Record-breaking sales milestone achieved: Electric two-wheelers surpass one million units sold
In a significant leap for the Indian automotive industry, sales of electric two-wheelers have surpassed the 1 million mark in 2024. This milestone was reached on November 12, with the industry recording 46,359 units in sales that day, pushing the total sales to 1,000,987 units since the beginning of the year.
The growth of the electric two-wheeler industry in India has been impressive, with a staggering increase of 540% over the past four years. In 2021, the sales stood at 1,56,325 units, a figure that was already dwarfed by the 860,410 units sold in 2023. As of now, with just 50 days left in 2024, the industry is expected to sell between 1.1 to 1.2 million units.
The top four states - Maharashtra, Uttar Pradesh, Karnataka, and Tamil Nadu - together make up 57.68% of all electric two-wheeler sales in India. Maharashtra leads the pack with 1,82,035 units, accounting for 18.18% of the total sales. Karnataka comes in third with 1,37,492 units, amounting to 13.73% of the total sales, while Tamil Nadu is fourth with 1,00,223 units, representing 10% of the total sales. Uttar Pradesh follows closely with 1,57,631 units, accounting for 15.74% of the total sales.
The four major companies - Ola Electric, TVS Motor Company, Bajaj Auto, and Ather Energy - control 82.79% of the electric two-wheeler market in India. Ola Electric holds the largest market share with 37% of the sales, having sold 3,76,550 units. TVS Motor Company has sold 1,87,301 units, accounting for 19% of the market, while Bajaj Auto has sold 1,57,528 units, representing 16% of the market. Ather Energy has sold 1,07,350 units, capturing 10.72% of the market.
While the combined revenue of the four leading electric two-wheeler companies in India for 2024 up to November 11 is not explicitly stated in the available sources, the Indian electric vehicle market as a whole is forecasted to reach about 23.38 billion USD in 2024 with a high growth rate. Tata Motors is the dominant player in the domestic electric vehicle market, but specific revenues for individual leading two-wheeler companies in India are not provided in the search results.
The electric two-wheeler industry needed 45,856 more sales to reach 1 million units, a milestone it accomplished in just the first 11 days of November. This rapid growth is a testament to the increasing acceptance and adoption of electric vehicles in India, a trend that is expected to continue in the coming years.
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