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The electric two-wheeler industry faced a myriad of challenges in May 2024, dampening market performance after several months of robust sales. Despite reaching record highs in March, May's sales figures resembled the lackluster numbers of April, albeit with a slight uptick.
The comparisons with May 2023 are not entirely fair, as that period witnessed a surge in sales due to impending subsidy reductions. However, May typically sees sluggish sales in India, compounded this year by election-related distractions and reduced subsidies for electric vehicles (EVs).
Ola Electric maintained its dominance with a staggering 37, 191 units sold, capturing a significant 58% market share. TVS Motor Co. followed suit with 11, 737 units, marking a notable 51% increase from April. Bajaj Auto secured its position as the third-largest player, selling 9, 189 Chetak units and maintaining a strong demand trajectory.
Ather Energy, despite selling 6, 024 units, and Vida with 2, 453 units, faced stiff competition in the market. Additionally, River Mobility, a recent entrant, made waves with 164 units of its Indie electric scooter sold.
The outlook for future sales remains optimistic, especially with the introduction of the new Electric Mobility Promotion Scheme (EMPS), offering subsidies for EV purchases until July 31. This initiative aims to bolster the EV market, echoing the surge witnessed in March 2024.
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