India Electric Two-Wheeler Market Insights
India’s electric two-wheeler market saw a strong resurgence in September, with registrations increasing by over 12% month-on-month to reach 2.07 lakh units, up from 1.85 lakh units recorded in August. TVS Motor maintained its position as the market leader, while established players Bajaj Auto and Hero MotoCorp also posted impressive growth during the month.
Leading Players in the Market
According to recent data from Vahan, TVS Motor topped the electric two-wheeler sector with 53,989 registrations in September, corresponding to a market share of 26.06%. This reflects a month-on-month increase of 9.55% from 49,284 units in August.
Bajaj Auto held the second position with 48,383 registrations, capturing 23.51% of the market. The company’s registrations surged by 17% month-on-month, adding over 7,000 units compared to August.
Growth of Ather Energy and Hero MotoCorp
Ather Energy secured the third spot with 30,479 registrations, translating to a 14.71% market share. The firm experienced a close to 5% month-on-month growth from 29,068 units in August.
Hero MotoCorp exhibited one of the most significant increases among the major players, witnessing a robust jump of 27% month-on-month in registrations to reach 24,306 units, up from 19,144 units in August. The company commanded an 11.73% share of the market in September.
Ola Electric and Other Competitors
Ola Electric maintained its fifth position with 13,449 registrations and a market share of 6.49%. However, it was the only top-five company to experience a monthly decline, with registrations decreasing by 3.53% from 13,941 units in August.
Greaves Electric Mobility followed closely with 9,316 registrations and a market share of 4.5%, marking an 8% month-on-month growth. River Mobility recorded 5,549 units, representing a 6.4% increase from August. Meanwhile, BGauss saw its numbers remain relatively unchanged at 5,023 registrations.
Significant Gains for Smaller Players
Among the smaller entrants, Bounce Electric showed dramatic growth, nearly tripling its registrations to 3,069 units from 1,049 units in August. E-Sprinto Green Energy also experienced notable growth, with registrations surging to 1,997 units from just 120 units the previous month.
Simple Energy, which had recently secured $182 million in a Series C funding round, fell out of the top 10, as its registrations declined by nearly 19% to 1,351 units in September from 1,664 units in August.