Ola Electric along with TVS Motor led the electric 2W segment in February 2024 with a near 60 percent market share
In February 2024, the electric vehicle segment in India posted a total of 1,40,611 unit retail sales as per data released by Federation of Automobile Dealers Associations (FADA). This was a slight decline over 1,44,640 units sold in January 2023. As compared to electric cars and electric three wheelers, the electric two wheeler segment receives the most attention. Despite higher acquisition costs, the saving on fuel and lower maintenance costs are a major attraction to buyers in this segment. Newer and more improved models are being introduced and improvement in battery technology leading to extended range is a particular focus which has drawn buyers to its fold.
Electric 2W Sales February 2024 – YoY and MoM Growth
Electric two wheeler sales grew to 82,237 units in February 2024, up 24.43 percent YoY over 66,090 units sold in February 2023. It was a very marginal growth of 0.77 percent when compared to January 2024 sales which had stood at 81,608 units.
Once again it was Ola Electric that led the segment. Ola’s portfolio currently comprises the S1 X+ , S1 Pro and S1 Air and the company has recently reduced prices across model range. The S1 X+ model now costs Rs 84,999 following a price reduction of 25,000. S1 Pro is now at Rs 1,29,999 from an earlier Rs 1,47,499 while S1 Air pricing is reduced to Rs 1,04,999 from Rs 1,19,999. Ola sales last month escalated 90.43 percent YoY to 33,846 units from 17,773 units sold in February 2023 while its MoM sales also improved by 4.94 percent from 32,252 units sold in January 2024.
TVS Motor followed at No. 2 with a YoY growth to 14,537 units in February 2024 from 12,675 units sold in the same month last year. It was however a 4.51 percent MoM decline over 15,224 units sold in January 2024. TVS iQube electric scooter was also at No.8 on the list of top 10 scooter sales in January 2024. It is offered in two variants priced from Rs 87,691 and boasts an impressive 145 km range on a single charge.
Bajaj Chetak has been a resounding success ever since it was launched. Sales in the past month stood at 11,699 units, a 360.95 percent YoY growth from 2,538 units sold in February 2023. MoM sales also increased by 8.03 percent from 10,829 units sold in January 2024. Bajaj Chetak is very well put together in terms of build, feature and connectivity offering a top speed of 73 km/h and maximum range of 126 kms.
Ather Energy Sales Dip YoY and MoM
Ather Energy has seen lackluster sales last month. There were 9,004 unit retail sales in February 2024, down 10.59 percent when compared to 10,071 units sold in February 2023 while MoM sales fell by 2.63 percent from 9,247 units sold in January 2024. Ather hopes to see improved sales with the new Rizta e-scooter poised for launch at the Ather Community Day in Bengaluru. It has been spied on test and shows off the largest and widest seat in its segment.
Greaves Electric Mobility, with its electric two wheeler brand Ampere accounted for 2,484 unit retail sales last month. This was a 1523.53 percent YoY growth from just 153 units sold in February 2023 while MoM sales also saw a growth of 5.61 percent from 2,353 units sold in January 2024. Ampere is set to introduce a new scooter in the electric two wheeler segment which is currently showing off its skills on a road trip from Kashmir to Kanyakumari and setting records ahead of its official launch by the end of 2024.
Hero MotoCorp electric 2W retail sales went up to 1,753 units in the past month showing YoY and MoM growth from 304 units sold in February 2023 and 1,491 units sold in January 2024. It was followed by BGauss with 1,349 units sold in February 2024 relating to 102.25 percent YoY hike from 667 units sold in February 2023 while MoM sales dipped 9.16 percent.
Electric 2W Sales at Sub-1000 units In February 2024
Lower down the sales list but unable to amass sales above the 1000 unit mark was WardWizard with 841 units sold last month. This was a YoY growth of 291.16 percent but a MoM decline by 13.74 percent. Okinawa sales dipped both YoY and MoM to 660 units while Okaya EV sales fell 46.67 percent YoY to 657 units in February 2024 from 1,232 units sold in February 2023. MoM sales however improved by 13.47 percent from 576 units sold in January 2024. Okaya sells 7 electric scooters in India with prices starting at Rs 74,499.
The retail sales list of electric 2 wheeler also included Kinetic Green (633 units), Pur Energy (499 units), Revolt (478 units) and Quantum Energy (445 units) out of which Quantum Green has seen a 1248.48 percent YoY growth from just 33 units sold in February 2023. Other electric two wheeler manufacturers contributed 3,352 units to total sales last month, a massive 77.94 percent YoY and 19.03 percent MoM decline over 15,198 units and 4,140 units sold in February 2023 and January 2024 respectively.
