Retail sales of electric scooters and motorcycles have surpassed the 1 million-unit milestone for the first time in a year. As per the latest Vahan data (as of November 12, 2024, 8 am), cumulative retail sales between January 1 and November 11 stand at 1,000,987 units.
With exactly 50 days remaining for CY2024 to come to a close, it can be surmised that, given the current sales momentum, India's e2W Inc. will close the year with record sales in the region of 1.1 million to 1.2 million units. This will constitute a 34 percent year-on-year increase over CY2023’s 8,60,410 units.
Ola, TVS, Bajaj and Ather command 83 percent of the market
As per Vahan retail sales data for the year to date, four EV manufacturers have registered six-figure sales: Ola Electric, TVS Motor Co., Bajaj Auto, and Ather Energy.
Also See: Bajaj, TVS, Hero outsell major EV startups in October
Maharashtra tops e2W sales with 18 percent share
As per the Vahan database, of the total 10,00,987 electric two-wheelers sold between January 1 and November 11, 2024, Maharashtra has the bragging rights to being the state with the highest sales in the year to date. At 1,82,035 units, Maharashtra has an 18.18 percent share and is ahead of Uttar Pradesh by 24,404 units.
Rajasthan ranks fifth with 67,301 units, followed by Gujarat (58,958 units), Kerala (58,772 units), Madhya Pradesh (54,918 units) and Odisha (50,028 units).
Given that the e2W segment is the biggest volume driver for the EV industry, and 1.68 million EVs across all vehicle segments have been sold in the first 315 days of this year, it remains to be seen just how close India EV Inc. gets to the 2-million EV retails mark. That, in itself, will be setting a new record for the industry.
Also See: Car sales set to hit a record 4.5 lakh units this festive season
Hormazd Sorabjee
Anurag Chaturvedi
