The month of October 2024 marked a significant milestone in the electric vehicle (EV) industry, particularly for two-wheeler manufacturers. The festive season brought with it a surge in retail sales, with an impressive 85% year-on-year increase. This translated to a total of 1,39,031 units sold in October alone, a substantial leap from the 75,164 units sold during the same period in the previous year.

This surge in sales is indicative of a broader trend in the automotive industry. Consumers are gradually shifting their preferences from traditional petrol vehicles to electric alternatives. This shift is not only a testament to the growing awareness and acceptance of sustainable transportation but also a reflection of the advancements in EV technology and infrastructure.

In the first ten months of 2024, a total of 9,54,164 electric two-wheelers were sold, marking a 38% increase on an annual basis. This is a significant increase from the 6,92,363 units sold during the same period in the previous year. This steady growth in sales underscores the increasing demand for electric two-wheelers and the potential for further growth in the sector.

Ola Electric's Roller Coaster Ride

Among the manufacturers, Ola Electric has been at the forefront of this growth, despite facing challenges related to service and product quality. In October 2024, the company sold 41,605 units, a considerable increase from the 27,615 units sold in August and the 24,716 units sold in September.

The year 2024 has been a roller coaster ride for Ola Electric. The company started the year on a high note, selling 32,424 units in January. This figure rose to an all-time high of 53,640 units in March, pushing the company's market share to 38%. However, the subsequent months saw a decline in sales, and by September, the market share had fallen to 27%.

Despite the challenges faced by Ola Electric, the overall sales of EV two-wheelers have seen a consistent increase. Other manufacturers, such as TVS Motor, have also experienced a surge in sales. In October, TVS Motor sold 29,890 EV two-wheelers, marking an 81% increase on an annual basis. This is a significant increase from the 16,507 units sold in October 2023. During this period, the company's market share was 21%.

TVS Motor Overtakes Bajaj

In the competitive landscape of EV two-wheelers, TVS Motor managed to climb to the second position in October, overtaking Bajaj, which fell to the third place. This shift in rankings is indicative of the intense competition and rapid changes in the EV two-wheeler market.

In the calendar year 2023, TVS sold 166,581 iQubes, which was 94,641 units more than Bajaj Auto's 71,940 Chetaks. However, the gap between the two companies has significantly reduced in the current year, standing at 27,164 units.

This growth in the EV two-wheeler market is reminiscent of similar trends observed in other parts of the world. For instance, in China, the world's largest EV market, there has been a consistent increase in the sales of electric two-wheelers over the past few years. This trend is driven by factors such as government incentives, advancements in battery technology, and increasing consumer awareness about the environmental benefits of electric vehicles.

The month of October 2024 marked a significant milestone in the EV two-wheeler market in India. The impressive sales figures and the increasing consumer preference for electric vehicles indicate a promising future for the industry. Despite the challenges faced by manufacturers such as Ola Electric, the overall growth trend suggests a bright future for the EV two-wheeler market. As technology continues to advance and consumer awareness continues to grow, the shift from petrol vehicles to electric alternatives is expected to accelerate in the coming years.