Ayusha is a freelance content writer at Autoncell. 

Ayusha Shrestha 

<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Indian electric two-wheeler market witnessed a remarkable transformation in October 2024, with established automotive giants TVS, Bajaj Auto, and Hero MotoCorp collectively outperforming major EV startups. The market experienced an impressive 85% year-over-year growth, reaching total sales of 139,000 units.
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<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">While EV startups maintained a strong presence, their collective sales of 61,061 units fell short of the traditional manufacturers' figures. Ola Electric retained its position as the individual market leader with 41,664 units sold, representing 30% of the total market. Ather Energy achieved a milestone with 16,000 units sold, securing an 11.50% market share.
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The market landscape revealed interesting dynamics, with the top 10 EV startups claiming 44% market share, while 196 smaller players competed for the remaining 9%. Currently, 209 manufacturers are actively participating in the Indian electric two-wheeler market, showcasing its competitive nature.
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Several companies recorded significant milestones during October, with Revolt Motors achieving their best-ever sales of 949 e-motorcycles and Simple Energy reaching a new peak with 324 e-scooter sales. Ola Electric posted its third-highest monthly performance, following its record-breaking March sales of 53,640 units and July figures of 41,794 units.
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Established manufacturers' strong performance can be attributed to their robust research and development infrastructure, established supplier networks, and increasing localization efforts. Their success is further bolstered by strategic variant introductions, strong brand recognition, and extensive dealer networks nationwide. This market shift challenges the initial assumption that EV startups would dominate the zero-emission mobility sector, demonstrating the competitive advantage of experienced manufacturers in the evolving electric vehicle landscape.
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Indian Electric Two-Wheeler Market Sees Record Growth in October 2024

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