As the year 2024 ended, the E2W Indian market had a mixed bag of results. December was one such month that proved to be the deciding factor, recording an overall sharp decline compared to the previous month. However, the overall performance of E2Ws in terms of sales throughout the year indicates resilience and fast change in the market.
|
Maker |
Dec’24 |
Nov’24 |
Dec’23 |
MoM Change % |
YoY Change % |
|
Bajaj Auto |
18,295 |
26,358 |
10,422 |
-30.60% |
76% |
|
TVS |
17,226 |
27,216 |
12,330 |
-36.70% |
40% |
|
OLA |
13,770 |
29,257 |
30,470 |
-52.90% |
-55% |
|
Ather |
10,427 |
12,909 |
6,553 |
-19.20% |
59% |
|
Ampere |
2,840 |
4,490 |
3,349 |
-36.70% |
-15% |
|
BGauss |
1,100 |
1,881 |
1,215 |
-41.50% |
-9% |
|
PUR Energy |
1,087 |
432 |
672 |
151.60% |
62% |
|
Hero |
1,020 |
7,344 |
1,599 |
-86.10% |
-36% |
|
Bounce |
1,007 |
858 |
225 |
17.40% |
– |
|
Revolt |
994 |
2001 |
683 |
-50.30% |
46% |
|
Total |
67,766 |
112,746 |
67,518 |
-39.90% |
0.36% |
E2W: Monthly Sales Overview
In December 2024, India witnessed 67,766 electric two-wheelers sold, which declined by a steep 39.9% from 1,12,746 units sold in November. This is due to various reasons, such as seasonal buying patterns, increased competition, and supply chain constraints that have affected the production schedules. Interestingly, this figure also reflects a slight year-on-year increase from 67,518 units sold in December 2023.
Top Players and Market Shares
Bajaj Auto
- Sales: 18,295 units
- Market Share: Around 25%
- Bajaj’s Chetak has gained popularity among customers, as it has a sleek design and excellent performance. With total sales at 193,439 units for the year, Bajaj has seen a massive 169% increase from last year, 2023.
TVS Motors
- Sales: 17,226 units
- Market Share: About 23%
- The iQube model has strengthened the position of TVS with features and an affordable price. The company is investing heavily in expanding its electric portfolio to capture a greater share of this growing market.
Ola Electric
- Sales: 13,770 units
- Market Share: Approximately 19%
- Ola Electric is still one of the big players despite facing stiff competition from traditional brands. Aggressive marketing and innovative features have helped the company stay ahead in the market.
Reasons for Decreased Sales in December
There are a number of interlinked reasons behind the decreased sales in December.
- Sales during December are always low because most people wait for January when new models are available in the market and discounts are offered.
- Global supply chain difficulties that have arisen in recent times have caused inventories to experience production shortfalls in most cases.
- Newcomers to the E2W market have enhanced competition, impacting sales of legacy brands.
Performance Year and Market of E2W
Despite the sales dip December 2024 was a landmark year for electric two-wheelers in India. The total registrations for E2Ws reached approximately 1.14 million units. Which reflected an impressive growth of 34% over the previous year. This growth trajectory underscores the increasing acceptance of electric mobility among Indian consumers. Penetration of the electric two-wheelers, was from 4.6 in November 2024 and increased 6.2 percent by the month of December 2024.
ELCTRIK Speaks
Electric two-wheelers are at an interesting juncture in the Indian market today. They adapt to changing consumer preferences and regulatory frames directed toward enhancing sustainability in the movement of citizens. December month reflects several challenges from decline in sales compared to other months and even the competition on their side but an overall strong demand for EVs throughout the year. Government incentives and growing environmental awareness will continue to drive the transition towards electric mobility. Therefore, the future of electric two-wheelers in India’s automotive landscape looks promising.
