Surge in Electric Two-Wheeler Sales by 30% in FY24

There is a surge in electric two-wheeler sales by 30% in FY24. Electric Vehicle (EV) two-wheeler sales touch nearly 9,42,088 units up around 30% YoY. The surge in electric vehicle (EV) two-wheeler sales is mainly on account of customers pre-buying coupled with year-end discounts. 

Industry observers and auto experts say that the registration numbers indicate 'market stabilisation' despite the FAME II subsidy coming to an end by March 2024.

In March of 2023, India's EV two-wheeler sales were recorded at around 85,000 units; March 2022 saw sales touching 54,000 units, as per data available at the Vahan website on April 1, 2024. "EV two-wheeler penetration for March 2024 stood at 8.9% vs 5.7% in February 2024. FY24 penetration stood at 5.4% vs 4.5% in FY23," said an analysis report by Elara Capital.

The record numbers come at a crucial time, as subsidies under the second phase of the FAME Scheme (FAME II) will cease to be eligible for e-vehicles sold after March 31, 2024. For FY 2024, Ola Electric leads the market share at 34.6% followed by TVS Motors at 19.4%, Ather Energy at 11.5%, Bajaj Auto at 11.3%, and Greaves Electric (formerly Ampere) at 5.8%, as per Vahan data.