The electric two wheeler segment posted an 85% YoY growth with leaders like Ola Electric, TVS Motor, and Bajaj showing off significant gains
Electric two wheeler sales in India continued its upward trajectory in October 2024 boosted by festive demand. Sales went up to 1,39,159 units, surpassing the 1 lakh unit mark with almost all two wheeler makers seeing an increase in MoM sales. On a YoY basis, some automakers in this segment have witnessed a decline.
Electric 2W Retail Sales Oct 2024 – Ola Leads
With sales at 1,39,159 units in the past month, it was positive growth both on a YoY and MoM basis. YoY sales were up by 85.14% from 75,165 units sold in Oct 2023. MoM sales grew by 54.61% over 90,007 units sold in Sept 2024.
Ola Electric led the segment with 41,651 unit sales last month. This was a 74.33% YoY growth from 23,892 units sold in Oct 2023. MoM sales also saw positive growth at 68.77% over 24,679 units sold in Sept 2024. Ola introduced BOSS offer in Oct 2024. This campaign offers savings of upto Rs 15,000 on the Ola S1.
TVS Motor overtook Bajaj Auto on a MoM basis in Oct 2024. TVS Sales stood at 29,915 units in the past month, an 81.23% YoY and 65.20% MoM growth over 16,507 units sold in Oct 2023 and 18,108 units sold in Sept 2024. In Sept 2024, Bajaj Auto had been the No. 2 seller in the electric two wheeler segment. In Oct 2024, Bajaj sales were at 28,232 units relating to a 211.27% YoY and 47.53% MoM growth.
YoY and MoM sales of Ather Energy too improved significantly in Oct 2024 to 15,993 units. The Ather Rizta continues to bring in rich rewards for the company and is seen as a strong rival to the iQube, Bajaj Chetak and Ola S1 X+.
Sales of Hero MotorCorp improved by triple digits on a YoY basis by 277.49% to 7,312 units. This was over 1,937 units sold in Oct 2023. MoM sales also increased by 69.65% from 4,310 units over Sept 2024. Greaves sales dipped 4.85% YoY to 3,981 units in Oct 2024. This was over 4,184 units sold in Oct 2023. MoM sales saw a 43.36% improvement from 2,777 units sold in Sept 2024.
BGauss and Kinetic Post YoY and MoM Growth
BGauss and Kinetic have seen outstanding YoY and MoM growth. BGauss sales were at 2,021 units in the past month while Kinetic sales surged to 1,443 units. Bounce suffered a MoM decline in sales to 1,006 units from 1,205 units sold in Sept 2024 while Revolt sales were up YoY and MoM to 949 units. Wardwizard (703 units) and Lectrix EV (703 units) saw sales decline substantially on a YoY basis.
Quantum Energy with 516 units sold last month has seen a 100% increase in its YoY sales numbers while MoM sales also grew by 53.57%. Others in this segment added 4,902 units to total electric two wheeler sales in Oct 2024. This was a 23.75% YoY decline but a 54.61% MoM growth from 6,429 units sold in Oct 2023 and 3,397 units sold in Sept 2024.
