Electric Vehicle Market Booms in September 2024: Ola, Bajaj, or TVS – Who’s Leading the Charge?
The Electric Vehicle (EV) market in India continued its upward trend in September 2024, registering a notable year-on-year growth of 23%. Although the month-to-month growth was more marginal, the overall EV sales in the first half of the fiscal year showed a robust 20% increase compared to the same period in 2023. According to data from Vahan, the total EV registrations across all segments in September 2024 stood at 1.59 lakh units, up from 1.29 lakh units in September 2023. This is a slight increase from the 1.57 lakh units registered in August 2024.
Electric Two-Wheeler Sales on the Rise
The electric two-wheeler segment saw substantial growth, with 0.90 lakh units sold in September 2024, up from 0.64 lakh units in September 2023. This also marked a small increase from the 0.89 lakh units sold in August 2024. The consistent growth in electric two-wheeler sales reflects the growing consumer preference for eco-friendly mobility options.
Electric Three-Wheeler Segment Continues to Grow
In the electric three-wheeler segment, 0.63 lakh units were sold in September 2024, compared to 0.58 lakh units in the same month last year. This segment also saw a slight improvement from the 0.62 lakh units registered in August 2024. The growing adoption of electric three-wheelers highlights the shift towards more sustainable transport solutions, especially for commercial and last-mile delivery services.
Brand-Wise Performance in the Electric Two-Wheeler Market
Despite a slight drop in sales, Ola Electric maintained its leadership in the electric two-wheeler market, selling 24,659 units in September 2024, down from 27,587 units in August 2024. Bajaj Auto, however, saw a significant improvement, with sales rising to 19,103 units in September, up from 16,789 units in the previous month. Following closely was TVS Motor, which also recorded an increase with 18,084 units sold in September, compared to 17,649 units in August 2024.
Ather Energy showed growth as well, with sales rising to 12,676 units in September, up from 10,980 units in the previous month. On the other hand, Hero MotoCorp experienced a dip in sales, registering 4,304 units in September, down from 4,755 units in August. Greaves Electric Mobility also saw a minor decline, with 2,775 units sold in September, compared to 2,821 units in August 2024.
Electric Three-Wheeler Market Leaders
Mahindra Last Mile Mobility maintained its lead in the electric three-wheeler segment, selling 6,087 units in September 2024, up from 5,105 units in August. Bajaj Auto was close behind, selling 5,004 units in September, a rise from 4,032 units in August 2024.
YC Electric Vehicle saw a slight increase with 3,826 units sold in September, up from 3,793 units in the previous month. Piaggio also recorded growth, with sales reaching 1,683 units in September, compared to 1,560 units in August 2024.
Decline in Electric Passenger Vehicle Sales
While the electric two- and three-wheeler segments showed growth, the electric passenger vehicle (PV) segment, including cars and SUVs, saw a decline. Sales in this segment dropped to 5,761 units in September 2024, down from 6,632 units in August.
Overall Growth in the First Half of Fiscal Year 2024
The overall EV market showed a healthy increase during the first half of the current fiscal year. Total EV registrations reached 8.93 lakh units, compared to 7.45 lakh units in the same period in 2023, indicating the rising adoption of electric vehicles across various segments.
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