As the electric mobility movement gains traction in India, CarDekho Group’s New Auto segment has released a report highlighting remarkable growth in the electric two-wheeler (E2W) sector. The report, which combines industry data and insights from the CarDekho platform, analyzes consumer trends and market dynamics from August 2023 to August 2024.
According to the report, E2W retail sales surged by 44% year-on-year in August 2024, significantly surpassing the overall automotive industry growth rate of 7%. The retail contribution of E2Ws rose from 5% in August 2023 to 7% in August 2024.
The findings from CarDekho indicate a notable shift in consumer interest, with Tier 1 and Tier 2 cities contributing 76% of E2W searches on the platform. However, there is an increasing demand from smaller cities, evidenced by a 41% growth in traffic from Tier 3 cities and a 34% increase from other smaller urban areas.
Maharashtra (14%), Uttar Pradesh (11%), Karnataka (8%), Tamil Nadu (7%), and Madhya Pradesh (7%) emerged as the top five states for E2W searches on the CarDekho platform.
Mayank Jain, CEO of New Auto (CarDekho Group), commented, “The E2W segment is at the forefront of India’s electric vehicle revolution, showcasing significant growth not just in sales but in consumer interest as well. Our data shows growing interest beyond metro cities, signaling a nationwide shift towards electric mobility. This widespread acceptance, combined with India’s manufacturing prowess in two-wheelers, opens up exciting possibilities. As affordability and sustainability become key drivers in emerging markets, Indian E2W manufacturers have the opportunity to leverage their strengths and become key players in the international arena. The rapid domestic adoption we’re witnessing is not just transforming local transportation – it’s paving the way for India to lead the global E2W export market.”
The report also noted that retail growth was evident among five out of the top six Original Equipment Manufacturers (OEMs) in August 2024 compared to the previous year, further illustrating the momentum in the E2W industry.
