Sales of electric two-wheelers jumped 85% year-on-year to 1.39 lakh units in October 2024, driven by the surge in consumer demand during Navratri and Deepawali.
Electric two-wheelers now hold a market share of 6.7%, showing substantial growth driven by increased consumer enthusiasm and industry innovation, says the Federation Of Automobile Dealers Associations (FADA).
Retail sales of Ola Electric, India’s largest e-scooter maker, jumped 74% year-on-year to 41,651 units in October compared with 23,892 units in the same month last year.
Retail sales of TVS Motor Company, the second-largest electric scooter manufacturer, rose 81% year-on-year to 29,915 units last month. Bajaj Auto’s sales increased by 211% to 28,232 units in October. Hero MotoCorp-backed EV startup Ather Energy’s sales rose 88% to 15,993 units in October.
Electric passenger vehicles gained a slight edge with a 2.2% market share, reflecting consumer getting ready for sustainable personal transportation, says FADA. “India is witnessing an gradual shift towards electric mobility, powered by both consumer demand and festive energy,” the dealers’ lobby says.
Sales of Tata Motors, India’s largest electric carmaker, rose 10% year-on-year to 6,152 units in October. JSW MG Motor India witnessed 168% rise in retail sales at 2,530 units. JSW MG Motor India has earlier announced wholesales of 7,045 units in October 2024, a YoY growth of 31% over the corresponding month in the previous year. The company's New Energy Vehicles (NEVs) remain a significant part of its overall sales, contributing over 70% of total volumes. The company shipped 3,116 units of its newly launched MG Windsor EV to dealerships. This comes as retail sales of all passenger vehicles increased 32.38% year-on-year to 4.83 lakh units in October 2024 compared with 3.64 lakh units in the corresponding month last year. “October 2024 witnessed the convergence of two major festivals, Navratri and Diwali, both occurring in the same month. These festivities traditionally account for 30-35% of total annual auto sales, so the industry's focus was keenly on how October would unfold. With dealers entering this crucial period fully committed and carrying all-time high inventory levels, the month did not disappoint,” says FADA president C S Vigneshwar. The passenger vehicle segment’s growth was driven by the festivals coinciding in October. Dealers highlighted that aggressive offers, attractive schemes and new model introductions further stimulated demand.
Electric three-wheelers witnessed a market share increase to 54.7%, solidifying their role in urban mobility solutions. Similarly, the electric commercial vehicle segment, although niche, maintained steady growth, contributing to an overall market share of 0.89%.
October has been a landmark month for electric vehicle sales as India witnessed 55% year-on-year growth and 36% month-on-month growth, says C S Vigneshwar, president, FADA. This has not only bolstered retail numbers but also expanded the market share in multiple EV segments, the auto dealers’ association says.
