Electric two-wheeler sales declined in August 2024, but year-on-year growth continues

• The Indian electric two-wheeler market has reported a month-on-month decline in sales.
• Ola Electric continues to lead the market but its market share has declined.
• TVS Motor and Bajaj Auto occupy the second and third spots respectively.

After months of subdued sales, the Indian electric two-wheeler market bounced back in July 2024, crossing the 1 lakh mark. Sales have once again slowed down in August 2024, declining by 17% month-on-month.

In the month of August 2024, 88,451 electric scooters were sold in India, up from 62,778 scooters sold in August 2023, reporting a 41% year-on-year growth. However, this was considerably lower than the 1,07,472 electric scooters sold in July 2024.


Electric two-wheelers continue to form the bulk of electric vehicle (EV) sales in India, with EV two-wheelers making up 57% of Indian EV sales in August 2024 in terms of numbers.

Ola Electric continues to lead the market

A month after its initial public offering (IPO), Ola Electric reported a sale of 27,506 units in August 2024, up from 18,749 vehicles sold in August 2023, reporting a 46.7% year-on-year growth. This is however lower than its July 2024 sales of 41,711 vehicles.

With this, the company currently occupies a 31% market share, down from 39% in July 2024.

TVS Motor continues to occupy the second spot

TVS Motor continues to be a distant second, with 17,541 electric scooters sold in August 2024, up from 15,482 scooters sold in August 2023, recording a 13.3% year-on-year growth. TVS Motor currently occupies a 20% market share in the Indian electric two-wheeler segment.

Bajaj Auto has emerged as a close third, with 16,699 electric scooters sold in August 2024, up 153.7% from 6,582 electric scooters sold in August 2023. The company currently occupies a 19% market share.

Ather Energy is now in the fourth position, with 10,829 scooters sold in August 2024, up from 7,157 scooters sold in August 2023, recording a 51.3% year-on-year growth. The company commands a 12% market share.

Hero MotoCorp takes the fifth spot with 4,782 electric scooters sold in August 2024, up from 915 scooters sold in August 2023, recording a 422% year-on-year growth.

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