Indian Motorcycles Market Increased A Mere 1.5% In May 2024

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Indian Electric Scooter and Motorcycles Market reduced the speed in 2024. In May sales increased a mere 1.5%, resulting in Year to Date figures at 404.418 (+11.3%). Baja Auto is the fastest growing OEM in the segment.

 

Indian 2-Wheeler EVs Market Trends and Data

Following the introduction of strong incentives to the electric vehicles manufacturers, the Indian electric 2W market accelerated and in the last two years grew up from 176.996 (2021) to a record of 904.262 (2023), with the introduction of new models from the Top players, TVS Motor as first.

Sales are sustained by strong government incentives for vehicles locally produced and utilizing components made in India. The level of incentives is changing time over time and a new scheme has just be introduced for the period April-July 2024.

Under the new EMPS 2024 plan, the government has set aside Rs 500 crore for electric two-wheelers and three-wheelers. Out of which, approx Rs 333.39 crore will be available to support up to 333,387 vehicle sales over four months. The subsidy for electric two-wheelers will be Rs 5,000 per kWh of battery capacity, capped at 15 percent of the vehicle’s factory price.

The maximum cap remains the same as compared to the FAME 2 scheme, but the subsidy per kWh is now half; as FAME 2 offered Rs 10,000 per kWh. Moreover, there’s an extra cap of Rs 10,000 per electric vehicle under EMPS. This means that the EV prices will likely go up from April 1, 2024.

Looking at 2024 trend, of course it is still positive while the growing speed is lower than before. Indeed after that in the first quarter 2024 the segment reached 251.488 sales (+7.1%), in the Q2 sales were up 38.6% in April and a mere 1.5% in May, resulting in Year to Date figures at 404.418 (+11.3%).

Looking at the competitive arena, the market leader is Ola Electric which sold 90.208 EVs YTD 2024 ( (+10.2%).

In second place TVS Motor thanks to the best selling EV model in the market, the iQube. TVS sold 85.949 units (+27.9%).

Gaining one place, Bajaj Auto advanced in the third place of the podium with 69.101 sales (+191%) followed by Ather with 48.607 sales (-13.1%), Ampere (-8.6%), Hero Electric (-55.2%) and many others.

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Ola S1 Pro