The electric two-wheeler (E2W) segment in India witnessed a notable uptick in registrations during February 2024, signaling a robust 24% year-on-year expansion in high-speed scooters. Data from Vahan revealed this surge, highlighting the increasing popularity of electric vehicles (EVs) in the country and the progress made by key industry players.
In February, registrations for high-speed E2Ws totaled 81,963 units, maintaining a steady month-on-month status. 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, marking a significant 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%, slightly up from January’s 5.6%, indicating the sustained momentum of E2Ws in the market. Leading the market in February 2024 was Ola Electric, securing the top spot with 33,722 units registered and an impressive 41.1% market share. This achievement was bolstered by a strategic price cut in the final 15 days of the month.
Following Ola Electric were major players like TVS Motor with a 17.7% market share, Bajaj Auto at 14.2%, Ather Energy at 11%, and Greaves Electric (formerly Ampere) capturing 3.2% of the market share.
The top 10 E2W players by volume in February 2024 were:
- 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 a month-on-month basis, the top performers were Hero MotoCorp (+17.1%) and Okaya EV (+13.1%), while the underperformers included Wardwizard (-13.9%) and Bgauss Auto (-9.3%).
