Indian Electric Two-Wheeler Industry Shows 29 Percent YoY Growth in November 2024

In November 2024, the Indian electric two-wheeler (e2W) market saw impressive retail sales, registering nearly 119,000 units, reflecting a notable 29% year-on-year (YoY) growth. As a result, the sales for the first 11 months of the year reached 1.07 million units. Ola Electric, while still leading the market, saw its share decrease to 25%. The competition between TVS iQube and Bajaj Chetak remains intense, with the two separated by only 800 units. Revolt Motors, a key player in electric motorcycles, experienced a massive 200% jump in consumer demand.

The Indian electric two-wheeler sector achieved a milestone in November by surpassing one million units in cumulative sales for the year. Retail sales for November 2024 totaled 191,513 units, reflecting a 24% year-on-year growth. Notably, e2Ws accounted for 118,924 units, contributing 62% of the total EV sales. This performance is especially noteworthy considering the typically slower sales in November after the festival-heavy October.

Overview of November 2024 Sales​

Total Sales Breakdown (November 2024)

The month of November, which began with the Diwali festival and included Bhaiya Dooj, helped sustain strong sales numbers for the electric two-wheeler segment.

Cumulative 2024 Performance

As of November 2024, the cumulative electric vehicle (EV) sales reached 1.80 million units, representing 7.39% of total automobile retail sales. In comparison, the electric two-wheeler segment surpassed 1 million units for the first time in a calendar year, with a 37% YoY increase in sales. This growth comes despite the PM E-Drive Scheme, which, despite offering a reduced subsidy, continues to attract customers due to the lower cost of ownership and attractive financing options.​

Cumulative EV Sales Data (Jan-Nov 2024)

Top Electric Two-Wheeler OEMs Performance

​OLA ELECTRIC - Sales in November 2024

Many key players in the Indian e2W market have achieved remarkable sales in 2024. Ola Electric has continued to lead, followed by TVS Motor Co., Bajaj Auto, and Ather Energy. Other notable companies like Hero MotoCorp, Greaves Electric Mobility, Revolt Motors, and Kinetic Green are also showing strong market presence.​

Sales by Ola Electric (Jan-Nov 2024)

​Ola Electric has faced fluctuations in sales, particularly a drop of 30% MoM in November compared to October 2024. Despite this, the company remains the leader, with 393,648 units sold year-to-date, and a strong 37% market share for 2024. Ola Electric recently increased its product range with the introduction of the S1 Z (₹59,999), S1 Z+ (₹64,999), and the Ola Gig (₹39,999), targeting the Indian gig economy. Sales are expected to increase once these products begin deliveries in 2025.​

Despite the reduced subsidies under the PM E-Drive Scheme, which started in October 2024, the overall demand for electric two-wheelers has remained strong, driven by lower operating costs and the availability of affordable financing options.

TVS MOTOR COMPANY – Sales in November 2024

​​In November 2024, TVS Motor Co. sold 26,971 units of its iQube electric scooter, marking an impressive 41% YoY growth. This led to a market share of 23% for November 2024, an increase from 21% in the same period last year. For the period between January and November 2024, TVS reached 202,903 units in cumulative sales, reflecting a 32% YoY growth.

​The TVS iQube, available in multiple variants with battery capacities ranging from 2.2 kWh to 5.1 kWh, continues to see strong demand in the market. The 2.2 kWh version, priced at ₹89,999, is the most budget-friendly option, providing a range of 75 km. In contrast, the high-end iQube ST 5.1 variant features the largest battery capacity among Indian electric scooters, offering a range of 150 km on a single charge and priced at ₹185,373.​

TVS has been expanding its iQube dealer network, currently estimated at around 750 touchpoints across India, with plans to increase this number further. By FY2025, the company aims to introduce a new electric scooter to maintain its competitive position in the fast-growing e2W segment. TVS is also forecasting that the electric two-wheeler market will achieve a 30% penetration by 2025.

Meanwhile, the rivalry between TVS and Bajaj Auto has grown more intense in 2024. By November, the sales gap between the TVS iQube and the Bajaj Chetak had narrowed to just 808 units.

TVS iQube Sales Data (November 2024)

BAJAJ AUTO – Sales in November 2024

​In November 2024, Bajaj Auto reported 26,163 units of the Chetak electric scooter sold, reflecting a substantial 121% YoY growth. This performance contributed to a 22% market share for the month, up from 13% in November 2023. For the period between January and November 2024, Bajaj's cumulative sales reached 174,909 units, marking a remarkable 184% YoY growth compared to 61,518 units in the same period last year.

Despite a slight 8% drop in sales from October's record of 28,352 units, Bajaj has more than doubled its monthly sales from 10,891 units in January 2024. The Chetak lineup, which starts at ₹95,998 for the Chetak 2903 variant, now includes a variety of options with improved battery performance and range.

The launch of the Chetak 3202 and Chetak 3201 Special Edition has contributed to an expanded lineup, with models priced between ₹95,998 and ₹129,000. The Chetak 2901, priced at ₹95,998, competes directly with other e-scooters like the TVS iQube and Ather Rizta S.

Bajaj has increased its production capacity to almost 20,000 units monthly and is broadening its Chetak retail network, which is boosting its market share and sales volume. By December 2024, Bajaj Auto is expected to become the third OEM to surpass 200,000 units in sales for the year, joining Ola Electric and TVS Motor Co. in this achievement.

Bajaj Sales Data (November 2024)

ATHER ENERGY – Sales in November 2024

In November 2024, Ather Energy sold 12,741 units, marking a 36% YoY growth. This performance gave the company a market share of 11%, up from 10% in the same period in 2023. Ather has maintained a consistent sales trajectory in 2024, with 115,483 units sold from January to November, which represents an 18% YoY growth compared to 98,191 units in 2023.

The Ather Rizta series, launched in April 2024, has gained traction with customers. The Rizta S variant, priced at ₹109,999, offers a 123 km range, while the Rizta Z variant, priced at ₹149,999, provides a 160 km range. Both variants have become popular, aided by features like India's largest two-wheeler seat and ample storage space.

Ather has introduced initiatives like Ather Care Service plans (offering free maintenance, discounts, and extra services) and the Eight70 Warranty. The latter provides up to 8 years or 80,000 km coverage on the 450 series and Rizta e-scooters, ensuring long-term battery health and performance, and addressing customer concerns about battery durability and replacement costs.

​Ather Energy's solid growth and focus on customer-friendly initiatives have bolstered its position as a key player in India's electric scooter market.

Ather Energy Sales Data (November 2024)

HERO MOTO CORP –  Sales in November 2024

Hero MotoCorp reported impressive growth in November 2024, selling 7,309 units of its Vida e-scooters, representing a 140% YoY increase. This performance allowed Hero to increase its market share to 6%, up from 3.3% in the same period in 2023.​

​The company has seen a massive 347% YoY growth in cumulative sales, with 42,625 units sold from January to November 2024, compared to 9,542 units in the same period in 2023. This dramatic increase places Hero MotoCorp at a 4% market share for the year to date.

The Vida brand now has a presence in 116 cities with 203 touchpoints, and Hero plans to expand its electric vehicle portfolio within the mid- and affordable segments by FY2025. The company is also focusing on reducing product costs through localization and technological improvements, which it aims to incorporate into upcoming launches. Additionally, Hero MotoCorp has around 2,500 charging stations in collaboration with Ather Energy, reflecting its commitment to infrastructure expansion.

Hero's strategy to scale up its EV network and reduce product costs positions it to further grow its share in the competitive Indian e-scooter market.

Hero MotoCorp Sales Data (November 2024)

GREAVES ELECTRIC MOBILITY – Sales in November 2024

In November 2024, Greaves Electric Mobility (GEM), part of Greaves Cotton, sold 4,468 units, reflecting a modest 1% YoY growth. Despite this small increase, GEM's market share stood at 4%, slightly down from 5% in the previous year. On a cumulative basis, January-November 2024 sales reached 32,260 units, marking a substantial 53% YoY increase over 21,066 units in the same period in 2023.

The company’s Ampere Nexus has played a crucial role in this growth. Launched in April 2024, the Nexus has gained strong traction in the market, particularly among families. The scooter features a 3 kWh LFP battery, a top speed of 93 km/h, and a 136 km range. Priced between ₹110,000 and ₹120,000, the Nexus offers competitive performance in the electric scooter segment.

GEM's sales network now spans over 400 sales and service points across India, which is contributing to its expanding footprint in the growing e-mobility sector. With a clear focus on product launches and profitability, GEM is gearing up for further growth.

Greaves Electric Mobility Sales Data (November 2024)

REVOLT MOTORS – Sales in November 2024

Revolt Motors, one of the few electric motorcycle manufacturers in India, has seen a significant surge in sales in November 2024. The company sold 1,994 units, reflecting an impressive 197% YoY growth. This strong performance has helped Revolt Motors increase its market share to 1.67%, up from 0.72% in November 2023.

The major contributor to this growth has been the introduction of the RV1 and RV1+ commuter electric motorcycles, which were launched two months ago. The RV1 starts at ₹84,990 and offers a 100 km range with a 2.2 kWh battery, while the RV1+ (₹99,990) is equipped with a 3.24 kWh battery that provides a 160 km range. These new models, combined with a robust expansion of the company’s dealer network (now at 168 locations), have contributed significantly to the sales boost.

In November 2024, Revolt’s sales took its January-November 2024 total to 8,947 units, already surpassing its CY2023 total of 6,977 units. The company's sales network now includes 14 new dealerships, further supporting its market expansion across India. Revolt Motors, which was ranked 13th in January 2024, has now climbed to the 6th position in the e-mobility market, with a strong presence in the electric motorcycle segment.

Revolt Motors Sales Data (November 2024)

The Last Line

​India's electric two-wheeler (e2W) industry is poised to hit a record1.15 million units in 2024, with the top six OEMs leading the charge. These include Ola Electric, TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, and Graves Electric Mobility, all of which have surpassed their 2023 sales in the first 11 months of 2024. Collectively, they contributed to 90% of the market share in November, with their combined sales reaching 1.07 million units for the year.​

Moreover, all major OEMs are working on more affordable electric options to cater to a wider audience. The stage is set for an exciting 2025, but before that, December's sales will be the final indicator of how the year wraps up. Stay tuned for more updates on the industry's performance.