June 2024 witnessed a notable increase in the sales of electric two-wheelers (2W) in India, with 79,530 units sold. This represented a 3.41% month-over-month (MoM) rise from the 76,907 units sold in May 2024, and a 72.48% year-over-year (YoY) increase from 46,108 units sold in June 2023. With a dominant 46% of all retail sales, Ola Electric dominated the market. In June 2024, Ola Electric sold 36,723 units, topping the sales rankings. This signified an astounding YoY increase of 107.57% over the 17,692 units sold in the prior year. In contrast, there was a minor MoM decrease of 1.35% from the 37,225 units sold in May 2024.
With 8,990 Chetak electric two-wheelers sold last month, Bajaj Auto took third place. This represented a remarkable YoY increase of 198.57% from the sales of 3,011 units in June 2023. In spite of this, MoM sales decreased from 9,214 units in May by 2.43%.
Electric two-wheeler June Market
In June 2024, TVS Motor sold 13,904 iQube scooters, a substantial contribution to overall sales. This represented a 17.95% MoM gain over May’s sales of 11,788 units and a YoY rise of 76.74% over June 2023’s record of 7,867 units.
In June 2024, Ather Energy sold 6,104 units of its electric scooters, demonstrating another noteworthy development. This represented a slight month-over-month gain of less than 1% from May’s sales of 6,045 units and a year-over-year increase of 32.61% from the figure of 4,603 units.
Greaves Electric saw notable gains month over month and year over year, with retail sales topping 2,713 units. Over 88 percent of YoY and approximately 29 percent of MoM growth was represented by this. Hero MotoCorp sold 3,069 units in June compared to just 465 units in the same month last year, demonstrating an astounding YoY growth rate of 560%.
Additionally, the business observed a strong month-over-month growth rate of almost 25 percent from the 2,456 units reported in May. Sales of Bgauss increased by more than 456 percent to reach 1,062 units in June from just under 200 units sold in the same month the previous year, marking an outstanding YoY gain. On a month-over-month basis, there was a decrease of 8% from the May total of more than 1,150,588 units.
Despite suffering a nearly twenty-nine percent MoM loss, Wardwizard managed to sell only nine hundred ninety-six copies but still managed to reach over one hundred three percent YoY increase. Quantum Energy sold 675 units in June of this year compared to 709 units in June of last year, exhibiting the highest YoY growth of 754 percent. Additionally, it achieved a nearly 30% MoM growth over 523 unit sales in May of this year. Whereas Okaya (five hundred seventeen) and Kinetic Green (four hundred fifty-seven) demonstrated remarkable YoY improvements, Revolt reported six hundred sixty unit sales but experienced reductions both on a YoY and MoM basis.
Just 382 unit sales represent losses of 85.5 percent and 22.3 percent, respectively, on a YoY and MoM basis, indicating substantial declines in Okinawa. With the combined support of other electric two-wheeler OEMs, sales of 2,989 units were achieved last month, representing a YoY fall of more than 52% but a marginal improvement of over 2% on a month-to-month basis.
