Ola, TVS, Bajaj and Ather led in terms of retail sales with a combined market share of 82.52% and a total of 1,15,061 units sold last month
Electric two-wheeler retail sales surged in March 2024, led by Ola Electric while other leading automakers like TVS Motor, Bajaj Auto and Ather Energy also saw outstanding growth. There has been a significant improvement both in terms of YoY and MoM sales in March 2024 in the two wheeler electric segment. Sales grew by 61.57% on a YoY basis while MoM sales were also higher by 69.67%.
Electric Two Wheeler Retail Sales March 2024
Retail sales improved to 1,39,531 units in March 2024, up from 86,358 units sold in March 2023 while in February 2024 sales stood at 82,237 units. Ola Electric led the list by an enormous margin to command a triple digit YoY growth. Sales stood at 53,320 units in March 2024, up 148.75% when compared to 21,435 units sold in March 2023 while MoM sales also grew by 57.54% from 33,846 units sold in February 2024. Market share currently stands at 38.21%.
TVS Motor has a sole electric offering in its portfolio with the iQube adding 26,501 units to company retail sales in the past month. This was a 56.88% YoY and 82.30% MoM improvement as compared to 16,893 units and 14,537 units sold in March 2023 and February 2024 respectively. Bajaj Auto sells the Chetak in this electric two wheeler segment which has brought in rich dividends for the company. Chetak sales in the past month improved by a massive 295.52% on a YoY basis to 18,008 units, up from 4,553 units sold in March 2023. MoM sales also saw extraordinary improvement by 53.93% from 11,699 unit sales in Feb 2024.
Electric 2W retail sales in March 2024 of Ather Energy also escalated by 41.44% YoY and 91.38% MoM to 17,232 units in March 2024. Ather 450S and 450X see prices hiked from April 2024. Ather has also recently introduced the Rizta electric scooter, bookings of which have just commenced. The Ather Rizta is more affordably priced as compared to the iQube and starts off at Rs 1,09,999 while TVS iQube is priced at Rs 1,36,628.
Outstanding sales growth was especially seen for Hero MotoCorp which saw a 1263.09% improvement in March 2024 to 4,062 units, up from just 298 units sold in March 2023. It was also a 131.72% MoM growth with Hero Vida V1 Plus and Pro variants, allowing the company to command a 2.91% share in this segment.
Triple digit YoY (140.91%) and MoM (526.07%) growth in sales was also reported by Kinetic Green, sales of which improved to 3,963 units in the past month. The list also included Bgauss (3,111 units), Greaves Electric (3,008 units), Okaya (1,233 units) and Wardwizard (1,019 units). Each of these OEMs, with the exception of Okaya, have posted elevated sales both on YoY and MoM basis. Okaya sales dipped YoY by 30.10%.
E2W Sales at Sub-1000 units In March 2024
E2W retail sales in March 2024 that failed to surpass the 1000 unit mark were electric startup Shema EV with 749 unit sales in March 2024. Okinawa sales dipped 84.90% YoY to 681 units, down from 4,510 units sold in March 2023 while MoM sales saw a slight growth of 3.18% from 660 units sold in February 2024. There was also Lectric (671 units), Battre EV (633 units) and others which added 5,240 units to total retail sales in the past month.
A new Electric Mobility Promotion Scheme 2024 (EMPS 2024), has been introduced with effect from 1st April 2024, following which prices of electric scooters in India has seen a price hike of up to 10% in view of lower subsidies. As against FAME II, subsidies being offered under EMP scheme is capped at Rs 10,000 per electric scooter making it a whole lot lower than that offered under the FAME II scheme.
