Electric Two-Wheeler Sales Surge 85% in October 2024

The electric vehicle (EV) market is witnessing a remarkable transformation, particularly in the two-wheeler segment. As the world shifts towards sustainable transportation, the festive season of October 2024 has proven to be a significant milestone for electric two-wheeler manufacturers in India. Retail sales surged by an impressive 85 percent year-on-year, reaching a total of 139,031 units sold. This surge indicates a growing preference among consumers for electric vehicles over traditional petrol-powered options.

In the first ten months of 2024, a total of 954,164 electric two-wheelers were sold, marking a substantial 38 percent increase compared to the same period last year, when sales stood at 692,363 units. This upward trend reflects a broader shift in consumer behavior, as more individuals recognize the benefits of electric vehicles, including lower operating costs and reduced environmental impact.

Ola Electric, despite facing challenges related to service and product quality, managed to sell 41,605 units in October 2024. This figure is a notable increase from the 27,615 units sold in August and 24,716 units in September. The year has been a roller coaster for Ola Electric, with sales peaking at 53,640 units in March before experiencing a decline. The company's market share, which reached 38 percent earlier in the year, fell to 27 percent by September.

Other manufacturers are also making significant strides in the electric two-wheeler market. TVS Motor, for instance, sold 29,890 units in October, reflecting an impressive 81 percent increase from the previous year when sales were at 16,507 units. This growth allowed TVS to reclaim the second position in the market, surpassing Bajaj, which fell to third place. In the calendar year 2023, TVS sold 166,581 iQubes, significantly outpacing Bajaj Auto's 71,940 Chetaks, although the gap between the two has narrowed to 27,164 units this year.

The increasing sales figures for electric two-wheelers are not just numbers; they represent a significant shift in the automotive landscape. As consumers become more environmentally conscious and seek alternatives to fossil fuels, the demand for electric vehicles is expected to continue rising. This trend is likely to encourage manufacturers to innovate further, improving the quality and affordability of electric two-wheelers.

The electric two-wheeler market is on an upward trajectory, driven by changing consumer preferences and a growing awareness of environmental issues. As manufacturers like Ola Electric and TVS Motor continue to adapt and evolve, the future of transportation looks increasingly electric. This shift not only benefits consumers through cost savings and convenience but also contributes to a cleaner, more sustainable planet for future generations.