India ICE vs EV sales | For top 2W and 3W OEMs in December 2024

In December 2024, the overall penetration of EVs in the 2W market was 6.2%. For passenger 3W L5 autos, it was 27.9%, and for cargo 3W L5 autos, it was 23.3%. This article aims to showcase where EV sales stand compared to the overall vehicle sales in the 2W and 3W categories.

Also Read: Overall EV sales in December 2024

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

In December 2024, India’s two-wheeler market was led by Hero MotoCorp, with total sales of 3,28,617 units, including 1,020 EVs, followed by Honda Motorcycle, which sold 3,16,289 units with no EV sales. TVS Motor (8.1%) and Bajaj Auto (18.8%) demonstrated notable EV penetration, while Suzuki Motorcycle, Royal Enfield, and Yamaha reported no EV sales. EV-only players such as Ola Electric (13,770 units), Ather Energy (10,427 units), and Ampere/Greaves (2,840 units) recorded 100% EV sales.

Overall EV penetration in the 2W segment reached 6.2% in December 2024, up from 4.6% in November 2024.

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

Source: Vahan Dashboard. Data as per 1373 out of 1434 RTOs across 35 out of 36 state/UTs

All top 8 L5 Passenger OEMs show the presence of EVs in their offerings. In December 2024, Bajaj Auto led the three-wheeler market with 25,034 units sold, including 3,871 EVs, achieving a 15.5% EV penetration. Mahindra Last Mile Mobility recorded 4,575 total sales, with EVs comprising 93.6% of the total at 4,281 units. Piaggio Vehicles reported 4,395 sales, with 1,236 EVs contributing to a 28.1% penetration. TVS Motor sold 1,879 units, including 103 EVs (5.5%). TI Clean Mobility and Atul Greentech achieved 100% EV sales with 449 and 110 units, respectively. MLR Auto reported 306 sales, including 37 EVs (12.1%), while Baxy Ltd recorded 122 sales, with 22 EVs contributing to an 18% EV share.

Overall EV penetration in the passenger 3W auto (L5) segment was 27.9% in December 2024, down from 29.8% in November 2024.

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

In December 2024, Bajaj Auto led the goods 3W auto (L5) segment with 3,965 total sales, including 368 EV units, achieving 9.3% EV penetration. Piaggio Vehicles followed with 2,074 sales, of which 122 were EVs (5.9% EV share). Mahindra Last Mile Mobility reported 766 total sales, with 435 EVs, reflecting a significant 56.8% EV penetration. Omega Seiki and Euler Motors recorded 100% EV sales with 281 and 216 units, respectively. Other players, including MLR Auto (2.3% EV share), Baxy Ltd (2.1% EV share), and TVS Motors (no EV sales), contributed smaller volumes in this segment.

Overall EV penetration in the 3W goods (L5) segment in Dec 2024 was 23.3%, up from 20.6% in Nov 2024.

For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city-wise, RTO-wise 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 November 2024