The electric two-wheeler segment is slowly gaining traction in the Indian market and the overall growth over the past few years is quite encouraging for the manufacturers. In FY2024, electric two-wheeler sales touched a new high of 9,47,087 units, thereby registering a 30% YOY growth over the previous year. In terms of market share, the electric two-wheeler segment grew to a healthy 5.4% as compared to the FY2023’s 4.5%.
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Ola Electric continued with its top spot in the FY2024 sales tally by selling 3,29,237 units, registering a 115.48% YOY growth. Trailing behind is the TVS Motor Company with around 1.83 lakh units in the bag, a 122.84% growth over the previous year. Ather Energy’s growth in FY2024 stood at 41.53% by selling 1,08,889 units. Bajaj Auto Group is one of the highest gainers in FY2024 as the Indian two-wheeler manufacturer sold over 1.07 lakh units with YOY growth of 226.14%.
| S. No. | Electric Two-Wheeler OEM | Sales in FY2024 | Sales in FY2023 |
| 1. | Ola Electric (115.48%) | 3,29,327 | 1,52,791 |
| 2. | TVS Motor Company (122.84%) | 1,82,969 | 82,108 |
| 3. | Ather Energy (41.53%) | 1,08,889 | 76,939 |
| 4. | Bajaj Auto Group (226.14%) | 1,07,069 | 32,829 |
| 5. | Greaves Electric (2930.33%) | 31,273 | 1,032 |
| 6. | Ampere Vehicles (-71.89%) | 23,771 | 84,562 |
| 7. | Okinawa Autotech (-78.24%) | 20,873 | 95,933 |
| 8. | Hero MotoCorp (1780.23%) | 17,693 | 941 |
| 9. | Bgauss Auto (267.45%) | 15,238 | 4,147 |
| 10. | Okaya EV (6.47%) | 14,026 | 13,174 |
| 11. | Hero Electric (-86.35%) | 12,093 | 88,069 |
| 12. | Kinetic Green Energy (74.04%) | 9,703 | 5,575 |
| 13. | Wardwizard Innovations (863%) | 9,115 | 946 |
| 14. | Revolt (-43.22%) | 7,342 | 12,930 |
| 15. | Others (-23.64%) | 57,796 | 75,689 |
| – | Total (15%) | 9,47,087 | 7,28,205 |
Greaves Electric Mobility and Hero MotorCorp are the top gainers in the category with 2930% and 1780% YOY growth, respectively. The former managed to sell 31,273 units while the latter’s sales bar stood at 17,693 units. Setting aside the prominent names in the market, Wardwizard Innovations & Mobility Limited sold a total of 9,115 electric two-wheelers in FY2024, registering 863% YOY growth.
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While a slew of top manufacturers saw healthy growth in FY2024, there are a few prominent names which failed to make a mark in the segment. Ampere and Okinawa sales plummeted by 72% and 78%, respectively in FY2024. Revolt is another popular name in the market which saw a 23% decline in its YOY sales as it sold 57,796 units in FY2024.
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