![img-[object Object]](/_next/image?url=%2F_next%2Fstatic%2Fmedia%2FLogo-vertical-inverse.c53afd68.png&w=256&q=75)
Indian 2W EV market observes 24% surge in February. Ola remains at top
In February 2024, the Indian market for
electric two-wheelers (E2Ws
) had a notable spike in registrations, suggesting a strong 24% annual increase in high-speed scooters. Vahan data indicates that this increase is a reflection of the rising popularity of electric vehicles in the nation, where major firms are making progress in this rapidly developing industry.High-speed E2W registrations continued their consistent month-over-month trend in February, totalling 81,963 units. It's important to note that February's extra day helped to spur this expansion. The average monthly run rate for the current fiscal year is 73,190, a notable 21% increase over the average of 60,500 units for the last fiscal year.
The market momentum for electric two-wheelers (E2Ws) has continued, as seen by the 5.7% penetration rate in February 2024—a minor rise from 5.6% in January.
With 33,722 units registered, Ola Electric continued to lead the pack in February 2024. Ola Electric not only had the most registrations, but it also held a commanding 41.1% of the market. A calculated price decrease in the last fifteen days of the month served to reinforce this achievement even further.
Notable companies including TVS Motor, which had a 17.7% market share, Bajaj Auto, which had a 14.2% share, and Ather Energy, which had an 11% share, came after Ola Electric. Three percent of the market was taken up by Greaves Electric, formerly known as Ampere.