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In the financial year 2023-24, India’s established automobile manufacturing companies like Bajaj Auto, TVS Motor ate up market share of new small entrants in country’s electric vehicle industry. Big daddies of India’s two-wheeler market have seen their market share increase significantly in FY24 at the cost of smaller players like Okinawa, Ampere, etc. The market share of smaller companies has shrunk significantly in the fiscal under consideration.

Riding on robust sale of its flagship e-scooter, TVS iQube, the market share of TVS Motor has increased more than four times to 19 per cent in FY24 from mere four per cent in FY24. The Chennai-based TVS Motor sold second highest number of E2Ws in the fiscal registering sale of 1.83 lakh units which is more than double of that sold in the preceding fiscal. TVS Motor had sold 82,109 E2W units in FY23.

While, another big daddy two-wheeler company Bajaj Auto’s market share in E2W space has hit double digit figures of 11 per cent in the fiscal which has just gone pass by. Its market share was mere three per cent in FY23. In fiscal 2024, the Pune based automobile juggernaut sold 1.06 lakh units of clean and green energy two wheelers which is up more than three times of number of units sold in year ago period.

Big 2W players gain E2W market share:

Source: SMEV

While, a small brand in two-wheeler space, the Gurugram based Okinawa’s market share shrunk to mere two per cent from 19 per cent, during the same period. In FY24, the EV manufacturer could sell only 20,873 units of E2Ws. Okinawa’s sale has plummeted by more than one-fourth in FY24 when compared to preceding fiscal.

Another small player Ampere EV which used to boast of 10 per cent market share in E2W space, its share has fallen to six per cent in FY24.

Ampere EV could sell only 55,057 units of E2Ws in FY24.

Ola Electric and Ather Energy are the only two players that had entered the E2W industry as small players and have managed to cement their foothold in the E2W space. So far, these two companies have not been deterred by operation expansion in the E2W space by large size automobile juggernauts of India’s two wheeler industry. In fact, Ola Electric continues to rule India’s clean and green energy two wheeler industry. In FY24, the country’s largest E2W maker sold 3.26 lakh units more than double of 1.52 lakh units sold in FY23. Ola Electric currently boasts of 35 per cent market share in the industry.

While, Ather Energy’s market share has remained steady at 12 per cent in last one year. The Bengaluru based EV manufacturer sold 1.08 lakh units of E2Ws in the previous fiscal up 41 per cent from 76,939 units in the preceding fiscal.

Small E2W players lose market share:

Source: SMEV