The Expansion of the Electric Two-Wheeler Market!
The electric two-wheeler sector has expanded significantly in recent years. Sales of electric two-wheelers hit all-time highs in February 2024, a sign of the increasing demand for these vehicles. The existence of government subsidies and incentives has also played a vital part in encouraging the adoption of electric vehicles.
Key Points for Electric Two-Wheeler Sales in February 2024!
- The Indian electric two-wheeler market grew by 24% in February 2024.
- Ola Electric has recorded a new monthly sales high, surpassing its previous record set in January 2024.
- TVS Motor and Bajaj Auto continue to rank second and third, respectively.
Who Dominated the Electric Two-Wheeler Industry in February 2024?
The Indian electric two-wheeler market grew by 24% in FebThe electric two-wheeler companies sold 81,963 vehicles in February 2024, up from 66,053 in February 2023, representing a 24% year-over-year increase.
- Ola Electric revealed a record-breaking sale of 33,722 electric two-wheelers in February 2024, despite a discount announced by the company at the time. With this, the company has a 41% market share in India’s electric two-wheeler sector.
- TVS Motors ranked second, selling 14,499 electric two-wheelers in February 2024, up from 12,568 in February 2023, representing a 15% year-on-year increase.
- Bajaj Auto reported 11,618 vehicle sales in February 2024, up from 2,517 in February 2023, representing a 360% increase in sales. The brand ranks third with a 14% market share.
- Ather sold 8,983 electric two-wheelers in February 2024, accounting for 11% of the market.
- Greaves Electric, formerly known as Ampere, held a 3.2% market share with 2,606 electric scooter sales.
ruary 2024.
The Growing Electric Two-Wheeler Market: Sales Trend!
The sales numbers for electric two-wheelers in February 2024 are evidence of shifting consumer preferences and the rising desire for green modes of transportation.
- The rising widespread acceptance of electric scooters. These tiny vehicles provide a handy and cost-effective means of transportation, making them trendy among urban commuters.
- Increased sales of electric motorcycles geared for off-road endeavours.
- An even greater rise has been observed in the sales of electric two-wheelers used for delivery services. The recent development of e-commerce and food delivery platforms has created an increasing need for electric vehicles to offer these services. Electric two-wheelers offer a low-cost as well as effective solution for last-mile delivery, contributing to industry growth.
Conclusion of the Electric Two-Wheeler Market!
To sum up, the sales data of the leading electric two-wheeler brands in February 2024 indicates a growing consumer desire for environmentally friendly modes of transportation. These brands have created an important footprint in the marketplace due to their unique designs, cutting-edge technology, and attention to perfection.
Environmental concerns, financial savings, and technical improvements are among the reasons driving the growth of the electric two-wheeler market. As consumer preferences shift, the market is projected to expand and innovate.
