1 week Ago By Team GaadiWaadi
Two-wheelers continue serving as the driving force of electrification in India, accounting for the majority of EV sales in the country once again The EV market in India is booming, with two-wheelers driving the growth. Year after year, sales continue to rise steadily as companies expand their line-up, entering new segments and catering to a wider range of customer profiles. 2024 was a record-breaking year for electric two-wheelers in India, with more than one million units sold.
Data from the Ministry of Road Transport & Highways’ Vahan portal shows 11,07,976 EVs were sold in India in 2024. Compared to 2023 (8,27,892 units), sales were up by 8,27,892 units or 33.8%.
EV registrations grew by a whopping 5,22,698 or 89.3% over 2022, back when the figure stood at just 5,85,278. It’s not just the staggering rate of growth that is interesting but also the fact that we’re seeing this increasing uptake even though subsidies are going down.
In 2023, the central government reduced the FAME-II subsidy on electric two-wheelers from INR 15,000/kWh to INR 10,000/kWh and the incentive cap from 40% to 15%. Also Read: Heavy Discounts On EVs Pour In Amid Rising Inventories – Exciting News! The Electric Mobility Promotion Scheme (EMPS) that replaced FAME-II offered just INR 5,000/kWh and was capped at INR 10,000. The latest scheme, called ‘PM E-Drive,’ continues the same incentive, but from April 2025, the benefits will be reduced to a measly INR 2,500/kWh and INR 5,000/vehicle.
From April 2026, following years of phased reduction, the central government is likely to stop offering subsidies on electric two-wheelers altogether. Ola Electric was the leading electric two-wheeler brand in 2024, accounting for 4,01,137 units of the total 11,07,976. The company’s market share marginally increased from 32.
2% in 2023 to 36.2% last year. TVS Motor was the second-most popular e-2W brand in India last year, having sold 2,17,809 units of the iQube.
The company grew its sales by 53,929 units or 32.9% over 2023. Also Read: 4 Soon-Launching New EVs Set To Make A Big Impact – Maruti To Mahindra Bajaj Auto made phenomenal progress in 2024, with deliveries of the Chetak growing 120,784 units or 168.
1% year-over-year to 1,92,655 units (2023: 71,871 units). The company dethroned Ather Energy, taking the third spot on the electric two-wheeler sales chart..
