The Indian electrical two-wheeler trade, which raced past the 10-lakh or one-million-units milestone for the first time in a calendar year early in November 2024, has seen a very good November. Traditionally, retail gross sales witness a sizeable drop after a festive month like October however with 191,513 items (up 24% YoY), November 2024 has delivered the third finest month-to-month numbers within the first 11 months of the present yr. The festival-laden October 2024 (219,018 items) is the topper, adopted by the FAME II subsidy-ending month of March 2024 (141,737 items) after which November 2024 (191,513 items) as detailed within the India EV Inc retail gross sales information desk beneath.
India EV Inc’s November gross sales of 191,513 items are up 24% YoY and represent the third-best month after October (219,018 items) and March (213,064 items). e2W retails of 118,924 items (up 29%) account for a 62% share of complete EV gross sales.
What helped hold the momentum moving into November was the truth that the month opened with the Diwali competition and in addition had ‘Bhai Dooj’ within the first week. As per the newest Vahan retail gross sales information (as of December 1, 2024, at 7am), the general Indian EV trade with 191,513 items accounted for six% of complete Indian car retails of 32,12,301 or 3.21 million items. From the cumulative first-11-months’ perspective, EVs throughout all segments at 18,04,894 items or 1.80 million items account for a 7.39% share of complete car retails of 2,43,96,022 items or 24.39 million items.
At 118,924 items and 29% YoY development in November 2024, the electrical two-wheeler section, which is the largest quantity driver of the India EV Inc, accounted for 62% of complete India EV Inc’s volumes of 191,513 items final month. And, for the January-November 2024 interval, cumulative e2W gross sales of 10,74,008 items (up 37% YoY) make for a 60% share of total EV trade gross sales. Clearly, this section is a mover and shaker, which is purpose sufficient to dig deep into how the important thing gamers have fared final month and in addition within the first 11 months of CY2024.
In November, e2W retails of 118,924 items had been up 29% YoY, accounted for 62% of India EV Inc’s volumes of 191,513 items, and helped this section surpass the million milestone for the primary time in a calendar yr.
As per the newest retail gross sales information on the Vahan web site (December 1, 2024, 7am), cumulative e2W gross sales from January 1 to November 30 at 10,74,008 items are a sturdy 37% YoY improve (January-November 2023: 784,473 items).
November 2024 numbers are to be seen within the context of the diminished subsidy supplied within the PM E-Drive Scheme, which subsumes the EMPS and opened on October 1. This scheme has an outlay of Rs 10,900 crore over a two-year interval with subsidy / demand incentives price Rs 3,679 crore geared toward supporting 24.79 lakh e-two-wheelers, 316,000 e-three-wheelers, and 14,028 electrical buses. Passenger autos have been disregarded of the ambit of the PM E-Drive Scheme which runs from October 1, 2024 by to March 31, 2026. Regardless of the diminished subsidy, e-two-wheeler patrons proceed to be drawn by the prospect of decrease value of possession in comparison with petrol-powered machines, enhanced product alternative and in addition availability of customised financing.
Of the 210-odd gamers on this sub-segment of the EV trade, the highest 4 – Ola Electrical, TVS Motor Co, Bajaj Auto and Ather Power – have every registered six-figure retails within the first 11 months of this yr, leading to sturdy market shares. In the meantime, Hero MotoCorp, Greaves Electrical Mobility, Revolt Motors, Bgauss Auto and Kinetic Inexperienced are additionally making their presence felt within the sector. Right here’s taking a more in-depth take a look at the highest six OEMs, who’re the movers and shakers of the Indian e-two-wheeler trade.
OLA ELECTRIC – November 2024: 29,191 items, down -3% YoY
Market share: November 2024 – 24.54% / November 2023 market share: 33%
Jan-Oct 2024: 393,648 items, up 66% YoY (Jan-Nov 2023: 236,907 items), CY2023: 267,376 items
Ola Electrical, which grabbed the headlines in end-November with the launch of two new merchandise – the S1 Z priced at Rs 59,999 and the S1 Z+ which costs Rs 64,999 – in addition to the Ola Gig, a devoted product for the gig economic system, priced at an especially reasonably priced Rs 39,999, registered retail gross sales of 29,191 items in November, down 3% YoY (November 2023: 30,073 items) and down 30% month on month (October 2024: 41,775 items). Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to start solely subsequent yr, round April-Could.
Ola’s November retails take its cumulative 11-month complete this yr to 393,648 items, up by a robust 66% YoY, and ensures that the corporate will change into the primary Indian EV maker to promote 400,000 items in a single calendar yr and can obtain this document milestone within the first week of December. In September, Ola became the first Indian EV OEM to surpass 300,000 unit sales in a calendar year.
Ola had opened CY2024 with 32,424 items (up 77%) in January, hit a excessive of 53,640 items in March (up 150%) and maintained stellar month-on-month development proper from April by to July till the sharp drop in August and September. Ola’s gross sales decline in August and September had been attributed to be associated to a lot of buyer complaints about service deficiencies. Nonetheless, following the just lately listed firm’s assurance that it had addressed 99.1% of the complaints to the satisfaction of its customers by its redressal mechanism, gross sales noticed a robust revival in festive October to 41,775 items (up 75%).
When it comes to market share, Ola, which had hit a low of 27% in September – down by 11 proportion factors from the 38% it commanded in March 2024 and July 2024 – regained some momentum in October with 30% however has dropped to 24.54% in November. When it comes to cumulative gross sales, Ola stays nicely forward of the competitors – actually there a yawning hole. Its January-November 2024 gross sales (393,648 items, up 6% YoY) give it an general market share of 37% YTD CY2024, up from 30% within the year-ago interval.
Ola Electrical’s mass-market S1 X portfolio is on the market in three battery configurations (2 kWh, 3 kWh, and 4 kWh), and priced at Rs 69,999, Rs 84,999, and Rs 99,999, respectively. The corporate has additionally just lately revised the costs of its S1 Professional, S1 Air, and S1 X+ to Rs 129,999, Rs 1,04,999, and Rs 89,999, respectively.
TVS MOTOR CO – November 2024: 26,971 items, up 41% YoY
Market share: November 2024 – 23% / November 2023 – 21%
Jan-Nov 2024: 202,903 items, up 32% YoY (Jan-Nov 2023: 154,251 items), CY2023: 166,581 items
TVS Motor Co, which had dispatched a document 29,308 iQubes to its sellers in October and 28,564 units in September, to make sure its showrooms had been nicely stocked within the festive month and past, bought 26,971 items in November 2024, up 41% YoY. This offers it a market share of 23% for final month and 19% for the January-November 2024 interval with cumulative retails of 202,903 items, up 32% YoY.
The iQube’s November gross sales additionally imply that TVS has change into the second Indian e-two-wheeler OEM, after Ola, to surpass the 200,000-units gross sales milestone in a single calendar yr, with another month to go in 2024.
The TVS iQube is on the market with three battery choices – 2.2 kWh, 3.4 kWh and 5.1 kWh and in accordance with the corporate the complete portfolio is getting a very good market response. The bottom variant with a 2.2kWh battery has a 75km real-world vary and a charging time of two hours, 45 minutes from 0-80% with a 950W charger. This base variant is presently probably the most reasonably priced iQube at Rs 89,999. This mannequin together with the three.4 kWh iQube (Rs 126,628 and 100km vary) get a 5-inch TFT show with tow and theft alerts and turn-by-turn navigation.
The iQube ST line-up has two variants with 3.4kWh (Rs 155,555) and 5.1kWh (Rs 185,373). Whereas the ST 3.4 variant has a claimed real-world vary of 100km, the range-topping ST 5.1 variant has the biggest battery capability of any Indian electrical scooter and a real-world vary of 150km on a single cost. The iQube ST 5.1 additionally has a better 82kph prime velocity, and the claimed charging time is 4 hours and 18 minutes from 0 to 80 %.
The corporate, which has ample manufacturing capability available, is strategically increasing the iQube supplier community. At the moment estimated at round 750 touchpoints throughout India, TVS is growing the community every month. The corporate, which expects two-wheeler EV gross sales in India to achieve 30% market penetration by CY2025, plans to roll out a brand new electrical scooter earlier than the top of FY2025.
Will probably be among the many strikes that TVS, which the longstanding No. 2 OEM on this section and presently engaged in a fierce battle with Bajaj Auto, to guard its turf. In CY2023, TVS had bought a complete of 166,581 iQubes – 94,641 items greater than Bajaj Auto’s 71,940 Chetaks. That vast hole is now stands sizeably diminished within the first 11 months of the present calendar yr – to 27,994 items. In November 2024, the distinction between TVS iQube and Bajaj Chetak gross sales was solely 808 items.
BAJAJ AUTO – November 2024: 26,163 items, up 121% YoY
Market share: November 2024 – 22% / November 2023 – 20%
Jan-Nov 2024: 174,909 items, up 184% YoY (Jan-Nov 2023: 61,518 items), CY2023: 71,940 items
Bajaj Auto which, like TVS, entered the e-two-wheeler market in January 2020, is tough on its ICE legacy rival’s heels. Like TVS, Bajaj too additionally dispatched a document 30,644 Chetaks to its sellers in October, making certain that buyer deliveries had been clean in November. The transfer appears to have paid off, provided that 26,163 Chetaks had been retailed final month, up 121% YoY. Whereas November 2024 gross sales are down 8% month-on-month on festive October’s document 28,352 items, the actual fact is that since January’s 10,891 items, Bajaj has greater than doubled its month-to-month gross sales 10 months down the yr.
In November 2024, the Bajaj Chetak had an e2W trade market share of twenty-two% (November 2023: 13%). For the January-November 2024 interval, Bajaj Auto has share of 16% – an enormous bounce from the 4% it had in January-November 2023.
Bajaj Auto, whose Chetak has a beginning worth of Rs 95,998 (ex-showroom Bengaluru) for the Chetak 2903 and rising to Rs 127,244 for the Chetak 3201 and Rs 128,744 for the Chetak 3201 SE, can also be upping the ante to realize even sooner gross sales traction. On September 4, the corporate launched the Chetak Blue 3202 at Rs 115,000 (ex-showroom, Bengaluru). The Blue 3202 is the renamed Urbane variant with new cells that give it extra vary whereas nonetheless having the identical battery capability.
In early August, Bajaj Auto launched the Chetak 3201 special edition EV sold only on Amazon, priced at Rs 129,000 (ex-showroom, Bengaluru), with a 136km vary which is greater than the top-spec Chetak Premium.
The Chetak 2901, launched in early June at Rs 95,998, is probably the most reasonably priced of the Chetak line-up and almost Rs 51,000 cheaper than the top-end variant. The Chetak 2901, which shares its 2.9kWh battery with the mid-spec Chetak Urbane, has efficiently taken the battle proper into the rivals’ camp – TVS iQube, Ather Rizta S and Ola S1 Air. And the transfer is taking part in true with simply what Bajaj Auto administration deliberate.
Advertising initiatives just like the current partnership with Kendriya Police Kalyan Bhandar (KPKB) to supply the Chetak 2903 to KPKB beneficiaries (just like the Central Armed Police Forces, which incorporates the BSF, CRPF, CISF, ITBP, SSB and Assam Rifles) throughout India are serving to drive demand.
Bajaj Auto’s cumulative gross sales of 174,909 items in January-November 2024 are up 184% on year-ago retails of 61,518 items. This implies Bajaj Auto has bought a further 113,331 Chetaks up to now 11 months in comparison with January-November 2023. Compared, TVS has bought a further 48,652 items YoY for a similar interval. When December 2024 gross sales are counted, Bajaj Auto will change into the third EV OEM to have surpassed the 200,000 gross sales milestone this yr.
Each the TVS iQube and Bajaj Chetak had been launched in January 2020. Whereas the TVS iQube has clocked cumulative retails of 422,157 items over the 59 months since launch, the Bajaj Chetak has bought a complete of 278,044 items. Nonetheless, Bajaj Auto’s speedy fee of development helps it to shut the hole yearly with TVS, which is the longstanding No. 2 e2W OEM. This comes about on account of sturdy shopper demand for the Chetak, ramped-up manufacturing of almost 20,000 items per 30 days and an expanded Chetak retail gross sales community. Clearly, the final isn’t heard on the fierce battle between these two legacy OEMs for e-scooter supremacy.
ATHER ENERGY – November 2024: 12,741 items, up 36% YoY
Market share: November 2024 – 11% / November 2023 – 10%
Jan-Nov 2024: 115,483 items, up 18% YoY (Jan-Nov 2023: 98,191 items), CY2023: 104,734 items
Good e-scooter maker Ather Power, ranked No. 4, completes the quartet of OEMs to promote over 100,000 items within the first 11 months of 2024. In November, the EV startup bought 12,741 items, up 36% YoY. The corporate, whose finest gross sales this yr have are available March (17,428 items), noticed demand decline sharp in Could and June however has returned to five-figure retails from June onwards (see 11-month retail gross sales information above). November 2024 retails give the Hosur-based OEM a market share of 11% in comparison with 10% a yr in the past.
Cumulative January-November 2024 gross sales at 115,483 items are up 18% YoY (January-November 2023: 98,181 items), which give it a market share of 11% of e2W Inc’s complete retails of 10,74,008 items until end-November.
The Rizta family e-scooter (pictured above) launched in April at a beginning worth of Rs 109,999 (Rizta S) by to Rs 149,999 (Rizta Z) is witnessing rising buyer acceptance. Whereas the S model (2.9 kWh battery) has a 123km vary, the Z variant (3.7 kWh) has a 160km vary. The Rizta’s highlights embrace the biggest two-wheeler seat in India and cupboard space aplenty.
In an effort to rev up demand for its merchandise, Ather is endeavor new customer-friendly initiatives. In October, it launched Ather Care Service plans which supply free periodic upkeep, reductions on wear-and-tear half replacements, and value-added providers equivalent to ExpressCare and sharpening.
On November 22, Ather Power launched ‘Eight70 Guarantee’ for its 450 collection and Rizta e-scooters, in collaboration with Reliance Common Insurance coverage. This addresses clients’ issues relating to long-term battery well being, efficiency and alternative prices by offering a number of advantages together with protection for as much as 8 years or 80,000km, 70% battery well being assurance, full protection in opposition to manufacturing defects and failures; no higher restrict on declare quantities, and no declare rejection resulting from deep discharge of battery cells when the scooter is left uncharged or in an idle state over an prolonged time frame. In response to Ather’s Chief Enterprise Officer Ravneet Singh Phokela, “Battery sturdiness is a vital issue for EV patrons. We regularly hear about clients’ apprehensions relating to the longevity and alternative prices of the batteries of their electrical scooters. Understanding this concern, we have now launched our new Eight70 Guarantee, which can remove any worries and issues EV patrons could have relating to the long run well being of their scooter batteries.”
HERO MOTOCORP – November 2024: 7,309 items, up 140% YoY
Market share: November 2024 – 6% / November 2023 – 3.30%
Jan-Nov 2024: 42,625 items, up 347% YoY (Jan-Nov 2023: 9,542 items), CY2023: 11,141 items
Hero MotoCorp, which is set to enter the electric motorcycle segment next year with a collectively developed midsize efficiency e-motorcycle with Zero Bikes of the USA, continues to see gross sales of its two Vida e-scooters enhance month on month. In November, the corporate registered retail gross sales of seven,309 items, its second highest month-to-month numbers on this yr so far. The much-improved efficiency is mirrored in Hero MotoCorp’s rising market share, which has doubled to six% from 3% in November 2024.
The Hero Vida model’s cumulative 11-month retails at 42,625 items are a large 347% YoY bounce on a low year-ago base of simply 9,542 items. This offers Hero MotoCorp a 4% share for the yr to this point.
Hero MotoCorp has began scaling up model presence for Vida and its community now stands at 203 touchpoints comprising 180 sellers throughout 116 cities. The corporate, which has the V1 Plus and V1 Professional EVs, plans to increase its portfolio – inside the mid- and reasonably priced section – inside FY2025. And it already has round 2,500 charging stations in collaboration with Ather Power, during which Hero MotoCorp is an early investor.
Like all of the main EV OEMs, Hero MotoCorp too is specializing in decreasing product value. In an earnings convention name in mid-August, Niranjan Gupta, CEO, Hero MotoCorp stated: “We’re working very aggressively, and on the powertrain facet, to convey the prices down by technological enhancements, by localization, clearly, by bringing scale. You will notice that profit popping out into our additional launches as nicely. You will see reasonably priced merchandise popping out later this yr.”
GREAVES ELECTRIC MOBILITY – November 2024: 4,468 items, up 1% YoY
Market share: November 2024 – 4% / November 2023 – 5%
Jan-Nov 2024: 32,260 items, up 53% YoY (Jan-Nov 2023: 21,066 items), CY2023: 16,650 items
Greaves Electrical Mobility (GEM), which presently has a six-model portfolio of e-scooters comprising the Nexus (pictured above), Primus, Magnus LT/EX (100km+ vary), Ampere Magnus Particular, entry stage Rio Li/La Plus and Zeal EX, has registered its finest month-to-month retails within the yr to this point in November: 4,468 items, up marginally by 1% YoY.
GEM’s latest product – the Ampere Nexus launched in end-April – appears to be the important thing driver of this development, which has been confirmed by the administration. In an investor convention name on November 7, 2024, Okay Vijaya Kumar, Government Director and CEO, Greaves Cotton stated: “We’re registering very strong development month-on-month, quarter-on-quarter based on our new product. The Nexus, which we launched two quarters earlier than is doing very nicely.”
Focused at households, the Ampere Nexus has been designed and developed in-house on the Ranipet facility in Tamil Nadu. Geared up with a 3 kWH LFP battery, the Nexus has a claimed prime velocity of 93kph and an authorized vary of 136km. Bought in two variants, costs begin at Rs 110,000 (ex-showroom) and go as much as Rs 120,000.
Greaves Cotton, which has launched into a strategic development mission, is seeing GEM, its electrical mobility division, ship spectacular outcomes, producing revenues of Rs 175 crore in Q2 FY2025 and Rs 302 crore in H1 FY2025. This development has been enabled by a targeted strategy on new product launches and an outlined path towards profitability. GEM’s present e-two-wheeler gross sales and repair community throughout India consists of over 400 gross sales and repair factors.
GEM’s cumulative 11-month retail gross sales at 32,260 items are a 53% improve over the 21,066 items bought in January-November 2023. The corporate’s market share for November 2024 is 4% and that for the primary 11 months of CY2024 is 3 %.
REVOLT MOTORS – November 2024: 1,994 items, up 197% YoY
Market share: November 2024 – 1.67% / November 2023 – 0.72%
Jan-Nov 2024: 8,947 items, up 42% YoY (Jan-Nov 2023: 6,294 items), CY2023: 6,977 items
November’s fascinating takeaway information comes from Revolt Intellicorp (Revolt Motors), one of many few electrical motorbike producers in India. The corporate, which earlier had solely the 4.1kW RV400 priced at Rs 116,800 (on-road Mumbai) and the RV400 BRZ, has expanded its portfolio with the launch of the RV1 and RV1+ ‘commuter’ electric motorcycles, priced at Rs 84,990 and Rs 99,990 respectively two months in the past. The RV1 comes with two battery choices – 2.2 kWh battery providing as much as 100km vary, and a 3.24 kWh battery with 160km vary.
Revolt Motors has been aggressively increasing its dealership community throughout India, which now stands at 168 together with 14 new ones opened in November in cities equivalent to Hubli (Karnataka), Muzaffarpur (Bihar), Katihar (Bihar), Maheshkhunt (Bihar), Khagaria (Bihar), Nawanshahr (Punjab), Kannauj (UP), Satara (Maharashtra), Sattur (Tamil Nadu), Mayiladuthurai (Tamil Nadu), Bhilwara (Rajasthan), Warangal (Telangana), Balasore (Odhisa), and Bulandshahr (Uttar Pradesh).
The brand new RV1 and RV1+ together with the expanded community appear to have accelerated gross sales. Revolt’s November retails at 1,994 items (up 197% YoY) are its highest month-to-month gross sales but and take its January-November 2024 complete to eight,947 items. This implies it has already bought 1,970 extra bikes than its total CY2023’s gross sales of 6,977 items. What’s extra, the corporate, which was ranked 13th in January 2024 (533 items) has now jumped into No. 6 place items, with its market share rising to 1.67% from 0.72% in November 2023 and 0.82% in January 2024.
INDIA E2W INC TO HIT RECORD 1.15 MILLION UNITS IN 2024, HONDA CHECKS IN
December traditionally is a slow-moving month for OEMs in India, what with patrons preferring to attend for the brand new yr to daybreak to place down their cash on a automobile registered in January. Nonetheless, this simply may be belied given the momentum the e-two-wheeler trade is presently witnessing and the candy offers that some EV makers are providing.
At 1.07 million items retailed in January-November 2024, India E2W Inc is en path to crack the 1.15 million-units milestone for CY2024. The highest six EV makers on this section proceed to shine and every of them has already surpassed their total CY2023 gross sales within the present yr to this point, with December 2024 numbers nonetheless to kick in and be counted.
Whereas market chief Ola Electrical with 393,648 items has lengthy surpassed its CY2023 gross sales of 267,376 items, TVS Motor Co has, with 202,903 iQubes bought, crushed its CY2023 retails of 166,581 items. Bajaj Auto has had a stellar yr with 174,909 items in January-November, and Ather Power, with 115,483 items, has additionally gone previous its CY2023 complete of 104,734 items. Hero MotoCorp, with 42,625 Vida e-scooters, has additionally crushed its CY2023 rating of 11,141 items. Greaves Electrical Mobility, with 32,260 items, has additionally surpassed its CY2023 tally of 24,043 items. The mixed gross sales of those prime six OEMs add as much as 106,843 items in November and account for 90% of the e2W trade gross sales of 118,924 items final month. They’ve the identical ratio for the January 2024 interval: their mixed retails of 961,828 items give them an 89.55% share of the 1.07 million items bought.
Watt lies forward for the Indian e2W trade? Honda is the newest ICE legacy OEM and the primary Japanese two-wheeler main to plug into electrical avenue.
These prime six gamers although have brand-new competitors coming their means within the type of the Honda Activa e and QC1 revealed on November 27, which mark the Japanese OEM’s entry into the Indian electrical two-wheeler market. Whereas Honda has not but revealed the costs of the 2 EVs, contemplating that it has already achieved 99% localisation, one can anticipate the corporate to give you disruptive pricing to unsettle the competitors.
All the highest six OEMs – Ola (which has launched the S1 Z and Goig), TVS, Bajaj Auto, Ather Power, Hero MotoCorp and Greaves Electrical Mobility – are aggressively working to come back with up ‘reasonably priced’ or decrease priced EVs, extra so within the wake of persistently decreasing subsidies. Clearly, there’s loads of thrilling new product motion to be anticipated in CY2025. Nonetheless, earlier than that we have now December nonetheless to be counted. So, keep plugged in to Autocar Skilled’s gross sales analyses for in-depth number-crunching.
