TVS iQube electrical, Bajaj Chetak, Ola Electrical, gross sales, EVs, September 2024

September 2024 got here and went, the month witnessing robust retail gross sales of 88,156 electrical scooters, bikes and mopeds, up 40 p.c 12 months on 12 months (September 2023: 63,184 models). Within the calendar 12 months so far, September 2024 retails are the third highest month-to-month numbers after March 2024 (1,37,741 models) and August (87,256 models). Total retails final month would have been greater given {that a} slowdown in gross sales has impacted market chief and quantity driver Ola Electrical.

Let’s take a more in-depth take a look at every of the highest six gamers, who’re the movers and shakers of the e-two-wheeler business.

1. Ola Electrical market share falls from 38 p.c to 27 p.c
2. 18,933 Bajaj Chetaks bought in September 2024
3. Ather Power gross sales improve by 75 p.c, 12 months on 12 months

Ola Electrical: 23,965 models, up 29 p.c YoY

The not too long ago listed Ola Electrical is having a torrid time, notably up to now two months. The corporate and market chief, which averaged month-to-month gross sales of 37,695 models for the primary seven months of CY2024, noticed demand fall sharply month on month in August (26,928 models) and September (23,965 models). This has seen the corporate’s YoY development decelerate considerably from 105 p.c in June and 112 p.c in July, to 46 p.c in August and 29 p.c in September.

What’s extra, Ola’s September 2024 retails are its lowest month-to-month gross sales in 11 months after October 2023’s 23,594 models. This much-reduced gross sales traction has impacted its market share considerably. Ola’s share of e-two-wheeler retails in September was 27 p.c, down by 11 proportion factors from the 38 p.c it commanded in March 2024 and July 2024. In August 2024, Ola’s market share was 31 p.c.

In September, Ola turned the primary Indian EV maker to surpass 3 lakh unit gross sales in a calendar 12 months.

Bajaj Auto: 18,933 models, up 166 p.c YoY

We have now, since over a 12 months in the past, been forecasting that Bajaj Auto is the darkish horse of each the electrical two- and three-wheeler market. In September 2024, the Pune-based firm has gone forward of longstanding No. 2 producer, TVS Motor Co, promoting 18,933 Bajaj Chetaks to TVS’s 17,865 iQubes. In August, Bajaj was simply 791 models behind TVS. This provides Bajaj Auto a September market share of 21.47 p.c in comparison with TVS Motor Co’s 20.26 p.c for final month.

In July 2024, the Bajaj Chetak rode previous the two lakh-unit wholesales milestone within the home market. Launched simply earlier than the pandemic struck, Bajaj Auto’s first electrical scooter took 4 years to realize 1 lakh gross sales. The following 1,00,000-unit dispatches although have are available in a scant eight months on account of new variants and an expanded retail gross sales community. July 2024’s 20,114 models have been the Chetak’s highest month-to-month dispatches but.

TVS Motor Co: 17,865 models, up 15 p.c YoY

TVS Motor Co bought 17,865 iQubes in September, which makes for 15 p.c YoY development (September 2023: 15,523 models). Month-on-month, TVS’s September retails are up 2 p.c (August 2024: 17,441 models) however down 8 p.c on July 2024’s 19,444 models – its finest month within the 12 months so far.

Whereas TVS has been the longstanding No. 2 e-two-wheeler producer after Ola, it has ceded this rank in September 2024 to a hard-charging Bajaj Auto, which has been registering a better development price. In CY2023, TVS had bought a complete of 1,65,761 iQubes – 93,824 models greater than Bajaj Auto’s 71,937 Chetaks. That yawning hole is now stands sizeably diminished within the present calendar 12 months – to 24,595 models.

The corporate, which expects two-wheeler EV gross sales in India to succeed in 30 p.c market share by CY2025, is concentrating on an enormous leap within the contribution of EV gross sales to its total volumes over the subsequent two years.

Ather Power: 12,579 models, up 75 p.c YoY

Ather Power had clocked its finest month-to-month gross sales within the first six months of FY2025. The corporate has seen its retails develop month on month proper from April 2024 (4,143 models). In September, the good e-scooter maker bought 12,579 models, up 75 p.c YoY (September 2023: 7,169), which provides it a market share of 14 p.c in comparison with 11 p.c a 12 months in the past.

Cumulative January-September 2024 retails at 85,817 models are up 7 p.c YoY (January-September 2023: 80,017 models), which provides it a market share of 11 p.c of e2W Inc’s whole retails of seven,99,103 models until end-September.

Hero MotorCorp: 4,174 models, up 683 p.c YoY

The world’s largest two-wheeler producer and the final of the large legacy gamers to enter the EV market is seeing demand decide up for its Vida model of e-scooters. The corporate, which bought 4,174 models in September, clocked 683 p.c YoY development on a low year-ago base of 533 models. Market share has risen to 4.73 p.c from 0.68 p.c in September 2023.

Hero MotoCorp has began scaling up model presence for Vida and its community now stands at 203 touchpoints comprising 180 sellers throughout 116 cities. The corporate, which has the V1 Plus and V1 Professional EVs, plans to develop its portfolio – throughout the mid- and inexpensive section – ​​inside FY2025. And it already has round 2,500 charging stations in collaboration with Ather Power, by which Hero MotoCorp is an early investor.

Greaves Electrical Mobility: 2,606 models, down 24 p.c YoY

Greaves Electrical Mobility, which was for fairly a while ranked fifth, has misplaced its place to Hero MotoCorp. In September, the corporate bought a complete of two,606 e-scooters, down 24 p.c YoY (September 2023: 3,447 models). GEM’s newest product is the brand new Ampere Nexus e-scooter launched on April 30. Its cumulative nine-month gross sales at 22,244 models are an 85 p.c improve over the 12,042 models within the January-September 2023 interval. Its market share at the moment stands at 3 p.c.

Electrical two-wheeler gross sales in India to cross 10 lakh models in 2024

October 2024 will see India E2-Wheeler Inc experience previous the business’s file CY2023’s retail gross sales of 8,48,003 models. On the finish of September, with cumulative January-September gross sales of seven,99,103 models, the distinction was simply 48,9009 models. , , which is able to simply be achieved within the first fortnight of festive October.

That is not all. Given the present momentum, and the long-term wallet-friendly USP of an EV when in comparison with the excessive worth of petrol, which at the moment prices Rs 103.44 a liter in Mumbai (on October 1), together with the rising EV charging infrastructure throughout the nation, whole 12-month gross sales ought to hit the ten lakh-units mark for the primary time in a calendar 12 months in CY2024.

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