India ICE vs EV sales for top 2W and 3W OEMs in March 2024 • EVreporter

Electric vehicles are increasingly making their presence felt and are tying for the top sales among all vehicles irrespective of the fuel type, especially in the 3W L5 Auto segment. In Mar 2024, the overall penetration of EVs in the 2W market was 9.1%. For passenger 3W autos, it was 24.3%, and for cargo 3W autos, it was 45%.

This article aims to showcase where EV sales stand when compared with the overall vehicle sales in the 2W and 3W categories.

India’s Top 2W OEMs | ICE vs EV Sales for Mar 2024

In the March 2024 market analysis, Hero MotoCorp emerged as a leader in India’s two-wheeler industry, with significant sales of both internal combustion engines (ICE) and electric vehicles (EVs). Despite Hero MotoCorp’s sales in the EV segment, this represents only 0.9% of their total. TVS Motor and Bajaj Auto showed a stronger commitment to electric mobility, with 10.5% and 9.9% of their sales attributed to EVs, respectively, indicating a shift towards electric vehicles. Ola Electric, Ather Energy, and Kinetic Green emerged as exclusive top EV manufacturers. Traditional ICE manufacturers like Honda Motorcycle, Suzuki Motorcycle, Royal Enfield, and Yamaha Motor continue to dominate, highlighting the enduring presence of internal combustion engines in India’s two-wheeler market.

Overall EV penetration in 2W segment in March 2024 was 9.1%.

India’s Top 3W Pax Auto OEMs | ICE vs EV Sales for Mar 2024

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs | Data as of Apr 2, 2024

In March 2024, India’s top three-wheeler passenger auto OEMs witnessed varying degrees of electric vehicle (EV) adoption. Bajaj Auto led the pack with 9% of its total sales being EVs, followed by Piaggio Vehicles at 40.4%. Mahindra Last Mile Mobility stood out, with a remarkable 92% of its sales attributed to EVs. Other players like TVS Motors, MLR Auto and Atul Auto Ltd also made strides in the EV market, albeit with smaller percentages. TI Clean Mobility and Omega Seiki stood out, with 100% of their sales being electric, highlighting a growing trend towards electrification in India’s three-wheeler passenger auto segment.

Overall EV penetration in pax 3W auto (L5) segment in March 2024 was 24.3%.

India’s Top 3W Goods Auto OEMs | ICE vs EV Sales for Mar 2024

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs | Data as of Apr 2, 2024

In March 2024, India’s top three-wheeler goods auto OEMs demonstrated varying degrees of electrification in their sales. Bajaj Auto led with a total of 4,362 units sold, with 10.5% being electric. Piaggio Vehicles followed, with 22.8% of their 2,822 units sold being electric. Mahindra Last Mile Mobility showcased a significant shift towards EVs, with an impressive 80.6% of their 2,309 units sold being electric. Omega Seiki, Euler Motors Pvt Ltd, and Altigreen Propulsion stood out with 100% of their sales being electric, reflecting a clear momentum towards electrification. Atul Auto Ltd and MLR Auto also made strides in the EV market, albeit with smaller percentages. Meanwhile, Capital Auto Industries maintained a focus on ICE vehicles.

Overall EV penetration in pax 3W goods (L5) segment in March 2024 was 45%.

For deeper insights into India EV sales trends—city-wise, state-wise, segment-wise, and OEM-wise—check out the EVreporter Data Portal here.

Also read: India’s Electric Vehicle sales trend | March 2024