Electric 2-Wheeler Market Breaks The 1 Million Milestone In October 2024

Following the introduction of strong incentives to the electric vehicles manufacturers, the Indian electric 2W market accelerated and in the last two years grew up from 176.996 (2021) to a record of 904.262 (2023), with the introduction of new models from the Top players, TVS Motor as first.

Sales are sustained by strong government incentives for vehicles locally produced and utilizing components made in India. The level of incentives is changing time over time and a new scheme has just be introduced for current fiscal year.

Under the new EMPS 2024 plan, the government has set aside Rs 500 crore for electric two-wheelers and three-wheelers. Out of which, approx Rs 333.39 crore will be available to support up to 333,387 vehicle sales over four months. The subsidy for electric two-wheelers will be Rs 5,000 per kWh of battery capacity, capped at 15 percent of the vehicle’s factory price.

The maximum cap remains the same as compared to the FAME 2 scheme, but the subsidy per kWh is now half; as FAME 2 offered Rs 10,000 per kWh. Moreover, there’s an extra cap of Rs 10,000 per electric vehicle under EMPS. 

Looking at 2024 trend, the EV segment looks very healthy with over 1.05 million sales in the first 10 months already hitting the best result ever.

Looking at the competitive arena, the market leader is Ola Electric which sold 348.131 EVs YTD 2024 ( (+93.5%).

In second place TVS Motor thanks to the best selling EV model in the market, the iQube. TVS sold 210.302 units (+32.1%).

In third place Bajaj Auto thanks to the success of the Chetak and the launch of the new Yulu. Sales were 205.757 (+189%).

Behind Ather with 99.830 sales (-0.1%), Ampere (-8.5%), Hero (+242%) and many others.

Source: Motorcycle Data