The electric two-wheeler market in India experienced significant growth in the fiscal year 2023-24, with sales increasing by a remarkable 33.3% compared to the previous year. Data from the Vahan portal revealed that a total of 910,930 units of electric two-wheelers (e2w) were sold during the fiscal year, up from 682,937 units in the previous year.
Ola Electric emerged as a major player in the market, accounting for nearly one-third of all e2w sales in India during the fiscal year. The company reported sales of over 1.5 lakh units, almost doubling its sales compared to the previous fiscal year, surpassing 3 lakh units in FY24.
Commenting on the achievement, Ola Electric stated that it had been a significant year for the company and the EV industry as a whole. They highlighted their consistent growth in both volumes and market share throughout the fiscal year, with a particularly strong performance in the fourth quarter, during which they registered almost 1.20 lakh units alone. The company expressed its commitment to maintaining this growth trajectory and contributing further to India's electrification journey.
Interestingly, traditional two-wheeler manufacturers such as TVS Motor Company, Bajaj Auto, and Hero MotoCorp also made notable progress in the e2w market during FY24. TVS secured the second position, selling nearly one lakh additional units and capturing a fifth of the market share. Hero MotoCorp witnessed exponential growth, increasing sales from under 1000 units in FY23 to over 17,000 units in FY24. Bajaj also saw a significant increase in e2w sales, surpassing the one lakh unit mark during the fiscal year. Ather, another key player, recorded impressive growth, crossing the one lakh unit mark and closely competing with Bajaj in sales figures.
