India Witnesses Significant Surge In Electric Two-Wheeler Sales With Ola Electric Leading The Charge

Published: Tuesday, May 28, 2024, 16:00 [IST]

India is witnessing a surge in electric two-wheeler sales, with April 2024 data showing a consistent rise. However, this growth is not uniform across all companies.

In April 2024, India saw the sale of 65,111 electric two-wheelers. Ola Electric emerged as the frontrunner, selling 33,963 units. This represents a 53.90% increase compared to April 2023, highlighting the company's strong performance in the Indian market.

Electric Two-Wheeler Sales Boom in India

TVS, with its single electric scooter model, iQube, witnessed a decrease in sales compared to April 2023. The iQube's sales figures dropped from 8,758 units in April 2023 to 7,675 units in April 2024, translating to a 12.37% decline.

Bajaj Auto Experiences Growth

Bajaj Auto, offering the Chetak electric scooter, achieved significant growth in April 2024. The company sold 7,529 units compared to 4,093 units in April 2023, demonstrating a substantial increase in sales.

Ather Energy Faces a Setback

Similar to TVS, Ather Energy also experienced a decline in sales. In April 2024, the company sold 4,062 units compared to 7,802 units in April 2023, marking a 47.94% decrease. This suggests a shift in consumer attention away from Ather towards other brands.

Other Notable Players

Greaves Electric, Ward Wizard, and Hero MotoCorp also secured positions in the top eight. Greaves Electric sold 2,511 units (355.72% growth), Ward Wizard sold 1,205 units (308.47% growth), and Hero MotoCorp sold 947 units (553% growth).

Okinawa's Drastic Decline

Okinawa suffered a significant setback with sales plummeting from 3,218 units in April 2023 to a mere 592 units in April 2024. This represents an 81.60% decrease and raises concerns about the company's future unless corrective measures are taken.

DriveSpark Thinks

Okinawa's revival hinges on introducing new products with enhanced features and competitive pricing. However, the current market landscape presents a formidable challenge, especially with Ola's increasing popularity among Indian consumers.