Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share

• The Indian electric two-wheeler market has recorded a growth of 24% in February 2024.
• Ola Electric has reported a new monthly high in sales, beating its January 2024 record.
• TVS Motor and Bajaj Auto continue to hold the second and third positions respectively.

The electric two-wheeler market in India has reported a year-on-year growth of 24% in February 2024, building up on the good start to the year with a 26% growth reported in January 2024.

The electric two-wheeler industry recorded sales of 81,963 vehicles in February 2024, up from 66,053 vehicles sold in February 2023, marking a 24% year-on-year growth.

Ola Electric reports record sales amid discounts

Ola Electric reported a record sales of 33,722 electric two-wheelers in February 2024, amid a discount announced by the company during the month. With this, the company commands a 41% market share of India’s electric two-wheeler market.

The company reported a year-on-year growth of 91%, with sales increasing from 17,616 vehicles in February 2023 to 33,722 vehicles in February 2024.

“We have seen consistent growth in our registrations and market share, and have firmly maintained our leadership position in the market. Our ever-increasing S1 scooter portfolio along with customers becoming more aware and open to buying quality EVs at more accessible price points being the key factors behind this growth,” said Anshul Khandelwal, chief marketing officer, Ola Electric.

TVS Motors and Bajaj Auto hold their positions

TVS Motors has emerged second with a sale of 14,499 vehicles in February 2024, up from 12,568 vehicles sold in February 2023, recording a 15% year-on-year growth. The company currently commands an 18% market share in the Indian electric two-wheeler segment.

The company recently announced that it is expanding the sales of its electric two-wheelers to Nepal and Europe, which should further boost its numbers in the coming months.

Bajaj Auto reported sales of 11,618 vehicles in February 2024, up from 2,517 vehicles sold in February 2023, recording a 360% increase in sales. The company is a close third with a 14% market share.

Ather reports a slight decline ahead of scooter launch

Ather retailed 8,983 electric two-wheelers in February 2024, accounting for a 11% market share in the market. The company reported a month-on-month decline of 4% amid increased competition.

The company is expected to launch its family scooter, the Rizta which will take on the TVS iQube and the Bajaj Chetak at its Community Event in April.

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