- The Indian electric two-wheeler industry recorded its best-ever month in March 2024.
- The sales of electric two-wheelers reported a growth of over 60% year-on-year.
- Ola Electric recorded its highest-ever sales in March 2024 and emerged as the leader in FY24.
The electric two-wheeler industry recorded sales of 1,39,288 vehicles in March 2024, up from 86,358 vehicles sold in March 2023, marking over 61% year-on-year growth.
In addition to companies offering year-end discounts to boost sales, this was also fuelled by the FAME subsidy scheme coming to an end in March 2024.
The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the interim budget in February and is valid for four months from April 2024.
The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at INR 5,000 per kilowatt-hour of battery capacity with a capping of INR 10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme.
This has led to an increase in the prices of electric scooters and is something which the companies have been advertising for the last few weeks to push the sales before the FAME Scheme ends.
Ola Electric, which has been leading the electric two-wheeler segment in India for a while now recorded its highest-ever monthly sales at 50,545 vehicles, crossing the 50K mark for the first time. The company had sold 33,923 vehicles in February 2024.
Coming to FY24, Ola Electric has ended the year with sales of 3,26,428 vehicles, becoming the first company to cross the 3-lakh mark. The company had sold 1,72,791 vehicles in FY23 and reported a growth of nearly 90%.
The company currently commands a 35% market share in the Indian electric two-wheeler segment, up from its 24% market share in FY23.
TVS Motor recorded its best-ever monthly sales of 26,478 vehicles in March 2024 to take its FY24 sales to 1,82,933 vehicles, up from 82,108 vehicles sold in FY23, recording a growth of over 122%.
With this, the company commanded a market share of nearly 20% in FY24, up from 19.4% in FY23.
Ather Energy, which has been facing tough competition from TVS Motor and Bajaj Auto has emerged as the third biggest player in FY24 with sales of 1,08,870 vehicles, up from 76,939 vehicles in FY23, registering a growth of over 40%.
The company recorded a market share of 12% in FY24, up from 10.6% in FY23.
However, the company lost the third position to Bajaj Auto when it comes to March 2024 despite recording its highest-ever monthly sales. Ather sold 17,221 vehicles in March 2024.
Ather is all set to launch the Rizta, a family electric scooter at its community event on April 6 in Bengaluru. Rizta is expected to help the company take on the iQube and the Chetak.
Bajaj Auto, which sells the Chetak electric scooter has emerged as the fourth biggest player in FY24. The company sold 1,06,431 scooters in FY24, up from 28,357 scooters in FY23, clocking a growth of 275%, the highest in the industry.
With this, the company commanded a market share of 11.3% in FY24, up from 4% in FY23.
The company sold 17,933 scooters in March 2023, putting it slightly ahead of Ather Energy for the sixth consecutive month.
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