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

OEM wise Leading 2W Sales for ICE and EV, May 2024

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In May 2024, India’s top five motorcycle manufacturers were Hero Motocorp, Honda Motorcycle, TVS Motors, Bajaj Auto, and Suzuki Motorcycle. Hero Motocorp led with 445,762 total sales, of which 2,454 (0.6%) were electric vehicles (EVs). Both Honda Motorcycle and Suzuki Motorcycle did not sell any EVs. TVS Motors sold 263,196 vehicles, including 11,776 EVs (4.5%), while Bajaj Auto sold 175,114 vehicles, with 9,199 EVs (5.3%). Overall, EVs represented a small percentage of total 2W sales, indicating a gradual shift towards electrification in India’s 2W market.

The overall penetration of EVs in the 2W market in May 2024 was approximately 2.85%.

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In April 2024, Hero Motocorp led with 511,467 total sales, of which only 0.2% (946 units) were EVs. Honda Motorcycle and Suzuki Motorcycles sold 393,892 and 77,802 units, respectively, with no EV sales. TVS Motors and Bajaj Auto had modest EV shares, with TVS Motors selling 2.7% (7,655 units) and Bajaj Auto 3.8% (7,517 units) of their total sales as EVs. Royal Enfield and India Yamaha Motor sold 71,719 and 55,900 units, respectively, with no EVs. Ola Electric Technologies and Ather Energy sold EVs exclusively, with 33,957 units and 4,055 units, respectively. This data reflects a significant gap in EV adoption among traditional manufacturers compared to newer, fully electric companies.

The overall penetration of EVs in the 2W market in April 2024 was approximately 3.4%.

OEM wise Leading 3W L5 Pax Sales for ICE and EV, May 2024

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In May 2024, India’s three-wheeler market demonstrated varied levels of electric vehicle (EV) adoption among the top manufacturers. Bajaj Auto led with 31,414 total sales, of which 7% were EVs. Piaggio Vehicles and Mahindra Last Mile Mobility had significant EV sales, with Piaggio achieving 24.8% and Mahindra an impressive 89.9%. TVS Motors had the lowest EV share at 1%. TI Clean Mobility and Keto Motors exclusively sold EVs. Overall, while ICE vehicles still dominate, there is a noticeable shift towards EVs among some manufacturers.

The overall penetration of EVs in the Passenger 3W market in May 2024 was approximately 16.49%.

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In April 2024, Bajaj Auto led with 26,115 total sales, of which 4.6% (1,195 units) were EVs. Piaggio Vehicles sold 3,695 units, with 14.6% (541 units) being EVs. Mahindra Last Mile Mobility had a high EV adoption rate, with 86.2% (1,780 units) of its 2,066 total sales being EVs. TVS Motors and Atul Auto had lower EV shares, with TVS Motors selling 2.3% (36 units) and Atul Auto 9% (48 units) of their total sales as EVs. TI Clean Mobility and Omega Seiki sold only EVs, with 194 and 69 units respectively. MLR Auto had a minimal EV share, with 2.9% (7 units) of its 241 total sales being EVs. This data highlights the diverse strategies towards EV adoption among the top three-wheeler manufacturers.

The overall penetration of EVs in the Passenger 3W market in April 2024 was approximately 11.23%.

OEM wise Leading 3W L5 Goods Sales for ICE and EV, May 2024

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In May 2024, the three-wheeler market in India showed varying degrees of electric vehicle (EV) penetration among manufacturers. Bajaj Auto sold 4,112 units, with 3.5% being EVs, while Piaggio Vehicles sold 2,224 units, with 8.5% EVs. Mahindra Last Mile Mobility had a significant shift towards electrification, with 57.9% of its 1,000 units being EVs. Omega Seiki, Euler Motors, and Ravi Metalworks exclusively sold EVs, totaling 254, 244, and 158 units respectively. Capital Auto Industries did not sell any EVs out of its 126 units. MLR Auto Ltd had a small EV share, with 4.2% of its 120 units being electric.

The overall penetration of EVs in the Cargo 3W market in May 2024 was approximately 19.09%.

Source: Vahan Dashboard. Data as per 1360 out of 1503 RTOs across 34 out of 36 state/UTs

In April 2024, Bajaj Auto recorded the highest total sales at 3,816 units, with only 2.2% (85 units) being EVs. Piaggio Vehicles followed with 2,191 total sales, of which 7.2% (158 units) were EVs. Atul Auto sold 954 units, with 12.2% (116 units) being EVs. Mahindra Last Mile Mobility had a significant share of EVs at 59.2% (552 units) of its 933 total sales. Omega Seiki Pvt Ltd, E Royce Motors, and Euler Motors exclusively sold EVs, each with 240, 230, and 165 units, respectively. Capital Auto Industries sold 123 units, but none were EVs. This data underscores the varying strategies towards EV integration among the top players in the market.

The overall penetration of EVs in the Cargo 3W market in April 2024 was approximately 17.86%.

For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city- and state-wise- check out the EVreporter Data Portal here and subscribe.

Also read: India ICE vs EV sales for top 2W and 3W OEMs in March 2024