Electric two-wheeler sales in India surge with 26% YoY growth

Maintaining the strong growth trajectory witnessed in CY2023, electric two-wheeler manufacturers have sold a total of 81,343 units in January 2023, recording strong 26% year-on-year growth (January 2023: 64,694 units). This data is as per 5am on the Vahan website on February 1, 2024.

Cumulative sales for the first 10 months on FY2024 at 723,982 units are up 26% YoY (April 2022-January 2023: 575,791 units). This is just 4,253 fewer units that the 728,235 units sold in entire FY2023. If the pace of sales is either maintained for the next two months or accelerates in March, FY2024 could see India E2W Inc clock total retails in the region of 900,000 units, setting a new fiscal record and achieving 24% growth over FY2023.

In a field comprising nearly 180 players, five OEMs continue to be the market toppers – Ola Electric, TVS Motor Co, Ather Energy and the Greaves Electric-Ampere Vehicles combine. This quintet accounted for 69,643 units or 86% of total retails in January 2024 and 591,451 units or 82% of total retails in the April 2023-January 2024 period. Interestingly, all of them have their manufacturing plants in Tamil Nadu.

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.

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