Electric Two-Wheeler Sales Cross 1 Million Milestone

India's electric scooter and motorcycle sales have reached a big milestone with over 1 million units sold already in 2024 till November 12. A total of 10,00,987 electric two-wheelers have been sold in the country since January 1, which is 59.54 per cent of the 1.68 million electric vehicles sold in the country, since January 1. What makes it more impressive is that the electric two-wheeler industry needed just 45,856 more sales to hit one million. It managed to hit this number in just the first 11 days of November and even surpassed it at 46,359 units. With 50 days still left for 2024 to end, we expect the industry to rake in sales of up to 1.1 to 1.2 million units. This would be a 34 per cent jump from 2023's sales of 860,410 units.

The growth of the Indian electric two-wheeler industry has been nothing short of remarkable. In 2021, sales were 1,56,325 units. This increased to 6,31,398 units in 2022, followed by 8,60,410 units in 2023. Now in 2024, sales have already reached 10,00,987 units by November 11. This shows a massive 540 per cent increase over four years!

Four major electric two-wheeler companies dominate the market at the moment. Ola Electric leads with 3,76,550 units, holding 37 per cent of the market. TVS Motor Company followed by 1,87,301 units (19 per cent), while Bajaj Auto has sold 1,57,528 units (16 per cent). Ather Energy has sold 1,07,350 units, capturing 10.72 per cent of the market. Together, these four companies control 82.79 per cent of the market, leaving the remaining 17 per cent to be shared among the 207 other companies.

State-wise, Maharashtra leads in sales with 1,82,035 units (18.18 per cent), followed by Uttar Pradesh with 1,57,631 units (15.74 per cent). Karnataka comes third with 1,37,492 units (13.73 per cent), and Tamil Nadu fourth with 1,00,223 units (10 per cent). Rajasthan holds the fifth position with 67,301 units, followed by Gujarat with 58,958 units and Kerala with 58,772 units. Madhya Pradesh has sold 54,918 units, while Odisha records 50,028 units. The top four states together make up 57.68 per cent of all electric two-wheeler sales in India.