2W Electric Vehicle Sales in July 2024 – Ola, iQube, Chetak, Ather,

In July 2024, electric two-wheeler sales surged, with Ola, TVS and Bajaj together accounting for 73% of the market share

Electric two-wheeler sales in India are growing by leaps and bounds. Strong buyer sentiment, an expanding model lineup, advancements in battery technology, and an expanding sales network have played a major role in its growth. In July 2024, sales grew by 97.22% year-on-year, while month-on-month sales also grew by 35.44%. Leading companies such as Ola Electric, TVS Motor, and Bajaj Auto continued to top the list, commanding 73% of the market share, while all OEMs on the list, except Okaya, achieved year-on-year growth.

Electric 2W retail sales in July 2024 – YoY

Last month, the electric two-wheeler market sold a total of 1,07,716 units, a year-on-year growth of 97.22% compared to the 54,616 units sold in July 2023. The monthly sales also surged by 35.4% compared to the 79,530 units sold in June 2024, and the sales also surged by 35.44%.

Ola Electric topped the list with sales of 41,624 units in July 2024. This is a year-on-year growth of 114.49% while sales grew by 22,218 units compared to just 19,406 units sold in July 2023. The monthly sales were also up 13.35% from 36,723 units sold in June 2024. Ola’s electric two-wheeler lineup has just expanded with the launch of its first electric bike, the Roadster. It comes in three different models including the Roadster X, Roadster, and Roadster Pro. The S is priced from Rs 74,999 to Rs 2,49,999 (ex-showroom).

TVS Motor Co’s iQube electric scooter has sold 19,486 units in the past month. This is a YoY growth of 87.40% and a MoM growth of 40.15% compared to 10,398 units sold in July 2023 and 13,904 units sold in June 2024. TVS launched the Celebration Edition of this iQube on August 15, 2024, which is limited to 1000 units. It stands out with a dual-tone colour scheme, special badges and bold decals, and is priced at Rs 1,19,628 for the 3.4 kWh model and Rs 1,29,420 for the S model.

Bajaj Chetak electric scooters were in high demand last month with 19,657 units sold. This is a YoY growth of 327.43% compared to 4,131 units sold in July 2023, while MoM sales were up 96.41% over 8,990 units sold in June 2024. Bajaj also recently launched the Chetak 3201 special edition scooter, which is sold exclusively on Amazon at an introductory price of Rs 1.29 lakh. It has a higher range of 136 kms, which is much higher than the 126 km range of the Premium model.

Ather Energy saw strong demand for its new Rizta scooter, which has started deliveries in Pune, Delhi, Ahmedabad and Agra. The company reported sales of 10,087 electric two-wheelers, up 50.89% year-on-year and 65.25% month-on-month. Hero MotoCorp reported sales of 5,045 electric two-wheelers in the past month, up 409.60% year-on-year. This is a month-on-month increase of 64.39% compared to 3,069 units sold in June 2024. Hero MotoCorp currently holds a 4.68% market share.

Electric 2W retail sales in July 2024 – less than 5,000 units

Coming down the sales charts was Greaves Electric (Ampere), which sold 3,154 units last month. The company reported a year-on-year growth of 46.09% and a month-on-month growth of 16.26%, while it sold 2,159 units and 2,713 units in July 2023 and June 2024, respectively. BGauss sold 1,792 units last month, up 171.10% year-on-year and 68.74% month-on-month, while Revolt sales increased to 868 units and Wardwizard sales increased to 853 units. However, Wardwizard sales fell 4.80% month-on-month from 896 units sold in June 2024.

Kinetic Green (687 units) and Bounce Electric (667 units) both reported excellent year-on-year and month-on-month sales growth, while Quantum EV sold 644 units, up 195.41% year-on-year but down 4.59% month-on-month. Okaya sold 468 units last month, down 40.31% year-on-year and 9.48% month-on-month, respectively. The other companies on this list sold a total of 3,984 electric 2Ws last month, down 49% from the 7,812 units sold in July 2023, but up 8.91% month-on-month from the 3,658 units sold in June 2024.