In 2023, the Indian market for electric scooters and motorcycles expanded. In 2023, the electric vehicle (EV) market achieved a new high of +35.5% in sales, mainly due to substantial FAME II subsidies and the emergence of several ambitious startups.
The electric two-wheeler market in India will break all previous sales records in 2023. 35% more electric scooters, motorcycles, and mopeds will arrive in Indian garages at a rapid pace by 2022 compared to last year – more than 8,66,853. Rising petrol prices and cheap operating expenses have contributed to this explosive growth, making e-bikes a more affordable option.
TVS, Ather Energy, and Ola Electric are the top three EV companies. These three Indian company bikes, which were reasonably priced, long-range vehicles specifically designed for Indian roads, had a market share of over 60%. Not only are startups entering the EV race with new models and stiff competition, but established two-wheeler companies like Bajaj Bikes are also participating.
Analysts estimate that this EV wave could surpass one million sales by 2024 due to planned model debuts, entry into smaller segments, and increased production capacity. So buckle up and get ready to see how India’s two-wheeler revolution will electrify the country’s roads!
Indian 2-Wheeler EVs Market Trends and Data
The electric vehicle (EV) industry in India continued to expand in 2023 and set a new sales record of 8,66,853 (+33.5%). Strong government incentives for locally produced bikes that use Indian-made components keep sales high. In terms of competition, Ola Electric leads the market with a segment share of over 25%.
- In first place is Ola Electric, which sold over 30,000 units in December last year and recorded an annual figure of Rs 2,28,700 (+110.4%).
- Coming in second place is TVS Motors, which has made a proper place in the market due to its best-selling EV model, iQube. The TVS Bikes sold 1,83,543 units (+210.2%) in 2023.
- In third place comes Ather, which sold a total of 119,318 units in 2023. Bajaj Auto (+202.9%), Hero Electric (-53.4%), Ampere (-29.6%), and Okinawa (-71.0%) were next in line.
This rapid growth shows that electric bikes and scooters are an excellent fit for Indian consumers. A large number of people prefer to switch to electric vehicles due to lower operating expenses and more affordable purchase prices.
Electric Two-Wheeler Sales Report in 2023
The electric two-wheeler market reached a turning point in 2023. This year saw sales of around 8,50,000 e-scooters, e-bikes, and e-mopeds, an increase of 35% compared to 2022. With over 60% of sales coming from three home-grown companies – Ola Electric, Ather Energy, and TVS – they have demonstrated impressive leadership.
What is the reason for the boom in India’s electric two-wheeler market?
Several factors drive the growing demand for electric two-wheelers in India:
Government incentives: Through subsidies and incentives, programs like FAME II and state EV regulations are bringing e-scooters closer to affordability. Higher fuel prices: Electric vehicles with lower operating costs are becoming more attractive due to rising gas prices. Declining acquisition costs: Due to localization and scale, buying an EV is becoming more affordable. Currently, the high-speed EV scooter is priced at Rs. 50,000.
Growth outside metro areas: With new sales locations, brands like Ola, Ather, and Okinawa Bikes are entering tier 2 and 3 cities. Wide variety of products – Brands are reaching a wide range of consumers with their scooters ranging from high-end performance models to low-end budget scooters. When combined, these elements are removing barriers to EV adoption. Electric motorcycles and scooters are becoming more and more popular modes of transportation in India. Sales growth is barely starting.
The electric two-wheeler revolution in India has moved ahead at its initial pace. The growth phase is beginning now as EVs are establishing themselves as a practical, everyday mobility option. As more cities and towns move towards clean, quiet, and enjoyable electric scooters and bikes, the future is bright with possibilities.
Data source: Electricindiatoday
