Electric Two-Wheeler Sales in June 2024
Electric two-wheeler sales in June 2024 witnessed a significant decline, up to 17% if compared to May. It is not a good signal, as the government is planning 30% electrification until 2030, but one saving grace is that electric two-wheeler sales rise 6% on a year-on-year basis.
The electric two-wheeler sales in June 2024 were 1,06,081, whereas in May 2024 they were 1,23,704. It showcases the decline of electric two-wheeler sales in June 2024. However, the electric two-wheelers sales went down in June 2023 too. But, on a year-to-year basis, there was a big improvement in June 2024. 1,23,704 units of electric two-wheelers were registered in June 2024, and in June 2023, the registered electric two-wheelers were 1,02,645.
If the government does not extend the time of the electric mobility promotion scheme in 2024 or launch the Fame III scheme, the electric two-wheelers sale may decrease further.
Reasons for the Decline of Electric Two-Wheeler Sales in June 2024
There may be several reasons for the decline of electric two-wheeler sales in June 2024, such as tweaks in government policies and the fact that people’s interest is increasing in hybrid vehicles.
This time, the central government reduced the amount of the previous subsidy with the introduction of the Electric Mobility Promotion Scheme 2024 (EMPS 2024). Under this scheme, the subsidy cap for electric two-wheelers has been cut down to Rs. 10,000 from Rs. 22,500, whereas it has been lowered to Rs. 50,000 from Rs. 111,505 per electric three-wheeler.
The government’s decision to reduce subsidies for electric vehicles led to an increase in the price of electric vehicles. It created a huge price difference between electric vehicles and gasoline-diesel vehicles. It decreased electric two-wheeler sales in June 2024.
Despite a decline in electric two-wheeler sales in June 2024, Ola Electric continues to capture the electric market, followed by TVS Motor and Bajaj Auto Ltd. Let us have a look at the top electric vehicle manufacturer company in June 2024.
- Ola Electric
- TVS Motor
- Bajaj Auto Ltd.
- Ather Energy
- Hero MotoCorp
- Greaves Electric
- Bgauss Auto
- Wardwizard Innovations and Mobility Limited
- Revolt Intellicorp
- Okaya EV
1. Ola Electric
Ola Electric maintained its first position in the sales of electric two-wheelers in June 2024. Although the company stated a decline in electric two-wheeler sales in June 2024, the figures dropped to 16,346 if compared to 24,447 units in May. It shows a negative growth rate of -33%, even though Ola Electric holds 31% of the market share. Its future seems bright as Ola Electric secured SEBI (Securities and Exchange Board of India) approval for its IPO (Initial Public Offering). Ola Electric planned to invest about Rs. 834 crore in its gigafactory building for the production of lithium-ion battery cells.
2. TVS Motor
In June 2024, the company secured the second position in electric two-wheeler sales. Like Ola Electric, it also experienced a decline of electric two-wheeler sales in June 2024. The sales for June were 9,770 units, which shows a decrease compared to May sales of 11,810 units. It shows month-to-month negative growth of 17%. It has a market share of 18%. The company targets reaching 30% sales of electric two-wheelers by 2025.
3. Bajaj Auto Ltd.
Bajaj Auto Ltd. remains in the third position in June 2024. The company sold 7,768 units in June 2024, down from 9,241 in May. It marks a negative growth of 15% in market share. The company plans to enhance its offering with the launch of new electric scooters. Bajaj Auto launched the Bajaj Chetak electric scooter at an affordable price.
4. Ather Energy
Ather Energy holds the fourth position in electric two-wheeler sales in June 2024. The company showcased sales of 5,819 units in June, decreasing from 6,116 units sold in May. It results in a 5% decline in the market. The company has a market share of 11%. Last month, Ather Energy announced plans to open its third plant in Maharashtra with an investment of Rs. 2,000 crore. It will positively enhance the sales of electric two-wheelers.
5. Hero MotoCorp
Hero MotoCorp secured fifth place in electric two-wheeler sales. With sales of 3,068 units in June 2024, it showed a slight increase from 2,459 units in May. It showcases 25% month-on-month growth. The company has only 6% market share. The company needs to work hard to improve the company’s share. Hero MotoCorp expects to introduce affordable variants of VIDA. It will surely boost the company’s presence in the market.
6. Greaves Electric
Greaves Electric secured the sixth position in sales of electric two-wheelers. With sales of 1,957 units in May, the company’s sales increased to 2,713 in June. It results in a positive 39% of month-on-month growth. It has a market share of 5%. It shows a prominent rise in sales in June with the launch of the Ampere Nexus electric scooter.
7. Bgauss Auto
Bgauss Auto holds the seventh position in electric two-wheeler sales in June 2024. Compared to May’s unit of 1,159, June sales decreased to 1,062 units. With a market share of 2%, it reflects month-on-month negative growth of 8%. The company recently introduced its latest electric two-wheeler, the Bguass RUV 350. With a price range of Rs. 1.10 lakh to Rs. 1.35 lakh, the Bguass RUV 350 is available in three different variants. With its launch, the company expects a positive rise in sales in the future.
8. Wardwizard Innovations and Mobility Limited
Wardwizard Innovations and Mobility Limited reached 8th place in selling electric two-wheelers. The company reported a low sale of 896 units in June, compared to May sales of 1,265 units. It results in a negative growth of -29%. It has a market share of only 2%. The company can collaborate with other automakers to enhance the sales of electric two-wheelers.
9. Revolt Intellicorp
Revolt Intellicorp, a Gurugram-based company, reached the 9th position in electric two-wheeler sales in June 2024. It sold 660 units in June, slightly decreasing to 687 units in May. The company showcases a month-on-month negative growth of -4%. The company has only 1% of the market share. Revolt Intellicorp needs to work hard to improve its position in the market.
10. Okaya EV
Okaya EV stood in 10th place in electric two-wheeler sales in June 2024. With a sale of 517 units in June, it sold four more units—521 units—in May. This slight decline shows a month-on-month negative growth of -0.8%. Its market share is -1%. The company needs to improve battery technology for longer range, faster charging times, and enhanced vehicle performance.
You may have missed to read:
Thinking Of Buying An Electric Two-Wheeler
Top 10 Electric Two-Wheeler Sold In 2023
Top 10 Electric Two-Wheeler Manufacturers In India
Conclusion
We need to understand the reason for the decline in electric two-wheeler sales in June 2024 so that by implementing market strategies, including government and automaker policies, we can collectively work towards increasing electric two-wheeler sales. It will reduce dependency on fossil fuels and mitigate environmental impacts. The government should run public awareness campaigns to educate people about the benefits of electric vehicles. It will promote electric two-wheeler sales. Addressing misconceptions and promoting the advantages of electric two-wheelers can sway the attitude of customers.
