerged as pivotal spurs in its sales.
4. Ather Energy
Meanwhile, Bengaluru-based Ather Energy loses its prior standing coming to the fourth spot on the list. In the annals of March 2024, the company reported retail sales of 17,204 units, compared to 9,066 units in February. Ather Energy is advancing with a month-on-month growth rate of 89.76% and a market share of 12.60%.
Nonetheless, despite the escalating sales figures, the company’s market share is dwindling compared to the top three contenders. Ather is all set to unveil its latest offering, the family scooter named Rizta which slated for debut on Ather Community Day scheduled for April 6, 2024. It will be priced in the range of Rs 1,10,000 to just under Rs 1,30,000 and aims to widen Ather’s market. The company has teased glimpses of the scooter through several clips to stimulate interest. Pre-bookings for the Rizta are already underway at a nominal fee of Rs 999.
5. Hero Motorcorp Ltd
Hero Motorcorp Ltd claims the fifth spot on the roster. The company notched up modest retail transactions totalling 4,060 units in March 2024, reflecting a marginal uptick from the 1,755 units in February 2024. Impressively, the company witnesses a month-on-month growth rate of 131.33%, although its market share remains modest at 3%. In addition, Hero MotorCorp has initiated the process of securing a patent for a novel electric scooter to target the B2B segment.
6. Kinetic Green Energy
Kinetic Green Energy and Power Solutions Ltd. is making its debut in the sixth position. The company reported retail sales of 3,964 units in March compared to 632 units in February. The company has experienced an extraordinary month-on-month growth rate of 527.21% and currently commands a market share of 2.90%. This remarkable success can be attributed to the triumphant unveiling of the Kinetic Zulu and, more recently, the Kinetic E-Luna.
7. BGauss Auto
Mumbai-based EV startup, BGauss Auto occupies the seventh position on the list. The company reported retail transactions totalling 3,107 units in March compared to 1,350 units sold in February. Despite this, BGauss Auto achieved a commendable month-on-month growth rate of 130.14% and a market share of 2.27%. A recent development saw VOICE, a prominent Electric Vehicle (EV) aggregator and comprehensive facilitator for all EV needs is forging a strategic alliance with BGauss Electric Vehicles. This collaboration aims to deploy 5,000 EVs catering to last-mile partners, corporate clients, and B2B fleets, offering an end-to-end solution for seamless deployment.
8. Greaves Electric Mobility
Greaves Electric Mobility has come from the fifth to the eighth position in the rankings. The company recorded retail sales of 3,145 units in March 2024 compared to 2,609 vehicles sold in February 2024. Consequently, its month-on-month growth stands at 20.54% while having a market share of only 2.30%. Greaves Electric will have to redirect its focus towards product innovation, introducing advanced features or novel models to invigorate sales and elevate its standing.
9. Okaya EV
Okaya EV surged from its previous position to claim the ninth spot in March. The company sold 1,233 vehicles in March 2024, marking a slight uptick from the 657 units sold in February 2024. Despite this, Okaya EV recorded a commendable month-on-month growth of 87.67%, albeit with a modest market share of only 0.90%. Noteworthy is Okaya EV’s recent introduction of “Ferrato,” a dedicated brand for its premium electric two-wheeler offerings.
The company is set to to unveil three electric motorcycles and one scooter under the Ferrato brand, focusing on high-end models. Accompanying this launch, customer experience centres for Ferrato will commence operations alongside a new product portfolio. These forthcoming releases, slated for this month, aim to amalgamate cutting-edge technology with sophisticated design and performance, as Okaya Electric Vehicle endeavours to redefine innovation in the EV sector with its Ferrato lineup.
10. Wardwizard Mobility
March witnessed a downturn for Wardwizard Mobility as it fell to the bottom of the list. The company managed to sell only 1,019 vehicles in March compared to 841 vehicles sold in the previous month. Despite having a month-on-month growth of 21.16%, Wardwizard Mobility controls a mere market share of 0.74%. To restore its sales and performance, the company must enhance its sales strategies and innovate its marketing approaches, undertaking sweeping measures to thrive in the competitive automotive market.
Also read: Why Automotive Brands Prefer Hybrid Vehicles More Than EVs
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