Electric Two Wheeler Registration Increases by 26% Year-on-Year at 81,344 Units in Jan 2024

Electric two-wheeler (E2W) sales got off to a flying start in January 2024. As per the data available on the Vahan website, E2W registrations increased by 26% year-on-year (YOY) at 81,344 units in the first month of this year as against 64,696 units in January 2023. Industry players believe that E2W sales continue to remain on an uphill drive as two-wheeler buyers are increasingly becoming environment-conscious.

Ola Electric achieved its highest-ever monthly sales, reaching 32,160 units in January. The Bangalore-based EV startup’s sales were up by a whopping 75% from 18,353 units in the same month last year. In an official release, Ola Electric states that it has corned a market share of 40% and has posted a YoY growth of over 70% compared to the same month last year.

TVS Motor Company, which came second, sold 15,215 units of iQube e-scooters in January, up by 45.40% from 10,464 units in the first month of 2023. The Chennai-based OEM, which secured a 19% market share in the E2W market, claimed that its EV sales registered a growth of 34% with sales increasing from 12,169 units in January 2023 to 16,276 units in January 2024.