Top 5 Best-Selling Electric Two-wheelers In May 2024

The electric scooter segment is one of the most competitive ones in the two-wheeler world. With the sales figures for May 2024 now being out, here are the highest-selling EVs from last month according to the latest SIAM (Society of Indian Automotive Manufacturers) sales data: 

TVS iQube - 17,230 Units

The TVS iQube has been the standout performer in May 2024, selling 4,188 units more than its next closest competitor, the Bajaj Chetak. It did register a year-on-year (YoY) decline of 3.81% compared to May 2023. But compared to April 2024, it saw a month-on-month (MoM) growth of 3.09%. The TVS iQube has always been one of the most popular electric scooters and the EV maker launched two new variants last month (one of them being the most affordable variant till date) and the deliveries of the long awaited iQube ST started at the same time as well. The launch of the more affordable variant could result in even bigger sales numbers in the coming months.

Currently, the TVS iQube electric scooter is available in five variants: base model with 2.2kWh and 3.4kWh battery packs, iQube S with a 3.4kWh capacity battery pack and the iQube ST with 3.4kWh and 5.1kWh capacity battery packs. The base variant gets a 5-inch TFT instrument console, the S variant gets a 7-inch TFT instrument console while in the ST variant, the 7-inch console is touch enabled. All of them get Bluetooth connectivity with turn-by-turn navigation while the S and the ST variants get additional fancy features like voice assist, Alexa integration and more.

Bajaj Chetak - 13,042 Units

With 13,042 units sold in May 2024, the Bajaj Chetak has a YoY growth of 41% compared to May 2023 and a MoM growth of 17.27% compared to April 2024. The major factor behind this growth must be the complete refreshment of the Chetak lineup from December 2023 onwards. Bajaj launched the all-new Urbane variant, slotting below the Premium variant in the lineup. It has a top speed of 63kmph (73kmph with the TecPac option) and an LCD instrument console. Then the manufacturer updated the Premium variant with a new 5-inch TFT instrument console with Bluetooth connectivity for turn-by-turn navigation, music controls and call and SMS alerts.    

Also, recently Bajaj Auto launched the most affordable variant, called the Bajaj Chetak 2901. It gets a smaller 2.88kWh battery pack with a claimed range of up to 123km. The Chetak 2901 should help the scooter put up an even bigger fight to the rest of its rivals and maybe even cut into the iQube’s sales figure as well. 

Ather 450X - 4,132 Units

Ather Energy sold 4,132 units of the Ather 450X in May 2024, which is a YoY decline of 57.27% and a MoM decline of 13.47%. The 450X is arguably one of the best electric scooters in the market with exciting performance, great handling characteristics and an extensive list of features. But the ending of FAME 2 (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) on March 31, 2024 and the reduced subsidy under the new EMPS 2024 (Electric Mobility Promotion Scheme 2024) has made the scooter more expensive. Additionally, with EV makers like TVS, Bajaj and Ola Electric launching more affordable scooters priced under Rs 1 lakh (ex-showroom), must have also affected the sales figures. 

One thing to note here is that sales figures for individual Ather models are available but the sales figures for the TVS iQube, Bajaj Chetak and the Hero Vida (as you’ll see below) include all the different models and variants sold by the EV makers. So, it is difficult to know whether those particular models’ sales figures have increased or decreased in May 2024 compared to April 2024 and May 2023.   

Hero Vida V1 - 3,640 Units

Compared to April 2024, the Hero Vida V1 has seen a MoM growth of 26.38% and compared to May 2023, the electric scooter has seen a tremendous 911% YoY growth. The Vida V1 Plus made a comeback to the lineup in February 2024 as the more affordable offering compared to the Vida V1 Pro. Hero MotoCorp also announced year-end discounts in December 2023 and announced a bunch of after-sales benefits under the Vida Advantage package for the Vida V1 Pro till April 31, 2024. These factors must have had an impact on the boost in sales for the manufacturer. 

Also, Hero MotoCorp is set to launch new models under the Vida brand by September 2024, as revealed in a recent earnings call. The manufacturer will likely launch the most affordable Vida electric scooter yet with a smaller battery capacity and a more premium offering as well to compete with the iQube ST (5.1kWh) variant. With a more expanded lineup, it’ll be interesting to see how the sales figures are affected post that.   

Ather 450S - 2,450 Units

(all prices ex-showroom including EMPS 2024, which stands for Electric Mobility Promotion Scheme 2024)

With 2,450 units sold in May 2024, the Ather 450S saw a 31.46% MoM decline compared to April 2024. Ather Energy launched the Ather 450S in August 2023 as the more affordable variant of the 450X and gets a 2.9kWh battery with an IDC (Indian Driving Conditions) claimed range of 115km. It comes equipped with an LCD instrument console with turn-by-turn navigation and a dedicated switchgear to navigate the console. The launch of the 450S allowed Ather Energy to lower the entry point of owning an Ather scooter, which further reduced with Ather Rizta’s launch. But the launch of affordable electric scooters from its rivals must have had an effect on the 450S’ sales performance. 

Honourable Mention:

In May 2024, Ola Electric saw 37,191 registrations (according to the Vahan portal) and achieved a market share of 49% in the electric two-wheeler segment. However, do note that these are just registration numbers, and actual sales numbers may vary. This means that people who received deliveries of their e-scooters at the end of the month may have got them registered in the following month. Moreover, there are a few states which don’t come under the Vahan portal and are under older Vahan data.