The festive season coupled with deep discounts from top players continues to drive India’s electric mobility surge, with EV two-wheeler sales crossing the 1 million mark as of November 2024 for the first time in a calendar year, highlighting the growing demand for EVs among consumers.
As of November 30, 2024, electric vehicle retail sales crossed 10.7 lakh, up 37% year-on-year. In November, however, sales declined 15% month-on-month to 1.18 lakh electric scooters on account of tapering of demand post October festive sales, according to data from government’s Vahan portal.
“November is usually a slow month because of the festive season coming to an end. However, this year it has been much better. Several players have made record sales including TVS and Bajaj,” said an EV and urban mobility expert requesting anonymity.
In October 2024, the domestic electric two-wheeler (E2W) market witnessed a month-on-month (MoM) growth of nearly 54 percent. As per data available on Vahan dashboard, total E2W registrations shot up to 1,39,022 units in October.
Ola Electric continues to lead the market with nearly 24.5% market share in November even though their retail sales have come down by 30% month-on-month and 2% year-on-year. The firm recorded a sales of nearly 29,191 scooters as of November as against 41,775 in October. It recorded sales of 29,197 units in November 2023.
During the festive season, Ola Electric made announcements on price cuts for consumers, which drove demand for the player. In the first week of October, Ola Electric launched its BOSS – Biggest Ola Season Sale – campaign for the festive season wherein it was offering the 2 kWh Ola S1 for Rs 49,999 (which it sells at Rs 74,999.
Industry experts predict that Ola Electric will maintain its market dominance, bolstered by the launch of new EV variants such as the S1 Z, priced at Rs 59,999, and the S1 Z+ at Rs 64,999. Adding to its portfolio, the Ola Gig, designed for the gig economy, is competitively priced at just Rs 39,999.
Stiff competition between TVS Motors and Bajaj continued in November 2024 as well.
TVS Motors. with its flagship iQube scooters, drove its market share to nearly 22.7% as of November, which is close second to Ola’s 24%. Similarly, Bajaj Auto has come in third spot with 22% market share.
In November 2024, TVS Motors recorded sales of 26,971 units, up 41% year-on-year from 19,075 units. Bajaj, on the other hand, recorded retail sales of 26,163 units, up 120% year-on-year from 11,886 scooters in November 2023.
IPO-bound Ather Energy remains in the fourth spot with a market share of 10.7% with retail sales of 12,741 units in November 2024, up 38% year-on-year. Hero MotoCorp recorded sales of 7,309 units in November, up 140% year-on-year.
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