Over one million electric two-wheelers sold in 2024

Retail sales of electric scooters and motorcycles have surpassed the 1 million-unit milestone for the first time in a year. As per the latest Vahan data (as of November 12, 2024, 8 am), cumulative retail sales between January 1 and November 11 stand at 1,000,987 units.

The e2W segment, with 10,00,987 units, holds the largest share of 59.54 percent of the 1.68 million EVs sold in India across all vehicle segments between January 1 and November 11, 2024.

 

At the end of October 2024, India E2W Inc. needed just 45,856 units more to achieve the million sales milestone, which it achieved in the first 11 days of November. 

With exactly 50 days remaining for CY2024 to come to a close, it can be surmised that, given the current sales momentum, India's e2W Inc. will close the year with record sales in the region of 1.1 million to 1.2 million units. This will constitute a 34 percent year-on-year increase over CY2023’s 8,60,410 units. 

CY2023 itself saw a 36 percent YoY increase over CY2022’s 6,31,398 units. Considering that a total of 1,56,325 e-two-wheelers were sold in India in CY2021, CY2024’s million-plus units (10,00,987 units) already reflects a 540 percent increase over four years, pointing to the rapid growth of this vehicle segment.

Also See: Ola retains market lead in October EV sales

Ola, TVS, Bajaj and Ather command 83 percent of the market

As per Vahan retail sales data for the year to date, four EV manufacturers have registered six-figure sales: Ola Electric, TVS Motor Co., Bajaj Auto, and Ather Energy.

Market leader Ola Electric, with 3,76,550 units, holds a 37 percent share of the million-plus units sold to date. TVS Motor Co., which has retailed 1,87,301 iQubes, has a near-19 percent share, while its ICE legacy rival, Bajaj Auto, with 1,57,528 Chetaks, has a near-16 percent share. E-scooter startup Ather Energy, which has sold 1,07,350 units to date this year, holds a 10.72 percent market share.

 

Club the sales of these four OEMs and what you get is a commanding 82.79 percent share of the Indian e2W market, leaving the remaining 17 percent share to 207 other players in the industry.

Also See: Bajaj, TVS, Hero outsell major EV startups in October

Maharashtra tops e2W sales with 18 percent share

As per the Vahan database, of the total 10,00,987 electric two-wheelers sold between January 1 and November 11, 2024, Maharashtra has the bragging rights to being the state with the highest sales in the year to date. At 1,82,035 units, Maharashtra has an 18.18 percent share and is ahead of Uttar Pradesh by 24,404 units. 

Uttar Pradesh, with 1,57,631 units, is ranked second in the state-wise EV sales parc for the current year, and has a 15.74 percent share. Karnataka is next with 1,37,492 units and a 13.73 percent share, followed by Tamil Nadu with 1,00,223 units and a 10 percent share. Club these four states, each of them with six-figure sales, and their combined total of 5,77,381 units gives them a 57.68 percent share of India’s overall e-two-wheeler market.

Rajasthan ranks fifth with 67,301 units, followed by Gujarat (58,958 units), Kerala (58,772 units), Madhya Pradesh (54,918 units) and Odisha (50,028 units). 

Given that the e2W segment is the biggest volume driver for the EV industry, and 1.68 million EVs across all vehicle segments have been sold in the first 315 days of this year, it remains to be seen just how close India EV Inc. gets to the 2-million EV retails mark. That, in itself, will be setting a new record for the industry.

Also See: Car sales set to hit a record 4.5 lakh units this festive season