Retail gross sales of electrical scooters and bikes have surpassed the 1 million-unit milestone for the primary time in a yr. As per the most recent Vahan knowledge (as of November 12, 2024, 8 am), cumulative retail gross sales between January 1 and November 11 stand at 1,000,987 items.
The e2W section, with 10,00,987 items, holds the biggest share of 59.54 % of the 1.68 million EVs offered in India throughout all car segments between January 1 and November 11, 2024.
On the finish of October 2024, India E2W Inc. wanted simply 45,856 items extra to realize the million gross sales milestone, which it achieved within the first 11 days of November.
With precisely 50 days remaining for CY2024 to return to a detailed, it may be surmised that, given the present gross sales momentum, India’s e2W Inc. will shut the yr with report gross sales within the area of 1.1 million to 1.2 million items. It will represent a 34 % year-on-year enhance over CY2023’s 8,60,410 items.
CY2023 itself noticed a 36 % YoY enhance over CY2022’s 6,31,398 items. Contemplating {that a} whole of 1,56,325 e-two-wheelers had been offered in India in CY2021, CY2024’s million-plus items (10,00,987 items) already displays a 540 % enhance over 4 years, pointing to the fast progress of this car section. .
Additionally See: Ola retains market lead in October EV gross sales
Ola, TVS, Bajaj and Ather command 83 % of the market
As per Vahan retail gross sales knowledge for the yr up to now, 4 EV producers have registered six-figure gross sales: Ola Electrical, TVS Motor Co., Bajaj Auto, and Ather Power.
Market chief Ola Electrical, with 3,76,550 items, holds a 37 % share of the million-plus items offered up to now. TVS Motor Co., which has retailed 1,87,301 iQubes, has a near-19 % share, whereas its ICE legacy rival, Bajaj Auto, with 1,57,528 Chetaks, has a near-16 % share. E-scooter startup Ather Power, which has offered 1,07,350 items up to now this yr, holds a ten.72 % market share.
Membership the gross sales of those 4 OEMs and what you get is a commanding 82.79 % share of the Indian e2W market, leaving the remaining 17 % share to 207 different gamers within the business.
Additionally See: Bajaj, TVS, Hero outsell main EV startups in October
Maharashtra tops e2W gross sales with 18 % share
As per the Vahan database, of the full 10,00,987 electrical two-wheelers offered between January 1 and November 11, 2024, Maharashtra has the bragging rights to being the state with the best gross sales within the yr up to now. At 1,82,035 items, Maharashtra has an 18.18 % share and is forward of Uttar Pradesh by 24,404 items.
Uttar Pradesh, with 1,57,631 items, is ranked second within the state-wise EV gross sales parc for the present yr, and has a 15.74 % share. Karnataka is subsequent with 1,37,492 items and a 13.73 % share, adopted by Tamil Nadu with 1,00,223 items and a ten % share. Membership these 4 states, every of them with six-figure gross sales, and their mixed whole of 5,77,381 items offers them a 57.68 % share of India’s total e-two-wheeler market.
Rajasthan ranks fifth with 67,301 items, adopted by Gujarat (58,958 items), Kerala (58,772 items), Madhya Pradesh (54,918 items) and Odisha (50,028 items).
Provided that the e2W section is the largest quantity driver for the EV business, and 1.68 million EVs throughout all car segments have been offered within the first 315 days of this yr, it stays to be seen simply how shut India EV Inc. will get to the 2-million EV retails mark. That, in itself, will likely be setting a brand new report for the business.
Additionally See: Automobile gross sales set to hit a report 4.5 lakh items this festive season
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.