Electric Two-Wheeler Sales February 2024: Ola Electric Leads With 41.5% Share
Every electric two-wheeler registered in India in February 2024, brand by brand: volumes, market share inside the segment, month-on-month and year-on-year change, and who gained or lost share.
How February went
India registered 89,266 electric two-wheelers in February 2024, +3.0% on January.
Electric two-wheelers were 5.9% of every two-wheeler registered in February 2024.
Monthly electric two-wheeler registrations, 2024–2026
One line per calendar year. A month still filling is left off the line.
Electric Two-Wheeler market share, February 2024
Ola Electric led the month with 37,010 registrations — 41.5% of the electric two-wheeler market — ahead of TVS Motor on 16,059 (18.0%), a gap of 20,951 units. Ola Electric also led January.
The top three hold 73.4% of the segment; 151 manufacturers registered at least one electric two-wheeler.
Top 10 electric two-wheeler makers, February 2024
Electric two-wheeler registrations only — every other vehicle type these companies make is excluded.
Share is of every electric two-wheeler registered in the month. MoM and YoY compare each maker's own volume; the last column is its change in share of the segment.
| # | Manufacturer | Feb 2024 | Share | MoM | YoY | Share vs Feb 2023 |
|---|---|---|---|---|---|---|
| 1 | Ola Electric | 37,010 | 41.5% | +9.4% | — | — |
| 2 | TVS Motor | 16,059 | 18.0% | −3.6% | — | — |
| 3 | Bajaj Auto | 12,426 | 13.9% | +9.2% | — | — |
| 4 | Ather Energy | 9,939 | 11.1% | −2.3% | — | — |
| 5 | Greaves Electric | 2,538 | 2.8% | +4.4% | — | — |
| 6 | Hero MotoCorp | 1,837 | 2.1% | +14.9% | — | — |
| 7 | BGauss | 1,527 | 1.7% | +1.0% | — | — |
| 8 | Wardwizard Innovations & Mobility | 845 | 0.9% | −13.6% | — | — |
| 9 | Okinawa | 674 | 0.8% | −3.4% | — | — |
| 10 | Opg Mobility and Power | 657 | 0.7% | +13.1% | — | — |
| 11 | Kinetic Green | 644 | 0.7% | −25.5% | — | — |
| 12 | PURE EV (PuR) | 550 | 0.6% | −18.4% | — | — |
| 13 | Quantum Energy | 529 | 0.6% | +18.1% | — | — |
| 14 | Revolt Motors | 504 | 0.6% | −10.2% | — | — |
| 15 | Lectrix E Vehicles | 355 | 0.4% | −30.0% | — | — |
| All others (136 makers) | 3,172 | 3.6% |
Exact: Vahan's maker x month table filtered to battery-electric fuels (PURE EV, ELECTRIC(BOV)) and the segment's vehicle classes — not a company total multiplied by anything.
Who is gaining
Monthly share of the electric two-wheeler market for the six largest makers this month, over the last 15 completed months.
Electric Two-Wheeler market share by month
Share of the segment each month, in per cent.
Market share, 2024 to February
The same table over 2024 to February, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Ola Electric | 70,825 | 40.26% | — | — |
| 2 | TVS Motor | 32,722 | 18.60% | — | — |
| 3 | Bajaj Auto | 23,802 | 13.53% | — | — |
| 4 | Ather Energy | 20,116 | 11.43% | — | — |
| 5 | Greaves Electric | 4,969 | 2.82% | — | — |
| 6 | Hero MotoCorp | 3,436 | 1.95% | — | — |
| 7 | BGauss | 3,039 | 1.73% | — | — |
| 8 | Wardwizard Innovations & Mobility | 1,823 | 1.04% | — | — |
| 9 | Kinetic Green | 1,509 | 0.86% | — | — |
| 10 | Okinawa | 1,372 | 0.78% | — | — |
| 11 | Opg Mobility and Power | 1,238 | 0.70% | — | — |
| 12 | PURE EV (PuR) | 1,224 | 0.70% | — | — |
| 13 | Revolt Motors | 1,065 | 0.61% | — | — |
| 14 | Quantum Energy | 977 | 0.56% | — | — |
| 15 | Lectrix E Vehicles | 862 | 0.49% | — | — |
How electric are two-wheelers?
The battery-electric share of all two-wheelers registered each month — the adoption curve behind the brand race above.
EV share of two-wheelers by month
Battery-electric registrations as a per cent of the whole segment.
How electric is each two-wheeler maker?
Every two-wheeler maker's February 2024 volume, split into battery-electric and everything else (petrol and CNG). Leave the EVs out and Hero MotoCorp leads the non-electric two-wheelers market with 29.7%.
Among the established makers, Bajaj Auto has gone furthest: 6.9% of its two-wheelers were electric.
| # | Manufacturer | All two-wheelers | Electric | Non-EV | EV share of its sales | Share of non-EV market |
|---|---|---|---|---|---|---|
| 1 | Hero MotoCorp | 4,23,215 | 1,837 | 4,21,378 | 0.4% | 29.7% |
| 2 | Honda 2W (HMSI) | 3,77,518 | 0 | 3,77,518 | 0.0% | 26.6% |
| 3 | TVS Motor | 2,57,706 | 16,059 | 2,41,647 | 6.2% | 17.0% |
| 4 | Bajaj Auto | 1,81,033 | 12,426 | 1,68,607 | 6.9% | 11.9% |
| 5 | Suzuki 2W | 77,372 | 0 | 77,372 | 0.0% | 5.5% |
| 6 | Royal Enfield | 69,251 | 0 | 69,251 | 0.0% | 4.9% |
| 7 | Yamaha India | 55,047 | 0 | 55,047 | 0.0% | 3.9% |
| 8 | Ola Electric | 37,010 | 37,010 | 0 | 100.0% | — |
| 9 | Ather Energy | 9,939 | 9,939 | 0 | 100.0% | — |
| 10 | Piaggio | 3,148 | 0 | 3,148 | 0.0% | 0.2% |
| 11 | Classic Legends | 2,857 | 0 | 2,857 | 0.0% | 0.2% |
| 12 | Greaves Electric | 2,538 | 2,538 | 0 | 100.0% | — |
| 13 | BGauss | 1,527 | 1,527 | 0 | 100.0% | — |
| 14 | Wardwizard Innovations & Mobility | 845 | 845 | 0 | 100.0% | — |
| 15 | Okinawa | 674 | 674 | 0 | 100.0% | — |
All two-wheelers: Vahan maker x month for the segment's vehicle classes, every fuel. Electric: the same table, battery-electric fuels only. Non-EV is the difference — petrol and CNG.
Where they sell
Maharashtra registered the most electric two-wheelers in February 2024 — 15,415, 17.3% of the national total. Karnataka (12,812) and Tamil Nadu (8,648) followed.
| # | State | Units | Share | YoY |
|---|---|---|---|---|
| 1 | Maharashtra | 15,415 | 17.3% | — |
| 2 | Karnataka | 12,812 | 14.4% | — |
| 3 | Tamil Nadu | 8,648 | 9.7% | — |
| 4 | Uttar Pradesh | 6,692 | 7.5% | — |
| 5 | Telangana | 6,518 | 7.3% | — |
| 6 | Kerala | 5,461 | 6.1% | — |
| 7 | Rajasthan | 5,145 | 5.8% | — |
| 8 | Gujarat | 5,105 | 5.7% | — |
| 9 | Madhya Pradesh | 4,088 | 4.6% | — |
| 10 | Odisha | 3,732 | 4.2% | — |
| 11 | Andhra Pradesh | 2,829 | 3.2% | — |
| 12 | Delhi | 2,376 | 2.7% | — |
Frequently asked questions
How many electric two-wheelers were sold in India in February 2024?
Which company sold the most electric two-wheelers in February 2024?
What is the electric two-wheeler market share of each brand?
What share of two-wheelers sold in India are electric?
Which state buys the most electric two-wheelers?
How are these numbers measured?
Electric Two-Wheeler sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
