Summary
- E2W: Overall high-speed electric two-wheeler (HS E2Ws) sales in India increased by 54.83% m-o-m in October 2024, reaching 1,39,159 units. The top 10 players in the industry accounted for approximately 95% of the total registrations in October 2024. Furthermore, compared to October 2023, E2W sales in October 2024 experienced a y-o-y increase of ~85.24%. The festive demand boosted electric two-wheeler sales, as October celebrations such as Diwali, Dhanteras, and Navratri increased demand in major metropolitan areas as well as in tier-2 and tier-3 markets across the country.
- E3W- Passenger: The sales of registered passenger E3Ws in October 2024 stood at 58,746 units, marking a m-o-m increase of ~4%. On a y-o-y basis, passenger E3W sales in October 2024 increased by ~13% compared to October 2023. The cumulative sales of the top 10 electric three-wheeler players in the passenger market accounted for a 45.80% share of the entire E3W passenger market. Mahindra Last Mile Mobility led the pack with a 11.39% share, while Bajaj Auto held a 9.74% share this month.
- E3W- Cargo: The sales of registered cargo-type E3Ws in October 2024 stood at 8,425 units, reflecting a m-o-m increase of ~28% in this segment. On a y-o-y basis, cargo E3W sales increased by 72% compared to October 2023. The cumulative sales of the top 10 electric three-wheeler players in the cargo segment accounted for a 47.88% share of the entire E3W cargo market in October 2024. Mahindra Last Mile Mobility secured the top position with a 9.38% share, overtaking Bajaj Auto, which held a 6.96% share this month.
- E-Cars: The total sales of E-Cars in October 2024 stood at 10,587 units, witnessing a m-o-m increase of ~83%. On a y-o-y basis, E-Car sales in October 2024 increase by ~47% compared to October 2023. Tata Motors has continued to lead the E-Car market, capturing 58.10% of the market share this month. The monthly spike in sales is due to multiple factors, including OEM discounts, festive demand and new product launches such as BYD EMax 7, KIA EV9, and the MG Windsor
- E-Buses: In October 2024, total E-bus sales amounted to 418 units, marking a m-o-m increase of ~5%. Y-o-Y, sales also rose by ~77% compared to October 2023. Tata Motors led the market with a dominant 33. 25% share, followed by, PMI Electro Mobility with 20.57%, and JBM Auto at 19.62%.