In March 2024, India witnessed a remarkable surge in its electric vehicle (EV) 2-wheeler market, propelled by a notable uptick in sales led by Ola Electric. Commanding an impressive ~38.14% market share, Ola Electric emerged as the frontrunner, closely followed by TVS Motors at 19.05%, Bajaj Auto at 12.88%, and Ather Energy at 12.38%. Under the umbrella of Ola Cabs, Ola Electric has been a key player in the EV sector, leveraging its technological prowess and commitment to sustainable transportation solutions. The company’s sale of over 53,000 units in March alone underscores its significant impact on the market.
Similarly, TVS Motors, a leading name in the Indian automotive industry, embraced the electric revolution with gusto, positioning itself strategically in the electric mobility landscape. With sales of 26,466 electric 2-wheelers in March 2024, TVS Motors further solidified its market presence. Overall, the month of March 2024 witnessed a total of 1,38,949 electric 2-wheeler sales.
The surge in electric 2-wheeler sales, driven by industry giants like Ola Electric, TVS Motors, Bajaj Auto, and Ather Energy, reflects the increasing acceptance and adoption of electric vehicles among Indian consumers. Concerns regarding environmental sustainability and rising fuel prices have propelled individuals to explore electric vehicles as a viable commuting option.
However, the dominance of the top four companies does not overshadow the contributions of other contenders in this evolving market. Hero Motorcorp, for instance, sold 4,060 units in March, while Kinetic Green Energy boasted a market share of approximately 2.92%.
Collectively, the efforts of industry leaders such as Ola Electric, TVS Motors, Bajaj Auto, Ather Energy, Hero Motorcorp, Kinetic Green Energy, Bgauss Auto, Greaves Electric Mobility, Okaya EV, and Wardwizard Innovations & Mobility have catapulted the electric 2-wheeler segment to new heights, marking a transformative era in India’s automotive landscape. As the nation embraces the electric revolution, stakeholders are intensifying their efforts to accelerate the adoption of electric vehicles and pave the way for a greener, more sustainable future.
With sales from the top ten companies accounting for around 96% of the market and totaling 1,30,960 units, the surge in electric 2-wheeler sales in March 2024 underscores the growing momentum of electric vehicles in India. With pioneering companies spearheading the shift and consumers increasingly embracing sustainable mobility solutions, the automotive industry is poised for a paradigmatic change toward a cleaner, more environmentally conscious future.
