A number of brand-new electric two-wheelers have entered the market in 2024. Sales numbers, however, are lower than in 2023.
| Rank | Manufacturer | September
2023 |
August
2024 |
September
2024 |
MoM %
(Month-on-Month) |
YoY %
(Year-on-Year) |
| 1 | Ola Electric | 18693 | 12405 | 10036 | -19% | -46% |
| 2 | Ather | 7173 | 4331 | 4597 | 6% | -36% |
| 3 | TVS Motors | 15590 | 9492 | 4211 | -56% | -73% |
| 4 | Hero MotoCorp | 532 | 4174 | 4174 | -9% | 685% |
| 5 | Bajaj Auto | 7097 | 4866 | 2826 | -42% | -60% |
| 6 | Greaves Electric Mobility (Ampere) | 3655 | 2741 | 2651 | -3% | -27% |
| 7 | Bgauss | 936 | 1171 | 1203 | 3% | 28% |
| 8 | Revolt | 887 | 807 | 727 | -8% | -18% |
| 9 | Joy E-Bike | 690 | 627 | 557 | -12% | -15% |
| 10 | Kinetic Green | 234 | 356 | 400 | 12% | 71% |
According to September 2024 sales data, the top company, Ola Electric, saw a 19% month-over-month and a 46% year-over-year decline in sales. Ola’s sales have decreased year over year as a result of the frequent dependability problems with their electric scooters, which have prompted several customers to take action after the company was unable to allay their worries. Ather has experienced a 6% month-over-month increase, which we believe is attributable to the growing demand for their family-friendly electric scooter, the Ather Rizta. Still, even they are facing a 36% decline annually.
TVS, a well-known producer in the two-wheeler industry with a wide range of models in its lineup (iQube), has seen a staggering 73 percent decline in sales year over year and a 56 percent decline in month over month sales. Conversely, Hero MotoCorp has had a remarkable 685 percent increase in sales year over year despite a minor decline in month-to-month sales of 6%. This remarkable rise has been noted since the company’s lineup is more affordable than that of its competitors, and more cities nationwide are now carrying its electric two-wheelers. With the Chetak electric scooter, another significant competitor in the industry, Bajaj Auto, has suffered a reduction of 42% month over month and a drop of 60% year over year.
