Two-wheeler growth slows in February, TVS Motor continues to excel
TVS Motor Company's outperformance continues as its market share keeps rising in the electric two-wheeler segment. In the last six years, TVS' market share in the two-wheeler electric vehicle segment has risen from 2.1% in FY18 to 18.7% in January 2024.
The two-wheeler segment indicated low single-digit growth, while the two-wheeler retail segment growth stood at 5% year-on-year (YoY) in the first 19 days of February, as per data collated from the VAHAN portal of the Ministry of Road, Transport & Highways (MoRTH) by the Federation of Automobile Dealers Association (FADA).
The growth has moderated from 14% seen in January to 5% YoY in February. Combining January and February, the two-wheeler sales growth stands at 11% YoY till date.
The passenger vehicle retail growth stands at 2% YoY.
Meanwhile, TVS Motor Company's outperformance continues as its market share keeps rising in the electric two-wheeler segment.
TVS market share in EV two wheelers
| FY18 | 2.1% |
| FY19 | 0.1% |
| FY20 | 0.1% |
| FY21 | 2% |
| FY22 | 4% |
| FY23 | 11.4% |
| Jan 2024 | 18.7% |
The TVS iQube electric scooter is one of the fastest-selling two-wheeler electric vehicles today. iQube has helped TVS Motor become the No. 2 electric vehicle (EV) original equipment manufacturer (OEM) and achieve a 19% market share in the thriving Indian e-two-wheeler market.
In the last six years, TVS' market share in the two-wheeler electric vehicle segment has risen from 2.1% in FY18 to 18.7% in January 2024.
In January this year, the EV two-wheeler registrations showed a sharp surge in case of TVS.
Ola Electric has retained its top spot with highest registrations at 32,160 units in January 2024.
Electric two wheeler market share in January 2024
| Ola | 39.5% |
| TVS Motors | 18.7% |
| Bajaj Auto | 13.2% |
| Ather Energy | 11.3% |
(Edited by : Shoma Bhattacharjee)
First Published: Feb 20, 2024 5:25 PM IST
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