Ola, TVS and Bajaj were the three best-selling electric two wheeler OEMs in May 2024, together commanding a 75% share in total sales
Electric two wheeler sales stood at 76,907 units in May 2024. This was a severe de-growth of 27.15% on a YoY basis from 1,05,564 units sold in May 2023. The FAME II subsidies that ended in March 31, 2024 and introduction of Electric Mobility Promotion Scheme 2024 (EMPS 2024), resulted in a hike in prices of electric two wheelers. However, this did not deter buyers as the segment has witnessed a MoM growth of 18.12% when compared to 65,111 units sold in April 2024.
Electric 2W Retail April 2024 YoY – Ola Continues its Lead
Ola Electric, with its S1 range of electric scooters has held on to its No. 1 position on this list with 37,225 units sold in May 2024. This was a 29.51% YoY growth from 28,742 units sold in May 2023. Ola is also working on swappable battery technology.
At No. 2 was TVS Motor with 11,788 units sold last month, a 42.31% YoY decline over 20,434 units sold in May 2023. In May 2024, TVS launched a top-spec variant of the iQube electric scooter. This iQube ST trim with a 7 inch screen and the largest battery on any electric scooter competes with the Ola S1 Pro, Ather 450 Apex, Simple One and Vida V1 Pro.
Electric two wheeler sales from Bajaj Auto dipped to 9,214 units. The company had sold 10,097 units in the same month last year thus relating to a 42.31% YoY de-growth. Ather Energy has suffered a steep decline in YoY sales by 60.82% to 6,045 units from 15,430 units sold in May 2023. In contrast, Hero MotoCorp has seen outstanding success in electric two wheeler sales in May 2024 with a 227.03% YoY improvement to 2,456 units from just 751 units sold in the corresponding month last year.
Lower down the sales list, Greaves (1,956 units), Wardwizard (1,261 units) both saw outstanding YoY growth while sales of Bgauss dipped 36.16% to 1,158 units. Revolt also saw sales growth of 20.10% to 687 units while Quantum Energy sales escalated by 786.44% YoY to 523 units in May 2024. The list also included Okaya (519 units), Okinawa (489 units), Kinetic Green (449 units) and Pur Energy (431 units) each of which have seen double digit YoY de-growth. There were also others on this list that contributed 2,706 units to total sales, down 84.93% in stark contrast to 17,953 units sold in May 2023.
Electric 2W Retail April 2024 MoM
On a MoM basis, sales performance across the electric two wheeler segment ended positively. Sales grew by 18.12% from 65,111 units sold in April 2024, a volume growth of 11,796 units with most OEMs on this list showing off increased sales. Ola sales improved by 9.60% MoM from 33,963 units sold in April 2024. At No. 2 TVS Moto sales jumped 53.59% from 7,675 units sold in the previous month.
Sales also increased by 22.38% for Bajaj Auto from 7,529 units of the Chetak electric scooter sold in April 2024. Ather Energy witnessed a 48.82% MoM growth while it was outstanding MoM performance by Hero MotoCorp with 159.35% higher sales when compared to 947 units sold in April 2024. Greaves sales dipped 22.10% MoM while Wardwizard sales were up 4.65% from 1,205 units sold in April 2024.
Lower down the list, with sales in the sub-1000 unit segment was Bgauss with a 62.87% improvement in sales. Revolt sales fell 7.54% while Quantum and Okaya sales were up 22.77% and 39.52% respectively. Okinawa sales fell 17.40% while Kinetic and Pur Energy saw sales growth of 1.58% and 16.49% respectively.
