India’s electric two-wheeler (E2W) market saw a 33% year-on-year (YoY) increase in retail sales in CY2024, with 1.14 million units sold, up from 860,418 units in CY2023. The segment accounted for 59% of the total EV sales in the country, which stood at 1.94 million units (up 27% YoY). E2Ws remain the dominant sub-segment in India’s EV landscape.
Key Drivers of Growth:
- Affordability and Long-Term Savings: Despite higher upfront costs compared to internal combustion engine (ICE) models, the total cost of ownership (TCO) and lower operational costs have driven demand.
- Last-Mile Delivery Demand: The surge in e-commerce and food delivery services has fueled E2W adoption, particularly among fleet operators.
- Stable Fuel Prices: High petrol prices, unchanged at ₹103.49 per litre since May 2022, have encouraged the transition to electric mobility.
Market Leaders:
- Ola Electric:
- Sales: 407,547 units (up 52% YoY)
- Market Share: 35%
- Key Developments: Expanded to 4,000 stores, launched affordable models like S1 Z and Gig for gig workers.
- TVS Motor Co:
- Sales: 220,472 units (up 32% YoY)
- Market Share: 19%
- Highlights: Expanded iQube network and planned new product launches in FY2025.
- Bajaj Auto:
- Sales: 193,439 units (up 169% YoY)
- Market Share: 17%
- Achievements: Introduced new Chetak 35 Series and expanded its network aggressively.
- Ather Energy:
- Sales: 126,165 units (up 20% YoY)
- Market Share: 11%
- Innovations: Launched Rizta family e-scooter and introduced an extended battery warranty program.
- Hero MotoCorp:
- Sales: 43,693 units (up 292% YoY)
- Market Share: 4%
- Plans: To launch a midsize e-motorcycle in partnership with Zero Motorcycles.
- Greaves Electric Mobility:
- Sales: 35,058 units (up 46% YoY)
- Market Share: 3%
- Milestones: Best-ever annual sales driven by the Ampere Nexus.
