Electric two-wheeler market sees huge 24% growth in February. Ola at top of sales chart

The electric two-wheeler (E2W) market in India saw a significant surge in registrations during February 2024, indicating a robust 24% year-on-year growth in high-speed scooters. According to data sourced from Vahan, this surge reflects the growing traction of electric vehicles in the country, with key players making strides in this evolving sector.

In February, registrations of high-speed E2Ws reached a total of 81,963 units, maintaining a steady month-on-month status. It’s worth noting that the presence of an additional day in February contributed to this growth. The year-to-date average monthly run rate stood at 73,190 units, showing a remarkable 21% increase compared to the previous fiscal year’s average of 60,500 units.

The electric two-wheeler penetration rate for February 2024 reached 5.7%, a slight increase from January’s 5.6%, highlighting the sustained momentum of E2Ws in the market.

Leading the pack in February 2024 was Ola Electric, retaining its top spot with 33,722 units registered. Not only did Ola Electric secure the highest registrations, but it also commanded an impressive 41.1% market share. This accomplishment was further strengthened by a strategic price cut in the final 15 days of the month.

Following Ola Electric were prominent players like TVS Motor with a market share of 17.7%, Bajaj Auto at 14.2%, and Ather Energy at 11%. Greaves Electric, formerly known as Ampere, captured 3.2% of the market share.

Top 10 E2W players by volume in February 2024:Ola Electric (33,722 units)
TVS Motor (14,499 units)
Bajaj Auto (11,618 units)
Ather energy (8,983 units)
Greaves Electric (formerly Ampere) (2,606 units)
Hero MotoCorp (1,750 units)
Bgauss Auto (1,349 units)
Wardwizard (840 units)
Okinawa (660 units)
Okaya EV (657 units)

On MoM basis the top performers were:

Hero MotoCorp (+17.1%)
Okaya EV (+13.1%)
Bajaj Auto (+6.9%)
Ola Electric (+4.4%)
Greaves Electric (+2.8%)

On MoM basis the underperformers were:

Wardwizard (-13.9%)
Bgauss Auto (-9.3%)
TVS Motor (-5.3%)
Ather Energy (-3.8%)
Okinawa (-3,4%)