Ola Electric, TVS, Bajaj Auto and Ather Energy captured 83% of the market, with Ola Electric leading sales with 37%. Maharashtra emerged as the top state by selling 1,82,035 units, grabbing an 18% share in the total sales. According to recently revealed vehicle data, the total retail sales of electric two-wheelers in India have crossed one million units, which will reach 1,000,987 units between January 1 and November 11, 2024.
This milestone is the first time that one million units have been exceeded in a calendar year. Of the total 1.68 million electric vehicles sold across all vehicle categories in India during this period, the electric two-wheeler segment accounted for 59.54%, highlighting its role as a key driver of market growth. electric vehicle market.
Rapid growth in the electric vehicle market
The current year is about to end with record e2W sales, estimated between 1.1 and 1.2 million units. With just 50 days left in 2024, the electric two-wheeler segment is projected to witness a 34% year-on-year growth compared to last year’s sales figures.
This growth trajectory is in line with recent trends: sales in 2023 have already increased by 36% compared to 2022. In four years, from 156,325 units in 2021 to current figures, this jump represents a growth of 540%, which reflecting the rapid expansion of this segment.
India Electric Vehicle Market Structure
As of November 11, 2024, India’s total EV market is projected to be 1.68 million vehicles sold across various segments. Of them, the proportion of electric two-wheelers is the highest at 59.54%, followed by electric three-wheelers at 34.96% (587,782 units).
Passenger electric vehicles are the third largest segment at 4.94% (83,076 units), while commercial electric vehicles have a share of 0.53%, including 5,259 light vehicles, 3,512 buses and 180 heavy vehicles. This installment highlights the prominence of e2W and its vital role in boosting the overall electric vehicle market in the country.
Market share of leading companies.
Retail sales data shows that Ola Electric, TVS Motor Company, Bajaj Auto and Ather Energy dominate the Indian e2W market and collectively account for 82.79% of the segment’s sales.
Ola Electric leads with 376,550 units (37% share), followed by TVS with 187,301 units (19%), Bajaj Auto with 157,528 units (16%) and Ather Energy with 107,350 units (10.72%).
