The Indian two-wheeler industry is currently witnessing a slowdown, contrary to some, the lower-than-expected rural demand and below-par uptick in entry-level products can be attributed to a downward trend in the world’s largest two-wheeler market.
On the other hand, when one looks at the electric two-wheeler segment, it seems that new-age players like Ola Electric, and Ather Energy together with legacy giants TVS Motor Co and Bajaj Auto have managed to expand the market and eat into share of historic leaders Hero Electric and Okinawa Autotech among others.
Interestingly, looking at the Q3 sales performance of the top 15 players in India’s electric two-wheeler segment, there is a clear indication of consolidation to some extent in the absolute sales numbers where customers are moving towards premium and smart two-wheelers.
Taking a look at the market leader, Ola Electric has grown its market share from a mere 0.33 percent when it entered the segment in FY2022 to 39.52 percent in Q3 FY2024. Thanks to its aggressive marketing strategy and multiple products, it continues to top the charts.
The market leader Ola Electric sold 84,161 e-scooters, versus 50,114 units for the same period last year, clocking 67.9 percent growth YoY. This was because the company has now expanded its product range from a single model to three offerings – S1 Pro, S1 Air and S1 X, which translates to prices ranging between Rs 1,29,999 to Rs 79,999.
TVS Motor Co, with its iQube range (iQube and iQube S) priced at Rs 123,766 to Rs 138,883 has managed to clock sales of 47,937 units in Q3 FY2024, up 105 percent YoY.
On the other hand, Bajaj Auto Group clocked a robust growth of 218 percent YoY with sales of 31,394 units versus a modest 9,894 units a year ago.
Bengaluru-headquartered Ather Energy probably maintained a similar line of growth with sales of 24,331 units, versus 22,892 units a year ago. This translated to a market share of 10.07 percent compared to 10.47 percent last year.
Greaves Electric (formerly Ampere Vehicles), which had been mired in the controversy of claiming FAME 2 subsidies without meeting its norms, sold 11,575 units compared to 399 units a year ago. It was able to grow its market share from a low of 0.18 percent to 4.77 percent YoY.
| ELECTRIC TWO-WHEELER SALES IN INDIA | ||||||||
| Company | Jan-24 | Market share (in %) | Q3 FY’24 | Market share (in %) | Q3 FY’23 | Market share (in %) | Q3 FY’22 | Market share (in %) |
| Ola Electric | 32,252 | 39.52% | 84,161 | 34.66% | 50,114 | 22.91% | 240 | 0.33% |
| TVS Motor Co | 15,224 | 18.66% | 47,937 | 19.74% | 23,335 | 10.67% | 2,128 | 2.95% |
| Bajaj Auto Group (Chetak Technology) | 10,829 | 13.27% | 31,394 | 12.93% | 9,849 | 4.50% | 2,124 | 2.95% |
| Ather Energy | 9,247 | 11.33% | 24,331 | 10.02% | 22,892 | 10.47% | 6,664 | 9.25% |
| Greaves Electric | 2,352 | 2.88% | 11,575 | 4.77% | 399 | 0.18% | 0 | 0.00% |
| Hero Vida | 1,491 | 1.83% | 6,582 | 2.71% | 182 | 0.08% | 0 | 0.00% |
| Okinawa Autotech | 683 | 0.84% | 4,046 | 1.67% | 29,305 | 13.40% | 16,024 | 22.24% |
| Bgauss Auto | 1,485 | 1.82% | 3,993 | 1.64% | 1,664 | 0.76% | 0 | 0.00% |
| Wardwizard Innovations & Mobility | 975 | 1.19% | 3,504 | 1.44% | 251 | 0.11% | 0 | 0.00% |
| Lectrix EV | 506 | 0.62% | 3,167 | 1.30% | 267 | 0.12% | 0 | 0.00% |
| Okaya EV | 579 | 0.71% | 2,871 | 1.18% | 5,199 | 2.38% | 0 | 0.00% |
| Hero Electric | 0 | 0.00% | 2,042 | 0.84% | 25,989 | 11.88% | 19,451 | 27.00% |
| Revolt Intellicorp | 529 | 0.65% | 2,039 | 0.84% | 1,601 | 0.73% | 2,514 | 3.49% |
| Pure Energy | 619 | 0.76% | 2,016 | 0.83% | 2,753 | 1.26% | 4,772 | 6.62% |
| Others | 4,837 | 5.93% | 13,160 | 5.42% | 44,922 | 20.54% | 18,136 | 25.17% |
| Total | 81,608 | 100.00% | 242,818 | 100.00% | 218,722 | 100.00% | 72,053 | 100.00% |
