Electric two-wheelers showed a 185 percent YoY increase in sales in FY2023, with sales of 7,20,733 units (FY2022: 2,52,539 units). The top six OEMs have sold 5,75,143 units, or 80% of all sales in FY2023, each selling over 75,000 units.
Ola Electric, which has 1,51,344 units and average monthly retail sales of 12,612 units, dominates the market by a wide margin. It outpaces the next manufacturer by 57,211 units. This accomplishment has gained a 21 percent market share in electric two-wheelers retail sales. It is the only competitor to pass the 100,000-unit threshold by a significant margin.
Okinawa Autotech maintained its second-place ranking in FY23, with 94,133 units sold. Okinawa accomplished this despite the recent cancellation by the government of its FAME subsidy.
With 89,165 units, Hero Electric, the market leader in FY2022, has dropped to third place. In the first half of the fiscal year, it logged significant numbers; however, the monthly numbers fell off in the second half, possibly due to the removal of the FAME subsidy.
With 83,659 units, Ampere Vehicles comes in second, profiting from its expanding product line. The Primus, the newest Ampere scooter, was unveiled at Auto Expo 2023. Ampere’s rapidly expanding dealer network in Tier 1 to Tier 4 markets is helping the company.
TVS Motor Co.
TVS Motors sold 80,565 iQube electric scooters in FY23. In FY2024, the Hosur-based company plans to release many upcoming electric vehicles. Ten percent of TVS’s scooter sales belong to the iQube, which recently passed the 1 lakh unit sales mark.
Ather Energy, an e-scooter manufacturer in Bengaluru, saw 76,277 customers return their goods. This is again another OEM that, given the high pace Ather is experiencing, will almost certainly surpass the 100,000-unit threshold in FY2024.
Bajaj Auto, the other venerable Indian EV producer, sold 28,098 units of its Chetak e-scooter in FY23. These figures aren’t as impressive as others, but the Pune-based manufacturer will expect to improve them with an upgraded Chetak line-up and special e-scooter stores.