India's EV two-wheeler market crosses 1 million mark in 2024

India's electric vehicle (EV) landscape hit a significant milestone in 2024, with EV two-wheeler sales crossing the 1 million mark for the first time in a calendar year, as per reports.

As of November 30, electric vehicle retail sales reached 10.7 lakh units, marking a 37% year-on-year (YoY) growth, according to data from the government's Vahan portal.

However, November sales declined 15% month-on-month (Mom) to 1.18 lakh units, following the peak demand during October's festive season.

October 2024 saw the domestic electric two-wheeler (E2W) market experience a MoM growth of nearly 54% with registrations rising to 1,38,022 units.

The surge was fuelled by aggressive festive discounts, particularly by market leader Ola Electric. The company's "Biggest Ola Season Sale" (BOSS) campaign offered significant price cuts, including the 2 kWh Ola S1 at Rs 49,999, down from Rs 74,999.

Ola Electric maintained its lead in November, commanding a 24.5% market share despite a 30% MoM drop in sales to 29,191 units, compared to 41,775 in October.

This figure also represents a 2% YoY decline. Industry experts believe Ola’s dominance will continue, supported by new launches like the S1 Z and S1 Z+, priced at Rs 59,999 and Rs 64,999, respectively, and the competitively priced Ola Gig at Rs 39,999.

TVS Motors and Bajaj Auto continued to challenge Ola’s dominance in November. TVS Motors, with its flagship iQube scooters, captured 22.7% market share, recording sales of 26,971 units—up 41% YoY from 19,075 units.

Bajaj Auto secured the third spot with a 22% market share, selling 26,163 units—a staggering 120% YoY increase from 11,886 units in November 2023.

IPO-bound Ather Energy ranked fourth, holding a 10.7% market share with retail sales of 12,741 units, reflecting a 38% YoY rise. Hero MotoCorp also demonstrated impressive growth, selling 7,309 units in November, up 140% YoY.