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Electric two-wheeler manufacturers have been impacted by the now-reduced subsidy, which led to most EV makers hiking prices. While this can somewhat dampen demand, the wallet-friendly long-term USP of an EV remains a big draw when compared to the price of petrol.
After July 2024’s 1,07,000-plus retail sales of electric two-wheelers, up 97 percent YoY, August didn’t really turn out to be an impressive month for EV manufacturers, given the high expectations the sector has set for itself. At 88,451 units, retails were up 41 percent YoY (August 2023: 62,778 units), but down 17 percent month on month. Put that down to the middle-month effect as a result of the three-month Electric Mobility Promotion Scheme 2024 (EMPS) scheme valid from July 1 through to September 30, 2024. So, if August numbers were somewhat tepid, then expect September to pump up the volume again into six figures.
The e-two-wheeler segment remains the biggest volume driver of the EV industry. In August, it accounted for 57 percent of India’s total electric vehicle volumes at 1,56,199 units (up 23 percent YoY), as per data published on the government of India’s Vahan website (as of September 1, 7am). Let’s take a closer look at the top six movers and shakers of the industry in June and for the first eight months of CY2024.
OLA Electric – 27,506 units
Market leader Ola Electric saw its lowest retail sales figure in the calendar year to date. While the August 2024 numbers are up 47 percent YoY (August 2023: 18,749 units), they are down by 34 percent on July 2024’s 41,711 units. Nevertheless, it remains well ahead of the competition – Ola’s cumulative eight-month sales (2,97,695 units, up 81 percent) give it an overall market share of 41 percent, up from 30 percent a year ago.
Also see: Ola Roadster X, Roadster, Roadster Pro priced from Rs 75,000
TVS Motor Co – 17,541 units
TVS Motor Co, the No. 2 EV player on two wheels, sold 17,541 iQube e-scooters in August, up 13 percent YoY (August 2023: 15,482 units) but down 10 percent on July 2024’s 19,639 units. This gives the company a 20 percent market share for August. Cumulative January-August 2024 sales at 1,27,471 units are up 24 percent YoY and give it a 17.60 percent market share in the year to date. The company, which expects two-wheeler EV sales in India to reach 30 percent market penetration by CY2025, is targeting a big jump in the contribution of EV sales to its overall volumes over the next two years.
Also see: TVS iQube Celebration Edition launched at Rs 1.20 lakh
Bajaj Auto – 16,699 units
Bajaj Auto is hard on TVS’ heels to grab the No. 2 position and was just 842 units behind the Chennai-based manufacturer. In August, Bajaj retailed 16,699 Chetaks, which is a handsome 154 percent YoY increase, albeit on a low year-ago base (August 2023: 6,582 units). This stellar performance gives Pune-based auto major a market share of 19 percent, a big jump over its 6 percent share in the year-ago period, and just one percent behind TVS Motor Co.
Also see: Bajaj Chetak Premium, Urbane to soon become more affordable
Ather Energy – 10,829 units
Ather Energy is the only manufacturer to register month-on-month growth in August. Its 10,829 units were up 51 percent YoY (August 2023: 7,157 units) and up 6 percent on July 2024’s 10,181 units. Ather’s market share in August 2024 was 12 percent, as compared to 11 percent in August 2023. Ather hit the 10,000 retails mark in both July and August.
Also see: Ather Rizta review: Still want that iQube or Activa?
Hero MotoCorp’s Vida – 4,782 units
The world’s largest two-wheeler manufacturer and the last of the big legacy players to enter the EV market is seeing demand pick up for its Vida brand of electric scooters. The company, which sold 4,742 units in August, clocked 419 percent YoY growth on a low year-ago base of 915 units. Market share has risen from 1.45 percent to 5.40 percent in August 2023.
Greaves Electric Mobility – 2,816 units
Greaves Electric Mobility, which launched its new Ampere Nexus e-scooter on April 30, clocked retail sales of 2,816 units in August 2024, down 4 percent YoY (August 2023: 2,926 units). Its cumulative eight-month sales at 21,015 units are a sizeable 137 percent increase over the 8,853 units in the January-August 2023 period. Its market share is currently at 3 percent.
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