Electric two-wheeler sales figures in India FY23 & FY24

Long story short: Here’s a quick look at India’s electric two-wheeler market. This report reviews sales data for electric two-wheelers in India for FY24 and FY23, focusing on how the main manufacturers performed.

India’s electric two-wheeler industry is evolving fast, showing strong growth and new trends. This report takes a close look at sales in 2023 and 2024, comparing leading manufacturers, market share, and key factors shaping the sector. We examine each company’s results and the impact of policy changes to help explain what’s driving electric mobility in India.

Data Note: All unit figures in this article are VAHAN portal retail registration data (high-speed E2W segment only; low-speed/non-RTO vehicles excluded) sourced from EVreporter’s FY2023-24 India EV Report and Rushlane’s FY24 retail sales analysis. Wholesale dispatch figures from SIAM may differ. Hero MotoCorp’s FY23 Vida figure (~941 units) reflects limited availability during the brand’s partial-year launch; a previously circulated estimate of 4,000 units has been corrected.

Key Takeaways

1. The Indian electric two-wheeler market experienced robust growth in FY24, with retail registrations rising 30.1% year-on-year to around 947,087 units, despite reduced government subsidies.
2. Ola Electric maintained its dominance as market leader, capturing a 34.76% share and more than doubling its registrations to 329,237 units, thanks to an expanded product lineup, aggressive pricing, and a broad direct-to-consumer network.
3. TVS Motor and Bajaj Auto emerged as strong challengers, with TVS recording 131.3% growth and Bajaj Auto achieving a remarkable 226% increase in sales, both benefiting from new model launches and expanded distribution.
4. Several established brands like Ampere, Okinawa, and Hero Electric saw steep declines in sales and market share, largely due to reduced subsidies, intensified competition, and operational or regulatory setbacks.
5. The sector’s resilience, even with policy changes and tough competition, shows the market is maturing. Lower battery costs, ongoing innovation, and better infrastructure are expected to support future growth in India’s electric mobility sector.

Company-wise Analysis Of Electric Two-wheeler Sales Figures

The electric two-wheeler segment grew by about 30.1% year-on-year in FY24, becoming the biggest part of India’s electric vehicle market. In FY24, these vehicles accounted for about 59% of all EV sales in the country, highlighting their leading role.

This growth continued even after the FAME-II subsidy scheme ended on March 31, 2024, and was replaced by the Electric Mobility Promotion Scheme 2024 (EMPS), which offers lower subsidies (up to ₹10,000 per E2W, down from ₹22,500 under FAME-II). The steady market performance shows the industry is maturing, with lower battery costs reducing the need for government support.

1. Ola Electric

Ola Electric strengthened its position as the clear market leader in FY24, with about 329,237 retail registrations and a 34.76% market share (VAHAN data). This is a big jump from 156,251 units and a 21.2% share in FY23, showing 111% year-on-year growth.

The company’s success comes from its direct-to-consumer strategy, with 870 Ola Electric stores across India as of March 2024. However, Ola Electric faced challenges at the end of FY24 and into FY25, as customer complaints about service quality led to a drop in monthly sales from over 50,000 units to lower numbers.

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, launching 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 exceptional growth in FY24. VAHAN retail data shows approximately 107,069 Chetak units registered in FY24, up from around 32,829 units in FY23 — representing roughly 226% growth. This elevated Bajaj’s market share from around 4.51% to approximately 11.31%, securing the third position in the market.

The company’s success stemmed from a complete redesign of the Chetak lineup, introducing multiple variants, including the entry-level 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 saw strong year-on-year growth in FY24, with VAHAN data showing about 17,693 Vida units sold. The FY23 base was small (around 941 units) since the Vida V1 launched in October 2022 and was available in only a few cities, so the percentage growth looks unusually high. More importantly, the brand expanded quickly to over 100 cities and built partnerships for charging infrastructure.

Hero’s strong dealer network and well-known brand in the regular two-wheeler market put it in a good position for future growth. This is supported by its growing momentum into FY25 and FY26.

6. Ampere / Greaves Electric Mobility

Ampere/Greaves Electric Mobility experienced a significant decline in high-speed E2W retail sales in FY24. VAHAN data shows approximately 23,771 units — a ~71.9% drop from 84,538 units in FY23. The company’s market share fell from 11.89% to 5.66% (an earlier estimate of 3.30% was based on a conflated wholesale/combined-entity figure and has been corrected).

The decline was attributed to reduced FAME-II subsidies and intensified competition from legacy automotive players. Greaves Electric Mobility’s revenue fell 46% to ₹612 crores in FY24, with losses multiplying eleven-fold to ₹215 crores. While the three-wheeler segment grew 2.5x for the group, it was insufficient to offset the scooter segment’s decline.

7. Okinawa

Once a prominent player, Okinawa Autotech saw sales decline by 78.2% — from 95,931 units in FY23 to just 20,873 in FY24. The company’s market share dropped from 13.17% in FY23 to 2.20% in FY24.

Okinawa’s troubles stemmed from fire safety incidents, regulatory compliance issues (including an order to repay ₹116.84 crore for subsidy violations related to importing parts instead of local sourcing), and a severe loss of consumer trust. The company’s revenue nosedived 87% to ₹182 crore in FY24, resulting in a ₹52 crore loss, versus ₹166 crore EBITDA in FY23.

8. Hero Electric

Hero Electric, despite being one of the earliest entrants in the Indian electric two-wheeler space, experienced an 86.4% decline in sales, falling from 88,609 units in FY23 to 12,093 in FY24. The company’s market share fell from 12.51% to 1.30%.

Several factors led to the decline: reduced subsidies under FAME-II, trouble competing on range and technology with newer brands, distribution issues, and a product lineup that did not keep up with fast-changing market standards set by Ola, TVS, and Ather. Unlike Okinawa, Hero Electric did not have fire safety incidents, but its lack of product updates made it vulnerable to strong competition.

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 near price parity with conventional ICE scooters and 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 and software updates through MoveOS differentiated Ola’s offerings and improved 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.

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, boosting consumer interest. New variants, including the Standard and S variants, cater to different customer segments at competitive prices (around ₹1.17-₹1.24 lakh post-FAME-II subsidy). Planned launches of higher-range models, such as the iQube ST, further widened the appeal.

2. Expanding Distribution And Service Network

iQube’s availability has expanded to over 140 cities and more than 200 touchpoints, enhancing its 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 production ramp-up 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 fuelled demand for electric scooters. The company’s timing in launching updated models aligned well with the growing acceptance of electric vehicles in India.

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 retail registrations grew from around 32,829 units in FY23 to over 107,069 units in FY24 (VAHAN data), representing approximately 226% year-on-year growth. The surge helped Bajaj rise to the third position in the electric two-wheeler market, commanding around an 11.31% 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 its supply chain capabilities and invested in production scale-up to efficiently meet growing market demand. Consistent investments in R&D ensured improvements in product quality and performance.

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 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.

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:

1. Sharp Decline In Electric Scooter Sales

Ampere’s core high-speed E2W business suffered a significant setback with retail registrations declining by approximately 71.9% in FY24 compared to FY23. This 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, leveraging stronger brand recognition, broader 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%) and incurred substantial overhead costs (advertising, warranty, legal), leading to a sharp deterioration in profitability. Losses multiplied by over 11 times to ₹215 crore in FY24 versus ₹20 crore in FY23.

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.

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%. Revenue fell 87% from ₹1,144 crore to ₹182 crore.
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.
3. Subsidy Violations: Okinawa was ordered to repay ₹116.84 crore under government subsidy schemes for violations related to importing parts instead of local sourcing, worsening its financial condition and reputation.
4. Loss of Consumer Trust: Due to safety incidents and regulatory scrutiny, Okinawa suffered a significant loss of consumer trust, critical in the maturing and competitive EV market.
5. 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.
6. Operational and Financial Challenges: Despite cutting expenses, Okinawa still reported heavy losses (₹52 crore loss in FY24 versus ₹166 crore EBITDA earnings in FY23). EBITDA margin fell to -25.8% and ROCE to -102%.
7. 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.

What Strategies Are The Top Electric Two-wheeler Manufacturers Planning To Implement?

Ola Electric

1. Product Innovation and Expansion: Launching new-generation scooters (Gen 3 S1 range) with improved range, power, and lower prices. Introducing new electric motorcycles, such as the Roadster X, to tap underpenetrated 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 Project Vistaar.
4. Focus on Profitability: Executing 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.

Tvs Motor Company

1. New Affordable Electric Models: Preparing to launch entry-level electric scooters below ₹1 lakh, likely under the Jupiter EV nameplate, 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. Growth in Export Markets: Targeting 45% growth in global markets.

Bajaj Auto

1. Expanding Chetak EV Portfolio: Launching upgraded and more affordable Chetak variants to attract broader buyer 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. Balanced ICE and EV Strategy: Strengthening ICE motorcycle competitiveness alongside electric offerings and exporting aggressively.

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 new affordable electric two-wheelers positioned below the existing Vida range to capture a larger market share.
2. Battery-as-a-Service (BaaS): Introducing subscription-based BaaS models to lower upfront costs and improve affordability.
3. Increasing Dealer and Service Network: Expanding Vida touchpoints to over 200 dealerships across 116 cities.
4. 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 and Scooter Brands in India by Market Share in 2025
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3. TVS Motors Growth: Unprecedented Two-Wheeler Story FY21-25
4. Top 10 sold petrol two-wheelers in India in FY24
5. Top 10 sold petrol two-wheelers in India in FY25

Sources

1. VAHAN Dashboard, Ministry of Road Transport & Highways — https://vahan.parivahan.gov.in/vahan4dashboard/
2. EVreporter — Snapshots from EVreporter FY2023-24 India EV Report — https://evreporter.com/snapshots-from-evreporter-fy23-24-report/
3. Rushlane — Electric 2W Retail Sales FY24 vs FY23: Ola, TVS, Ather, Bajaj, Hero, Ampere, Revolt, Okinawa — https://www.rushlane.com/electric-2w-retail-sales-fy24-vs-fy23-ola-tvs-ather-bajaj-hero-12493232.html
4. SIAM — Auto Industry Performance Press Release FY2023-24 — https://www.siam.in/pressrelease-details.aspx?mpgid=48&pgidtrail=50&pid=562
5. Entrackr/Fintrackr — Okinawa’s Revenue Nosedives 87% to Rs 182 Cr in FY24 — https://entrackr.com/fintrackr/okinawas-revenue-nosedives-87-to-rs-182-cr-in-fy24-8959594
6. Autocar Professional — Hero Vida Races Past 100,000 Sales in a Year for the First Time — https://www.autocarpro.in/analysis-sales/hero-vida-races-past-100000-sales-in-a-year-for-the-first-time-130062
7. Autocar India — Ampere Electric Scooters Cross 3 Lakh Units Sales Milestone — https://www.autocarindia.com/bike-news/ampere-electric-scooters-cross-3-lakh-units-sales-milestone-439997
8. Business Standard — Despite Subsidy Cuts, EV Sales Zoom 41% in FY24; Penetration at 6.8% — https://www.business-standard.com/industry/auto/electric-vehicle-penetration-touches-6-8-mark-in-fy24-shows-data-124040200970_1.html
9. JMK Research — Annual India EV Report Card FY2024 — https://jmkresearch.com/wp-content/uploads/2024/05/Annual-India-EV-Report-Card-FY2024-2.pdf

Conclusion

India’s electric two-wheeler market grew strongly in FY24, even with changes in subsidies and more competition. Top brands like Ola Electric, TVS, Bajaj Auto, and Ather Energy strengthened their positions through innovation, broader distribution, and smart pricing, while some older brands saw steep declines.

With more retail registrations, strong consumer interest, and new affordable models, electric two-wheelers are likely to play an even bigger part in India’s move toward sustainable mobility. As battery costs fall and infrastructure improves, the sector should continue to grow and remain important in India’s evolving automotive market.

We hope this report has helped you understand the latest electric two-wheeler sales data and figures for the top brands in FY 2023 and 2024. If you have questions or want more details, email us at bikeleague2017@gmail.com or leave a comment below. We’re here to help. Follow BikeLeague India on social media for updates.