The Indian electric two-wheeler market witnessed an electrifying conclusion to fiscal year 2024, recording its highest monthly sales ever in March. This surge comes on the heels of a year marked by consistent growth, solidifying the electric segment as a major player in the Indian automotive industry. Let’s see the electric two-wheeler sales report for March 2024 and the data of best selling electric scooters and bikes.
Top 10 Electric Scooter Selling Companies: March 2024
| Sr. N. | Company Name | Sales in Feb. 2024 | Sales in March 2024 | MoM Growth |
| 1. | Ola Electric | 33,923 | 50,538 | 48.97 % |
| 2. | TVS IQube | 14,607 | 26,466 | 81.18% |
| 3. | Bajaj Chetak | 11,745 | 17,900 | 52.40% |
| 4. | Ather Energy | 9,066 | 17,204 | 89.76% |
| 5. | Hero Vida | 1,755 | 4,060 | 131.33% |
| 6. | Kinetic Green | 632 | 3,964 | 527.21% |
| 7. | BGauss | 1,350 | 3,107 | 130.14% |
| 8. | Greaves Electric | 2,487 | 3,007 | 20.90% |
| 9. | Okaya EV | 657 | 1,233 | 87.67% |
| 10. | Joy e-bikes | 841 | 1,019 | 21.16% |
Ola Electric Maintains Dominance with Strategic Price Cuts
Leading the pack is Ola Electric, the young challenger that continues to disrupt the market. They cemented their position at the top with a remarkable 48.97% month-on-month (MoM) growth in March. This translates to a staggering 50,538 units sold, compared to 33,923 units in February. Industry analysts attribute this significant jump to Ola’s recent price reductions across their S1 series scooters (S1 X+, S1 Pro, and S1 Air). These strategic moves seem to have resonated well with price-conscious consumers, making their electric scooters a more attractive option.
TVS iQube Charges Ahead with Impressive Growth
TVS Motors, a well-established name in the Indian automotive scene, is not going down without a fight. Their popular TVS iQube scooter registered an impressive 81.18% MoM growth in March, reaching sales of 26,466 units. This surge signifies TVS’s ability to effectively tap into the growing demand for electric two-wheelers and capture a significant market share. With its established brand reputation and reliable product offering, TVS iQube is a strong contender in the electric scooter segment.
Traditional Players Adapt: Bajaj Chetak Sees Steady Rise
Bajaj Auto, another major player in the Indian two-wheeler market, is demonstrating its commitment to the electric revolution. Their Bajaj Chetak electric scooter witnessed a healthy growth of 52.40% in March, reaching sales of 17,900 units. This consistent rise suggests a growing consumer preference for the brand’s electric offering. Bajaj’s experience in the traditional two-wheeler market allows them to leverage existing infrastructure and customer trust, giving them a distinct advantage in the evolving electric space.
Ather Energy: Premium Electric Scooters Gain Traction
Ather Energy, a prominent player known for its premium electric scooters, recorded a remarkable 89.76% MoM growth in March, selling an impressive 17,204 units. This substantial increase highlights a growing trend towards high-performance electric two-wheelers. Consumers are increasingly seeking not just eco-friendly options, but also powerful and technologically advanced vehicles. Ather Energy seems to be catering to this segment effectively with its feature-rich scooters.
New Entrants Make a Bold Statement
The electric two-wheeler market is not just about established giants. Interestingly, several new entrants showcased exceptional growth in March. Hero Vida, launched just a month prior in February, saw a staggering 131.33% MoM increase, selling 4,060 units in March. This rapid growth indicates a strong initial reception for their electric scooter offering. Similarly, Kinetic Green and BGauss, other new players, achieved impressive MoM growth of 527.21% and 130.14% respectively. These figures suggest that these new brands are quickly gaining traction among consumers, and their innovative approaches and competitive pricing could disrupt the market further.
Established Brands See Positive Growth
The data also reveals positive signs for established brands like Greaves Electric, Okaya EV, and Pure EV. While their sales figures might be lower compared to the top players, they all witnessed MoM growth in March. This indicates a positive trajectory for these companies as they strive to compete in the increasingly crowded electric two-wheeler space.
Looking Ahead: A Market Poised for Continued Growth
The electric two-wheeler market in India is undeniably experiencing phenomenal growth. This surge is driven by a multitude of factors, including rising fuel prices, attractive government subsidies to promote electric vehicles, and a growing awareness of environmental sustainability. With established manufacturers ramping up production, new players entering the fray with innovative offerings, and continuous advancements in battery technology, the coming months promise even more exciting developments in this dynamic market. Consumers will benefit from a wider range of choices, competitive pricing, and ever-improving technology, further accelerating the shift towards electric mobility in India.
Also Read:- Ola Electric to Launch New Products on Monday April 1, Confirm Bhavish Aggarwal