Electric scooter and bike sales in India surged 85 percent year on year (YoY) to 1,39,000 units in October, and mainstream brands such as TVS, Bajaj Auto and Hero MotoCorp, with combined sales of 65,489, sold 4,428 more EVs than the other top electric two-wheeler startup brands.
- TVS, Bajaj, Hero EV sales crosses 65,000 mark in October
- Top 10 e2W makers had a combined 44 percent market share
Legacy brands registered their best-ever monthly retail sales in October. TVS Motor Co sold 29,930 iQube scooters, regaining its lead over a hard-charging Bajaj Auto (it retailed 28,245 Chetak units), which had outsold TVS in September. Hero MotoCorp sold 7,314 Vida e-scooters. Together, these three companies clocked 65,489 units in sales. On the other hand, India’s top 10 e-two-wheeler startups managed 61,061 units.
| 2W EV sales in October 2024 | |||
|---|---|---|---|
| Legacy OEMs | EVs sold | e2W Start-ups | EVs sold |
| TVS | 29,930 | Ola | 41,664 |
| Bajaj | 28,245 | Ather | 16,000 |
| Hero | 7,314 | Bounce | 1,006 |
| TOTAL | 65,489 | Revolt | 949 |
| - | - | River | 365 |
| - | - | Pure | 334 |
| - | - | Simple | 324 |
| - | - | Okinawa | 232 |
| - | - | Oben | 139 |
| - | - | Ultraviolette | 48 |
| - | - | TOTAL | 61,061 |
Of the total e-two-wheelers sold in October, TVS (21 percent market share), Bajaj Auto (20 percent), and Hero MotoCorp (5 percent) grabbed 47 percent of the market, while the top 10 e2W OEMs had 44 percent. The remaining 9 percent was being fought for by the rest of the field – 196 players. In October, Vahan retail sales data reflected all 209 e-wheeler manufacturers in India.
Ola Electric, which had a torrid August and September, remains the No. 1 e2W OEM. It bounced back with 41,664 units in October, its third-highest monthly score after the 53,640 units in March and 41,794 units in July. With a 30 percent market share, the company accounts for the bulk of the top 10 startups’ sales. Bengaluru-based Ather Energy, which clocked its best-ever monthly retail sales of 16,000 units in October, has an 11.50 percent market share. The remaining eight startups – Bounce, Revolt Motors, River Mobility, Pur Energy, Simple Energy, Okinawa Autotech and Oben Electric – account for 3,397 units and a 5.56 percent market share. Revolt Motors (949 e-motorcycles) and Simple Energy (324 e-scooters) both registered their best-ever monthly sales.
Not very long ago, it was felt that EV startups, with their perceived absence of legacy issues, IT technology prowess, venture capital investments and the ability to burn cash to get a foothold in the market, would stamp their dominance in this segment of zero-emission mobility. However, TVS, Bajaj and Hero MotoCorp, the three legacy ICE OEMs that have diversified and plugged into e-mobility, are proving to be a resilient lot and giving the two-wheeler startup world a run for its money and more.
These three, with their strong R&D setup and component supplier base, are clearly benefiting from their growing localisation levels, the introduction of new variants, brand power and the marketing strength that comes from a large dealer network across the country.
Hormazd Sorabjee
Anurag Chaturvedi
