India witnessed a remarkable surge in electric two-wheeler registrations in October 2024, marking a 73% month-on-month increase to surpass 1.2 lakh units, according to data from Vahan as of October 30.
This uptick is largely attributed to festive season sales and promotional discounts offered by various manufacturers.
October’s sales figures represent the highest number of electric two-wheelers registered since March, when the country saw registrations peak at 1.4 lakh units, ahead of the expiration of the Centre’s FAME-II scheme.
In contrast, September’s figures showed a modest growth of just 1.5% month-on-month, with 90,350 units registered.
Ola Electric, a leading player in the electric scooter market, played a pivotal role in driving the surge, with its registrations jumping 49% to 36,865 units in October, up from 24,715 units in September.
Despite facing scrutiny over its after-sales service, Ola Electric regained momentum, aided by significant festive discounts.
The company’s BOSS campaign offered its 2 kWh Ola S1 model at an attractive price of INR 49,999, down from INR 74,999, along with additional benefits amounting to INR 40,000.
Ola Electric’s market share, which dipped amid rising competition, stabilized at approximately 30% for October. The company’s growth contrasts sharply with the decline it experienced in the previous two months.
Competitors are also seeing notable gains. TVS Motor Company recorded over a 45% increase in registrations to 26,500 units in October, raising its market share in the electric two-wheeler segment to 21.4%. The company also offered discounts of up to INR 20,000 on its iQube electric scooters.
Bajaj Auto posted a 31% month-on-month increase in registrations, reaching 25,124 units, with its market share rising to 21%. Bajaj’s promotions included festive discounts on its Chetak models available on popular e-commerce platforms like Flipkart and Amazon.
Ather Energy saw a more modest increase in registrations, up 10% to 14,237 units, yet its market share declined to 11.5% amid fierce competition. Ather offered discounts up to INR 25,000 for its popular models, the 450X and 450 Apex.
Emerging players like Hero MotoCorp also made strides, achieving a 52% month-on-month increase in registrations to 6,571 units. In contrast, Ampere Vehicles and Hero Electric faced challenges, experiencing significant declines in registrations.
Overall, the electric two-wheeler segment in India recorded a substantial growth trajectory, with total EV registrations across categories surpassing 2 lakh units in October, an increase from 1.67 lakh units in September, translating to a 45% year-on-year growth.
The Indian transport minister, Nitin Gadkari, remains optimistic about the EV sector, asserting that annual electric vehicle sales in India are projected to reach 1 crore by 2030.
The robust sales in October reflect a growing acceptance of electric mobility among consumers, driven by strategic pricing, innovative offerings, and increased awareness of sustainable transport options.
