With a wider array of affordable offerings in the battery-driven scooter segment, electric two-wheeler (E2W) registrations went up by nearly 40 percent YoY at 89,940 units, as per the data available on Vahan portal. The total number of E2W retails during September 2023 stood at 63,184 units.
However, the E2W retails were just 1.13 percent higher on a Month-on-Month (MoM) basis from 88,929 units in August 2024. In the calendar year to date, September 2024 retails were the third highest monthly numbers after March 2024 (1,40,327) and August.
Incidentally, September was the last month when the Electric Mobility Promotion Scheme (EMPS) 2024 was in force before getting subsumed under the PM E-Drive Policy, which got implemented on October 1.
Ola Electric retains market leadership, Bajaj dethrones TVS
Notably, September brought significant shifts in OEM rankings, reflecting the major shake up in the market.
The recently-listed Ola Electric Mobility, which continued to lead the EV two-wheeler market, sold 24,665 units last month, seeing a yearly increase of nearly 32 percent from 18,711 units in September, as per Vahan data. Despite retaining market leadership in the E2W market, the Bhavish Aggarwal-led firm logged its lowest monthly sales this year in September as its market share dropped to 27 percent in September from a peak of 49 percent in the first quarter of FY25, as per vahan data.
As per vahan data, Ola Electric 's volumes dropped from 27,589 units in August and 41,781 units in July. While the Ola Electric spokesperson could not be contacted immediately for comments, industry observers reckon that the sales decline could be linked to increasing consumer complaints about Ola Electric's service facilities.
Bajaj Auto, which attained the second spot, increased its marketshare to 21.3 percent by retailing nearly 19,128
Chetak e-scooters. For the first time, the Rajiv Bajaj-led company has overtaken monthly numbers of TVS Motor Company, which sold 18,099 units (20 percent marketshare) in September 2024, as per vahan data. Bajaj Auto’s rise to the second spot can be attributed to its competitive pricing strategy and revised distribution model, as per industry observers.
IPO-bound Ather Energy saw its sales jump by 76.35 percent to over 12,689 units against 7,195 units in September last year. On a monthly basis, the Bengaluru-based EV startup's sales were up by 15 percent from 10,986 units in August 2024.
The Hero MotoCorp-backed has increased its marketshare from 7.9 percent in July 2024 to 14.3 percent as of September 2024 backed by strong Rizta volumes, according to industry sources. The Rizta has crossed 50,000 total bookings till date and is clawing back its market share from last year because of the new Ather Rizta, as per industry sources.
Hero MotoCorp, which came fifth, sold 4,308 units of Vida brand of e-scooters in September. On a yearly basis, it witnessed a whopping 683 percent growth on a low year-ago base of 533 units.
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