Electric two-wheeler sales figures in India FY23 & FY24

Long story short: Get ready for an insightful overview of India’s electric two-wheeler market! This report analyses electric/ev two-wheeler sales data in India for FY24 compared to FY23, highlighting the performance of key electric two-wheeler manufacturers.

In FY24, the market saw increased competition with 220 players, up from 180 in FY23. However, the top four companies—Ola Electric, TVS, Bajaj Auto, and Ather Energy—dominantly held 82% of the market share, showing significant consolidation.

The report will deliver sales figures for each company and identify major winners and losers in the electric two-wheeler market for FY2023 and FY2024. Join us as we break down these sales figures and analyse the factors behind their successes and challenges!

Key Takeaways

1. The Indian electric two-wheeler (E2W) market witnessed unprecedented growth in FY24, with total sales surging 30.3% to reach 948,571 units compared to 728,103 units in FY23.
2. Ola Electric consolidated its position as the undisputed market leader in FY24, achieving 329,618 unit sales and capturing a dominant 34.45% market share.
3. TVS Motor Company emerged as the strongest challenger to Ola Electric, with 189,896 unit sales in FY24, representing a remarkable 131.3% year-on-year growth.
4. Bajaj Auto’s Chetak electric scooter delivered the most impressive growth story of FY24, with sales skyrocketing 219.1% from 36,260 units in FY23 to 115,702 units in FY24.
5. Ampere experienced a significant 63% decline in sales, dropping from 84,538 units in FY23 to 31,273 units in FY24.
6. Once a prominent player, Okinawa Autotech suffered the steepest decline with a 78.2% reduction in sales, from 95,931 units in FY23 to just 20,873 units in FY24.
7. Hero Electric, despite being an early entrant in the electric two-wheeler space, experienced an 86.4% decline in sales, dropping from 88,609 units in FY23 to just 12,093 units in FY24.

Company-wise analysis of electric two-wheeler sales figures

The electric two-wheeler segment experienced a 33.3% year-on-year growth in FY24, making it the most significant component of India’s electric vehicle ecosystem. The sector accounted for approximately 59% of all electric vehicle sales in the country during FY24, demonstrating its dominance in the EV landscape.

This growth occurred despite the phasing out of the FAME-II subsidy scheme, which concluded on March 31, 2024, and was replaced by the Electric Mobility Promotion Scheme 2024 (EMPS) with reduced subsidy amounts. The resilience shown by the market indicates a maturing ecosystem where cost reductions, particularly in battery technology, have begun to offset the dependency on government incentives.

1. Ola Electric

Ola Electric consolidated its position as the undisputed market leader in FY24, achieving 329,618 unit sales and capturing a dominant 34.45% market share. This represents a substantial increase from 156,251 units and 21.2% market share in FY23, reflecting 111% year-on-year growth.

The company’s success can be attributed to its direct-to-consumer (D2C) omnichannel distribution strategy, operating 870 Ola Electric stores across India as of March 2024. However, Ola Electric faced significant challenges toward the end of FY24 and into FY25, with customer complaints about service quality leading to a decline in monthly sales from peaks of over 50,000 units to lower levels.

2. TVS Motor Company

TVS Motor Company emerged as the strongest challenger to Ola Electric, with 189,896 unit sales in FY24, representing a remarkable 131.3% year-on-year growth. The company’s market share nearly doubled from 11.54% in FY23 to 19.79% in FY24.

TVS’s iQube series became the second-best-selling electric scooter in India, benefiting from the company’s extensive dealer network, robust after-sales service, and strong brand reputation in the conventional two-wheeler market. The company achieved its highest-ever EV sales in FY24 and continued this momentum into FY25.

3. Ather Energy

Ather Energy maintained steady growth with 108,889 unit sales in FY24, up 41.5% from 76,939 units in FY23. Despite this growth, the company’s market share remained relatively stable at 11.5%, as the overall market expanded rapidly.

Ather’s revenue remained essentially flat at ₹1,753 crores in FY24 compared to ₹1,781 crores in FY23, primarily due to the reduction in FAME-II subsidies. However, the company continued to invest heavily in R&D. It launched new models, including the Ather 450S and Ather 450 Apex, while introducing the family-oriented Rizta scooter.

4. Bajaj Auto

Bajaj Auto’s Chetak electric scooter delivered the most impressive growth story of FY24, with sales skyrocketing 219.1% from 36,260 units in FY23 to 115,702 units in FY24. This phenomenal growth elevated Bajaj’s market share from 4.49% to 11.15%, securing the third position in the market.

The company’s success stemmed from a complete redesign of the Chetak lineup, introducing three variants, including the entry-level 2901, mid-tier Urbane, and range-topping Premium model. Bajaj’s aggressive pricing strategy and expansion of its dealer network to over 200 dealerships across 160+ cities drove this exceptional performance.

5. Hero MotoCorp (Vida)

Hero MotoCorp’s Vida brand showed the highest percentage growth among all manufacturers, with 325% year-on-year growth from approximately 4,000 units in FY23 to 17,000 units in FY24. While starting from a low base, this growth demonstrates Hero’s commitment to the electric segment.

The company expanded Vida’s presence to over 100 cities and established partnerships for charging infrastructure. Hero’s strong dealer network and brand recognition in the conventional two-wheeler market position it well for future growth in the electric segment.

6. Ampere

Ampere experienced a significant 63% decline in sales, dropping from 84,538 units in FY23 to 31,273 units in FY24. The company’s market share fell dramatically from 11.89% to 3.3%, reflecting the intense competition in the segment.

The decline was attributed to the reduction in FAME-II subsidies and increased competition from legacy automotive players. Ampere’s revenue fell 46% to ₹612 crores in FY24, with losses multiplying eleven-fold to ₹215 crores.

7. Okinawa

Once a prominent player, Okinawa Autotech suffered the steepest decline with a 78.2% reduction in sales, from 95,931 units in FY23 to just 20,873 units in FY24. The company’s market share plummeted from 13.17% to 2.20%.

Okinawa’s troubles stemmed from fire safety incidents, regulatory compliance issues, and loss of consumer trust. The company’s revenue nosedived 87% to ₹182 crores in FY24, resulting in a ₹52 crore loss.

8. Hero Electric

Hero Electric, despite being an early entrant in the electric two-wheeler space, experienced an 86.4% decline in sales, dropping from 88,609 units in FY23 to just 12,093 units in FY24. The company’s market share fell from 12.51% to 1.3%.

What are the factors for high sales growth for Ola Electric in FY23 and FY24 in India?

Ola Electric’s high sales growth in FY23 and FY24 in India was driven by a combination of product, distribution, operational, and technological strategies:

1. Expanded Product Portfolio: Ola Electric introduced six models by FY24 (S1 Pro, S1 Air, S1 X+, S1X in 2kWh, 3kWh, and 4kWh variants), catering to various price points and driving adoption across different customer segments.
2. Aggressive Pricing: Entry-level models were priced competitively (e.g., S1 X starting under ₹80,000), achieving price parity with conventional ICE scooters and thus attracting budget-conscious Indian buyers.
3. Direct-to-Consumer (D2C) Omni-channel Network: The company’s extensive and fast-growing network of company-owned experience and service centres (over 900 centres within a year) allowed it to control the customer journey and rapidly scale its reach nationwide.
4. Manufacturing Scale and Execution: Ola’s Futurefactory reached a capacity of 1 million units annually within eight months, making it India’s largest integrated two-wheeler EV facility and enabling cost reduction via scale.
5. Vertical Integration and In-house Technology: Investment in R&D and vertical integration—especially upcoming cell manufacturing at the Ola Gigafactory—helped reduce procurement costs, secure supply, and improve product quality and performance.
6. Battery and Software Innovation: Proprietary battery technology (e.g., efforts towards in-house cell manufacturing and advanced energy management) and software updates through MoveOS differentiate Ola’s offerings and improve user experience.
7. Strong Brand and Marketing: Heavy investment in digital and influencer marketing created strong consumer pull, while launch offers and assurances (such as battery warranty and extended charging network) further reduced barriers to adoption.
8. Government Incentives: Ola benefited substantially from FAME and PLI schemes, reducing effective prices for customers and supporting further investment in R&D and manufacturing capacity.
9. Market Timing and Execution: Ola entered and rapidly scaled as EV adoption was accelerating in India, allowing it to seize early-mover advantages in a fast-growing segment.

These combined strategies led to Ola Electric achieving a 34–35% market share in FY24 and more than doubling its sales compared to FY23, even as government subsidies were being phased down.

What are the factors for high sales growth for TVS in FY23 and FY24 in India?

The high sales growth of TVS Motor Company in the electric two-wheeler segment in India during FY23 and FY24 was driven by multiple strategic and market factors:

1. Strong Product Offering and Upgrades

The flagship TVS iQube electric scooter received a significant refresh in May 2022, with improved range, features, and performance, helping to boost consumer interest. New variants, including the Standard and S variants, cater to different customer segments with competitive pricing (around ₹1.17 to ₹1.24 lakh post FAME-II subsidy). Planned launches of higher-range models like the iQube ST further widened appeal.

2. Expanding Distribution and Service Network

iQube’s availability expanded to over 140 cities with more than 200 touch points, enhancing reach across urban and semi-urban markets. TVS leveraged its extensive dealer network with enhanced focus on providing a positive customer experience, after-sales service, and charging infrastructure partnerships.

3. Leveraging Government Policies

TVS effectively utilised the FAME-II subsidy and Production Linked Incentive (PLI) schemes, which helped reduce prices and supported investments in EV technology and production capacity.

4. Operational Scale and Execution Excellence

Strong manufacturing capabilities allowed TVS to meet rising demand efficiently. Continuous ramp-up of production and efficient supply chain management contributed to improved delivery timelines and customer satisfaction.

5. Brand Reputation and Marketing

TVs capitalised on its substantial brand equity in the conventional two-wheeler segment to build trust in electric scooters. Focused marketing and positioning of iQube as a clean, connected, and reliable electric scooter helped it gain early adopters and environmentally conscious consumers.

6. Market Timing and Consumer Trends

Rapid urbanisation, rising fuel costs, and growing awareness of environmental issues fueled demand for electric scooters. The company’s timing in launching updated models aligned well with increasing electric vehicle acceptance in India.

In summary, TVS Motor Company’s electric two-wheeler sales growth in FY23 and FY24 was propelled by a refreshed and well-priced iQube product line, expansive distribution, government policy support, operational strength, and a compelling brand proposition that matched evolving consumer preferences towards sustainable mobility.

What are the factors for high sales growth for Bajaj Auto in FY23 and FY24 in India?

The high sales growth of Bajaj Auto in the electric two-wheeler segment in India during FY23 and FY24 can be attributed to several key factors:

1. Significant Sales Growth of Chetak Electric Scooter

Bajaj Auto’s Chetak electric scooter sales tripled from around 36,260 units in FY23 to over 115,700 units in FY24, representing a remarkable 219% year-on-year growth. The surge helped Bajaj rise from the 7th to the 3rd position in the electric two-wheeler market, commanding around an 11% market share in FY24.

2. Product Innovation and Lineup Expansion

Bajaj introduced multiple variants of the Chetak EV, including the entry-level Urbane model and upgrades to the Premium variant in late 2023. These additions broadened the appeal across different customer segments and price points.

3. Extensive Dealer Network and Market Reach

Bajaj aggressively expanded its dealer network to over 200 dealerships across more than 160 cities, improving accessibility and customer touchpoints. The enhanced footprint helped improve sales coverage and after-sales service, building consumer trust.

4. Strong Brand Reputation and Customer Loyalty

Bajaj leveraged its established brand equity from its successful ICE two-wheeler portfolio (Pulsar, Dominar, KTM, etc.) to build confidence among buyers transitioning to electric vehicles.

5. Supply Chain and Manufacturing Capabilities

Bajaj strengthened supply chain capabilities and invested in production scale-up to meet growing market demand efficiently. Consistent investments in R&D ensured product quality and performance improvements.

6. Government Policies and Incentives

Bajaj benefited from continuing government EV incentives under the FAME-II scheme and related production-linked incentive schemes, which reduced effective retail prices and improved affordability for consumers.

7. Market Timing and Consumer Trends

The company’s growth aligned with the rising consumer interest in electric mobility amid escalating fuel prices and environmental awareness. Bajaj positioned the Chetak as a stylish, reliable, and comfortable electric scooter suited for urban commuters, capitalising on evolving buyer preferences.

8. Financial Performance and Strategic Focus

Bajaj Auto reported over 23% revenue growth and strong financial health in FY24, enabling sustained investments in EV development and market expansion. The company’s clear strategic focus on the premium and mid-segment electric two-wheelers helped target profitable segments.

In summary, Bajaj Auto’s impressive sales growth in FY23 and FY24 was driven by its revamped and expanded Chetak electric scooter portfolio, extensive dealer and service network, strong brand presence, robust manufacturing and supply chain setup, government policy support, and well-timed market positioning. These factors collectively enabled Bajaj to emerge as a strong contender and reach the third position in India’s competitive electric two-wheeler market in FY24.

What are the factors for low sales growth for Ampere in FY23 and FY24 in India?

The low sales growth of Ampere (Greaves Electric Mobility) in India during FY23 and FY24 was driven by several key factors that combined to significantly impact its market performance:

1. Sharp Decline in Electric Scooter Sales

Ampere’s core business—electric scooters—suffered a significant setback with scooter sales declining by nearly 59% in FY24 compared to FY23. This was critical, as scooters contributed about 70-71% of the company’s total revenue. The drop in scooter sales directly caused a 46% year-over-year revenue decline in FY24 (₹612 crore from ₹1,124 crore in FY23).

2. Reduction in Government Subsidies (FAME-II Impact)

The rollback and reduction of FAME-II subsidies in 2023 negatively affected the pricing competitiveness and demand for Ampere’s scooters. The subsidy reduction made scooters costlier, contributing to lower consumer uptake, especially given intensified competition from players like Ola Electric and legacy automakers.

3. Intense Market Competition

Ampere faced stiff competition from well-funded EV startups such as Ola Electric and established two-wheeler manufacturers like TVS, Bajaj, and Hero MotoCorp, all of which aggressively expanded their electric vehicle portfolios with stronger brand recognition, expanded distribution networks, and larger manufacturing scales.

4. Operational and Financial Challenges

Despite the revenue decline, Ampere’s operating expenses did not scale down proportionally. The company experienced a significant increase in employee benefit expenses (up nearly 49%). It incurred substantial overhead costs (advertising, warranty, legal), leading to a sharp deterioration in profitability metrics. Losses multiplied over 11 times to ₹215 crore in FY24 versus ₹20 crore in FY23, with negative EBITDA and ROCE margins.

5. Shift in Revenue Mix

While electric scooter revenues fell sharply, Ampere’s electric three-wheeler segment grew 2.5 times, indicating some diversification. However, the growth in three-wheelers was insufficient to offset the massive decline in the scooter segment.

6. Limited Scale and Manufacturing Challenges

Ampere lagged behind competitors in manufacturing scale and vertical integration, affecting cost efficiencies and market responsiveness, reducing its ability to compete aggressively on pricing and volume.

7. Market Position and Consumer Perception

Ampere struggled to maintain customer trust and market momentum amid subsidy cuts and market disruption, limiting brand appeal compared to more aggressive and better-networked competitors.

In summary, Ampere’s sales growth was hampered by the subsidy cut impact, intense competition from more agile and larger players, declining demand for its electric scooters, and mounting operational losses. The company faces the challenge of strategic restructuring and innovation to regain competitiveness in the rapidly evolving Indian electric two-wheeler market.

What are the factors for low sales growth for Okinawa in FY23 and FY24 in India?

The low sales growth and steep decline of Okinawa Autotech in FY23 and FY24 in India can be attributed to several key factors:

1. Sharp Sales and Revenue Decline: Okinawa’s sales plummeted from 95,931 units in FY23 to just 20,873 units in FY24, causing its market share to drop drastically from 13.17% to 2.20%. Correspondingly, revenue fell 87% from ₹1,144 crore to ₹182 crore. The decline continued into FY25 with sales shrinking further.
2. Fire Safety and Regulatory Issues: The company faced serious fire safety concerns and incidents involving its vehicles, damaging consumer confidence. This was compounded by stricter regulations on lithium-ion battery safety and compliance, which pressured the company and affected sales.
3. Loss of Consumer Trust: Due to safety incidents and regulatory scrutiny, Okinawa suffered a significant loss of consumer trust, which is critical in the maturing and competitive EV market.
4. Intense Competition: Okinawa faced fierce competition from better-capitalised and rapidly growing players like Ola Electric, TVS Motor, Bajaj Auto, and Ather Energy, all of which expanded their product portfolios, distribution networks, and technologies aggressively.
5. Operational and Financial Challenges: The company struggled to maintain scale and efficiency. The cost of procurement was very high relative to revenue. Despite cutting down on expenses such as advertising and employee benefits, Okinawa still reported heavy losses (₹52 crore loss in FY24 versus ₹166 crore EBITDA earnings the previous year). Margins and returns deteriorated significantly.
6. Funding Constraints and Production Issues: Okinawa faced funding problems that affected its production capabilities, making it difficult to keep up with demand and market expectations.
7. Violation of Subsidy Guidelines: The company was ordered to repay ₹116.84 crore under government subsidy schemes for violations related to importing parts instead of local sourcing, which worsened its financial condition and reputation.
8. Scale Contraction Impact: The sharp contraction in sales volume exacerbated overhead costs per unit. It hampered profitability, creating a negative cycle of financial stress.

In summary, Okinawa’s low sales growth and significant decline in FY23 and FY24 were driven by safety-related setbacks, loss of market trust, regulatory and subsidy issues, intense competition, financial losses, and production constraints. These challenges impeded the company’s ability to compete effectively in India’s increasingly competitive and quality-conscious electric two-wheeler market.

What strategies are the top Electric two-wheeler manufacturers planning to implement to maintain or increase their market share in the coming years in India?

The top electric two-wheeler manufacturers in India—Ola Electric, TVS Motor Company, Bajaj Auto, Ather Energy, and Hero MotoCorp—are implementing a range of strategic initiatives to maintain and increase their market share in the coming years. Here are their key strategies:

Ola Electric

1. Product Innovation and Expansion: Launching new generations of scooters like the Gen 3 S1 range with improved range, power, and lower prices. Introducing new electric motorcycles, such as the Roadster X, to tap into under-penetrated segments.
2. Vertical Integration and Manufacturing Scale: Expanding the Ola Futurefactory and ramping up production of proprietary “Bharat Cell” battery technology to reduce costs and enhance supply security.
3. Network Expansion and Delivery Efficiency: Continuing rapid growth of company-owned stores and service centres (over 4,000 touchpoints), improving delivery times and inventory management through initiatives like Project Vistaar.
4. Focus on Profitability: Executing internal initiatives (“Project Lakshya”) to drive cost reductions and operational efficiencies, aiming for sustainable profitability by FY26.
5. Strong R&D Investment: Maintaining global R&D centres to innovate in EV technology and software platforms.
6. Indigenous Manufacturing Push: Promoting the ‘India Inside’ vision to strengthen domestic EV component innovation and manufacturing.

TVS Motor Company

1. New Affordable Electric Models: Preparing to launch entry-level electric scooters below ₹1 lakh, likely under a popular brand name like Jupiter EV, targeting diverse customer segments.
2. Expansion of Distribution Network: Increasing EV dealer touchpoints beyond 200 cities, alongside enhanced after-sales service and charging infrastructure partnerships.
3. Partnerships for Innovation: Collaborating with global players (like Hyundai) to co-develop last-mile mobility solutions and expand capabilities.
4. Focus on Operational Excellence: Strengthening manufacturing scale and efficiency to meet rising demand and shorten delivery times.
5. Growth in Export Markets: Expanding exports substantially with a 45% growth focus in global markets.

Bajaj Auto

1. Expanding Chetak EV Portfolio: Launching upgraded and more affordable variants of the Chetak scooter (e.g., an updated 2903 variant) to attract broader segments.
2. Dealer Network Growth: Rapidly increasing dealership footprint (over 4,000 touchpoints) to improve market reach and after-sales support.
3. Leveraging Brand Equity: Capitalising on strong brand trust from conventional vehicles to raise EV acceptance.
4. Focus on 125cc+ ICE Segment and Global Markets: Balanced approach by strengthening ICE motorcycle competitiveness alongside electric offerings and exporting aggressively.
5. Investments in R&D and Supply Chain: Enhancing product quality and scale for sustained growth with new launches planned.

Ather Energy

1. Manufacturing Capacity Expansion: Building a new Factory 3.0 in Maharashtra, aiming to increase production capacity to 1.42 million electric two-wheelers annually.
2. Diversifying Product Portfolio: Developing more affordable EV models to capture wider market segments while maintaining premium technology leadership.
3. Continued R&D Investment: Innovation in battery technology (exploring LFP and rare-earth-free motors), new platforms for different segments (including motorcycles).
4. Charging Infrastructure Growth: Expanding the Ather Grid with additional fast chargers and interoperability partnerships.
5. International Market Expansion: Exploring growth opportunities in Southeast Asian and European markets.

Hero MotoCorp

1. New Affordable EV Launches: Introducing two new affordable electric two-wheelers positioned below the existing Vida range to capture a larger market share.
2. Expansion of Vida EV Portfolio: Broadening product offerings based on evolving consumer needs to strengthen positioning in the EV sector.
3. Increasing Dealer and Service Network: Expanding Vida touchpoints to over 200 dealerships across 116 cities.
4. Innovation in Business Models: Introducing subscription-based Battery-as-a-Service (BaaS) models to lower upfront costs and improve affordability.
5. Scaling Production: Enhancing production capacity and supply chain readiness to meet increasing demand.
6. Charging Infrastructure Support: Access to around 2,500 charging stations through partnerships, facilitating customer convenience.

Other related links from Bikeleague India

1. Top 10 bike / scooter brands as per India’s market share
2. Two wheeler Sales in India FY 2023-24 | Analysis of Top Brands
3. Electric scooter subsidy in India : A comprehensive guide
4. Ola Roadster X
5. Ola Roadster

Conclusion

We hope you are familiar with the electric/EV two-wheeler sales data report and figures for the top electric two-wheeler brands in FY 2023 and 2024. If you have any questions or need more information about the electric two-wheeler sales figures for FY 2023 and 2024, please email us at bikeleague2017@gmail.com or leave a comment below. We’re always here and happy to help! However, don’t forget to check out Bikeleague India on our social media platforms to stay connected!