In the dynamic world of electric mobility, the festive season has proven to be a significant catalyst for growth, especially in the electric two-wheeler segment. As consumer interest continues to grow, the demand for eco-friendly alternatives to conventional vehicles has increased. In FY25, this change in consumer behavior played a key role in increasing sales, with electric two-wheelers becoming a popular choice for many. Yogesh Bhatia, Managing Director and CEO, LML, sheds light on how this festive surge has impacted the market and what it means for the future of electric mobility in India.
October was a month of widespread festivities across the country, with the long festive season spreading joy and enthusiasm. The electric vehicle (EV) industry also felt a festive boom, as demand for eco-friendly vehicles witnessed a significant increase. One of the most notable trends was the growing consumer interest in electric two-wheelers, which saw a significant increase in sales. In fact, just a few days before Diwali, electric scooter registrations had already crossed the one lakh mark, setting a positive signal for the industry. By the end of the festive period, sales numbers were highly encouraging, reflecting a growing wave of consumer interest in green mobility.
In October 2024, retail sales of electric two-wheelers grew 85% year-on-year to 1,39,031 units. This impressive growth can be attributed to several key factors. The tradition of making important purchases during auspicious occasions like Navratri, Dhanteras and Diwali naturally boosted vehicle sales. Additionally, the growing popularity of electric two-wheelers along with active preparations from manufacturers helped capitalize on the festive demand. Many companies launched attractive deals and offers on their best-selling models, attracting more buyers eager to make the most of the festive season.
Several major players in the electric two-wheeler sector announced significant price cuts for some of their models, making electric two-wheelers more accessible to a wider audience. These attractive discounts provided a relief to potential buyers who were hesitant to switch to electric mobility due to the high upfront cost of electric vehicles. Apart from attractive pricing, many e-scooter manufacturers also offer attractive benefits like cashback, extended warranty on vehicles or batteries, free access to charging stations, free upgrades and even free accessories. With so many attractive deals available during this festive season, consumers had many reasons to consider buying an electric two-wheeler. These offers not only helped in increasing sales numbers but also increased awareness about the benefits of electric two-wheelers.
Some of the major players also partnered with banks and credit card companies to offer attractive deals and discounts, flexible EMI plans, etc. Additionally, several electric two-wheelers were made available for purchase on multiple ecommerce platforms, which ran significant festive promotions, leading to a boost in sales. Apart from these festive promotional offers, the launch of new models during the last two months has further increased the demand for electric two-wheelers in India. Manufacturers have unveiled a range of innovative and feature-packed models that cater to the needs of the modern Indian consumer. This gives them a range of exciting new options to choose from – which are not only eco-friendly but also boast superior technology and aesthetics. As a result, sales increased significantly.
Government incentives and subsidies were also a driving force behind the increase in electric two-wheeler sales in India this festive season. Consumers were more willing to make the switch knowing that they would be eligible for government benefits and support in their journey towards a green future. Thus, the combination of these incentives, festive spirit and auspicious timing has acted as the much-needed spark for the EV industry.
Interestingly, this increase in demand for electric two-wheelers has come not only from metro cities but also from Tier-2 and Tier-3 markets of the country. This trend indicates growing awareness of environmental issues, changing consumer preferences and growing acceptance of electric mobility in India. Further supporting this claim, data It is revealed that a total of 9,54,164 electric two-wheelers were sold in the first 10 months of the calendar year 2024. This represents a 38% annual growth from last year’s sales of 6,92,363 units during the same period.
With the demand for electric two-wheelers continuously increasing, the industry is poised for substantial growth and innovation in the future. Manufacturers are constantly investing in research and development to improve battery technology, extend range, and improve vehicle performance. With these advancements in technology, electric two-wheelers will become more affordable and accessible to the masses. Thus, the way forward looks promising. The nation is gradually getting ready to adopt this clean and green technology, paving the way for a more sustainable and eco-friendly future.
