India’s Electric Two-Wheeler Sales Cross 1 Million Units In 2024, Ola Electric Leads Market

India’s electric two-wheeler (e2W) market achieved a major milestone this year, crossing 1 million units in sales for the first time. Between January 1 and November 11, 2024, retail sales reached 1,000,987 units, according to data as of November 12, 2024. This segment accounted for 59.54% of the 1.68 million electric vehicles (EVs) sold across all categories during this period, driving the country’s EV market growth.

Maharashtra led the market, selling 182,035 units and capturing an 18% share of total e2W sales. Ola Electric emerged as the market leader with 37% of sales, followed by TVS Motor, Bajaj Auto, and Ather Energy. Together, these four companies claimed 83% of the e2W segment.

Record Growth in Electric Two-Wheelers

The e2W market is on track to reach record sales of 1.1 to 1.2 million units in 2024, marking a 34% year-on-year growth. In 2023, the segment grew by 36% over 2022. Over four years, sales surged from 156,325 units in 2021 to the current figures, representing a 540% growth.

This rapid expansion underscores the increasing adoption of electric mobility. The strong growth trend positions the e2W market as a key contributor to India’s overall EV industry.

Market Composition and Leadership

Electric two-wheelers dominate the Indian EV market, followed by electric three-wheelers (587,782 units, 34.96%). Electric passenger vehicles hold a 4.94% share, while commercial EVs represent a smaller 0.53%.

Ola Electric leads the e2W segment with 376,550 units sold, capturing a 37% market share. TVS Motor follows with 19%, Bajaj Auto with 16%, and Ather Energy with 10.72%. These companies collectively drive the Electric Two-Wheeler Market in India forward.

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