Sustained demand for wallet- and eco-friendly electric mobility on two wheels, from both personal users and fleet buyers, along with much-increased new product availability saw the segment achieve a new high. The top five OEMs – Ola Electric, TVS, Bajaj Auto, Ather Energy and Greaves Electric Mobility – clocked their best-ever annual sales even as demand grew for electric motorcycle makers like Revolt.
If India’s electric vehicle (EV) industry came within a whisker of achieving a record 2 million (20 lakh) retail sales in CY2024, then it is because of the big volumes provided by the most affordable sub-segment – electric two-wheelers. Of the the total 1.94 million EVs sold across vehicle segments in India in 2024 (up 27% YoY), electric scooters and motorcycles accounted for 1.14 million units (11,48,415) or 59% – up from the 56% share of 2023 – recording strong double-digit growth of 33% (CY2023: 860,418 units, up 36% YoY).
While the initial cost of an electric two-wheeler typically remains higher than its petrol-engine sibling (even though some OEMs have rolled out affordable models in 2024), what is enabling the transition from ICE to EV is the promise of wallet-friendliness in the long term. Petrol prices (Rs 103.49 a litre on December 31 in Mumbai) have remained more or less unchanged since May 2022.
