E2W sales rise nearly 30% YoY to 1.18 lakh units in November

Ola Electric continued to dominate the market in November as well and maintained market leadership, followed closely by TVS Motor and Bajaj Auto

The domestic Electric Two-Wheeler (E2W) market continued its upward sales trajectory with annual sales exceeding the milestone of one million in November 2024. As per the data available on Vahan, E2W registrations went up by nearly 30 percent Year-on-Year (YoY) in November 2024, reaching 1,18,944 units. On a Month-on-Month (MoM) basis, however, retails went down by nearly 15 percent from 1,39,787 units in October 2024, as per Vahan data.

As per industry watchers, two-wheeler sales are usually weak in November as the festive season concludes by then. However, the numbers were better this year owing to a wider product portfolio at affordable price points by numerous players, as per industry watchers.

The country’s EV two-wheeler sales for the first 11 months of the year were at 10,74,041 units, up by nearly 37 percent from 7,84,532 units logged during the corresponding period last year, Vahan data showed.  E2Ws crossed the 1 million sales milestone for the first time in a calendar year, highlighting the growing demand for EVs among consumers.

Ola Electric Mobility Limited continued to dominate the market in November as well and maintained market leadership, followed closely by TVS Motor and Bajaj Auto. The Bangalore-based EV startup saw its market share drop to 24.54 percent at 29,196 units in November this year.  While, on a MoM basis, the Bhavish Aggarwal-led firm’s total sales declined by 43 percent from 41,775 units in October 2024, it was down by 3 percent YOY from 30,073 units in November 2024.

TVS Motor Company was second highest EV two-wheeler seller at 26,974 units in November this year. The Chennai-based automaker’s sales went down by 10 percent MoM from 30,077 units in October 2024. In an official release, the company claimed that its EV  sales registered a growth of 57 percent with sales increasing from 16,782 units in November 2023 to 26,292 units in November 2024.

Bajaj Auto Limited, which was behind TVS Motor Company by less than 1,000 units, sold 26,164 units in November 2024. The Rajiv Bajaj-led company’s volumes were lower by 8.69 percent from 28,360 units in October 2024.

IPO-bound Ather Energy attained the fourth position with 12,751 units of monthly retails, down by 21 percent from 16,156 units in October 2024.

Hero MotoCorp, which attained the fifth position, sold 7,309 units of Vida e-scooters in October.  On a MoM basis, the Pawan Munjal-led firm's EV sales remained flat as it sold 7,339 units in September 2024, as per vahan data.