The fiscal year 2024 has witnessed a remarkable surge in retail sales of electric scooters and motorcycles, surpassing the 9.44 lakh unit mark. This surge was fueled by record-breaking monthly sales in March 2024, totaling 1,36,559 units. This surge in demand can be attributed to various factors, including regulatory changes and incentives, as well as evolving consumer preferences towards sustainable transportation options.
The Impact of Policy Changes and Incentives
One significant factor contributing to the surge in sales was the impending Electric Mobility Promotion Scheme 2024 (EMPS), set to begin from April 1. EMPS offered attractive subsidies of Rs 5,000 per kilowatt-hour (kWh), with a maximum cap of Rs 10,000 per vehicle. This led to a rush of buyers keen on availing the benefits before the scheme’s implementation, driving up sales figures across the industry.
Key Players and Their Performance
Several major players in the electric two-wheeler segment showcased exceptional sales performance during FY24:
- Ola Electric: Ola Electric recorded impressive sales figures, closing FY24 with retail sales of 3,26,428 units. The company’s strategic pricing initiatives and FAME subsidies for its popular S1 range resulted in a significant surge in demand, with March 2024 marking its best-ever monthly sales of 50,545 units.
- TVS Motor Co: TVS Motor Co experienced substantial growth in sales, particularly driven by strong demand for its iQube e-scooter. The company recorded retails of 1,82,933 units in FY24, marking a notable 125 percent YoY growth. March 2024 witnessed TVS achieving its highest monthly sales of 26,478 units.
- Bajaj Auto: Bajaj Auto’s Chetak e-scooters gained traction in the market, with the company selling 1,06,431 units in FY24, reflecting a remarkable 273 percent YoY increase. March 2024 saw Bajaj Auto achieving its best-ever monthly sales of 17,933 units.
- Ather Energy: Ather Energy showcased steady growth, retailing 1,08,870 units in FY24, marking a 41.50 percent growth from the previous fiscal year. The company’s best monthly sales of 17,221 units in March 2024 underscored its market presence and consumer demand.
Outlook and Industry Trends
Looking ahead to FY25, the electric two-wheeler industry is poised for continued growth. Factors such as rising petrol prices, increasing environmental consciousness among consumers, and ongoing advancements in electric vehicle technology are expected to drive further adoption of electric mobility solutions.
Conclusion: Towards a Sustainable Future
The surge in electric two-wheeler sales during FY24 highlights a significant shift towards sustainable transportation options. With policy support, technological advancements, and growing consumer interest, the electric mobility sector is set to play a pivotal role in shaping a cleaner and more sustainable future for transportation in India.