Ola captures over 52% electric two wheeler market share

• India witnessed record electric two-wheeler sales in March, exceeding 136,000 units, marking a 50% increase from a year earlier.

Indian electric two wheeler manufacturer Ola expands its market share to more than 52 per cent in April despite an overall slump in demand.

According to the government’s Vahan portal, the company recorded 33,934 electric two-wheelers, despite a broader 52 per cent slump in overall EV two-wheeler sales to 64,013 units from the preceding month.

India witnessed record electric two-wheeler sales in March, exceeding 136,000 units, marking a 50 per cent increase from a year earlier. 

Sales touched 942,088 units in the 12 months ended March 31, up around 30 percent from the previous year, boosted by year-end discounts.

Vahan only records the total number of sales registered and not the bookings. It also does not take into account low-speed E2W sales and excludes the data for Lakshadweep, Madhya Pradesh and Telangana.

S1 X portfolio

Ola registered a year-on-year growth of 54 per cent over the corresponding month last year.

Bajaj reported an 84 per cent year-on-year rise in sales to around 7,515 units in April. In March, Bajaj sold around 18,054 units of two-wheelers.

TVS Motors saw its sales go down by 13 per cent year on year to 7,653 units.

In Marc,h TVS had sales of around 24,000 units. In April 2023, TVS reported sales of around 8,760 units.

Ather Energy saw a 48 per cent year-on-year decline in sales to 4,502 units. In April 2023, the firm saw sales go up to 7,802 units. In March 2024, Ather recorded sales of 3,010 units.

“Our robust cost structures and vertically integrated manufacturing capabilities have collectively contributed to this uptick in our market share,” Anshul Khandelwal, Chief Marketing Officer, Ola Electric, said in a statement.

“With the deliveries of our mass-market S1 X portfolio starting soon, we are all set and excited to enter the mass-market 2W EV segment in India,” he added.

Ola Electric recently marked its entry into the mass-market segment and announced new prices for its S1 X portfolio.