Rising consumer preference for green mobility, combined with lower total cost of ownership of electric two-wheelers, is driving the demand for e-2W in the major metro cities as well as tier-2 and tier-3 markets in the country. This has resulted in the electric two-wheeler market reaching its highest ever sales level this fiscal year.
India’s top electric two-wheeler OEMs, with Ola Electric leading the pack, and TVS Motors in the second place followed closely by Bajaj Auto, are set to record their highest sales in the current fiscal year with the total electric 2W sales reaching an impressive 109,643 units on October 28, as per data on the Vahaan portal. With Diwali, Dhanteras, and Navratri— all being celebrated in October, sales have surpassed the previous record of 107,612 units set in July.
Analysts predict that sales will further increase to 115,000 units, a significant hike from the 88,156 units sold in September, with overall EV sales up 30-35% from the previous month.
“While this figure is lower than last fiscal year’s record of 136,560 electric 2Ws sold in March 2024, it still represents a strong market performance, as sales can easily peak to around 115,000 units within the next two to three days,” Dr. Shyam Mohan, Founder of Motorway Mobility, a last-mile delivery startup said.
Despite criticism and social media backlash over service delivery issues, market leader Ola Electric reported sales of 32,836 units, up nearly 30% from 25,000 units in the previous month. According to company sources who spoke with Autocar Professional, the ongoing controversy has not dented consumer confidence in the brand, which remains strong, with brisk sales in metr cities as well as Tier-2 and Tier-3 markets.
This momentum is expected to continue throughout the festive season, and into the New Year, the company said.
In addition, with many electric two-wheelers being available for purchase on multiple e-commerce platforms, and significant festive promotions from leading brands such as Flipkart, sales are expected to rise further.
According to Vahaan data on October 28, both TVS Motors and Bajaj Auto are on track to set sales records this month—TVS is the second-largest electric two-wheeler manufacturer currently, and has sold around 23,867 units. Ather Energy, which occupies the third position in the segment currently, witnessed a 30% increase in sales to 12,538 units, compared to 4,597 units last year.
According to Vahaan data, the festive surge has also benefited other electric two-wheeler manufacturers, such as Hero MotoCorp and Greaves Electric Mobility, whose sales have risen significantly.