Ola Electric now commands more than half E2W market share

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As per latest data of electric vehicle industry body, Society of Manufacturers of Electric Vehicles (SMEV), India’s largest clean and green energy E2W maker, Ola Electric, has captured more than half of the market share of entire industry by April 2024. In the month prior to that, the Bengaluru-based E2W manufacturer’s market share had stood at 35 per cent. While, in April it has increased to 52 per cent. Ola Electric has continuously seen market share growth in the E2W space ever since hitting the road on August 15, 2021.

From hitting bumps at beginning of the road to capturing more than half market share, Bhavish Aggarwal the automotive company’s co-founder has really seen a lot in such a short time.

In April 2024, his firm hit sale of 29,388 units of E2Ws, up 33 per cent year-on-year (YoY) from year ago period.

In last financial year 2023-24 (FY24), the E2W manufacturer recorded sale of highest number of clean energy two wheelers in the country. It clocked sale of 3.26 lakh units in the country. While, total E2W sale in the country  in the fiscal was 9.44 lakh units.

Sale & Market Share of E2W Companies as of April 2024:

Source: SMEV

In last one year or so, apart from Ola, other companies like TVS Motors Company, Bajaj Auto and Ather Energy have done well in the E2W space.

Riding on sale of TVS iQube, the Chennai-based automobile juggernaut clocked sale of 6,679 units in April 2024. Its market share currently stands at 12 per cent along with Bajaj Auto. Riding on sale of Chetak, the Pune-based automobile manufacturer, Bajaj Auto on the other hand clocked sale of 6,776 units in the same month.

Similarly, Bengaluru-based Ather Energy has been able to hold third rank in India’s E2W space. In April 2024, the clean energy two-wheeler maker clocked sale of 3,505 units with six per cent market share.

The Greaves Cotton-owned Ampere is next with four per cent market share. It clocked sale of 2,501 units in the month under consideration.

Since the beginning of current fiscal, the government of India has completely stopped giving subsidy on E2W purchase  under the FAME-II scheme. The Centre has instead introduced  a new scheme with lower subsidy as compared to that given under FAME-II. It is called the Electric Mobility Promotion Scheme (EMPS) 2024. Under this new scheme, the government has further reduced the subsidy to Rs 5,000 kWh with a cap of Rs 10,000 kWh on each E2W.