India's electric vehicle sales have crossed the one million unit milestone in retail sales, marking a significant achievement for the electric two-wheeler (e2W) sector.
Ola Electric, TVS, Bajaj Auto, and Ather Energy captured 83% of the market, with Ola Electric leading sales at 37%. Maharashtra emerged as the top state, selling 182,035 units, capturing an 18% share of total sales.
Milestone Achievement
As per recent vehicle data (as of November 12, 2024), India's overall retail sales of electric two-wheelers have surpassed one million units, reaching 1,000,987 units between January 1 and November 11, 2024.
This milestone marks the first time 1 million units have been crossed in a calendar year. The electric two-wheeler segment accounts for 59.54% of the total 1.68 million EVs sold across all vehicle categories in India during this period, highlighting its role as a key driver of EV market growth.
Rapid Growth in the EV Market
The current year is on track to conclude with record e2W sales, estimated between 1.1 and 1.2 million units. With only 50 days remaining in 2024, the electric two-wheeler segment is projected to experience a 34% year-on-year increase over the previous year's sales figures.
This growth trajectory aligns with recent trends: Sales in 2023 already increased by 36% compared to 2022. Over four years, from 156,325 units in 2021 to the current figures, this surge represents a 540% growth, demonstrating the segment's rapid expansion.
India's Electric Vehicle Market Composition
As of November 11, 2024, India's total EV market has seen 1.68 million vehicles sold across various segments. Of these, electric two-wheelers hold the largest share with 59.54%, followed by electric three-wheelers at 34.96% (587,782 units).
Electric passenger vehicles are the third largest segment with 4.94% (83,076 units), while commercial EVs represent a smaller 0.53% share, including 5,259 light goods carriers, 3,512 buses, and 180 heavy goods carriers.
This distribution highlights the prominence of e2Ws and their crucial role in driving the country's overall EV market forward.
Market Shares of Leading Companies
Retail sales data indicates that Ola Electric, TVS Motor Co., Bajaj Auto, and Ather Energy dominate the Indian e2W market, collectively capturing 82.79% of the segment's sales.
Ola Electric leads with 376,550 units (37% share), followed by TVS with 187,301 units (19%), Bajaj Auto with 157,528 units (16%), and Ather Energy with 107,350 units (10.72%). See October 2024 electric two-wheeler sales data.
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