New Delhi: Sales of electric two-wheelers are shooting up in India. In November, little over 91,000 units of electric two-wheelers were sold, which is about 20% up form the sales of the same month last year. If compared with the last previous months figure, November saw sales of 22% more two-wheelers than what sold in October.
The sales figure is encouraging for investors in the two-wheeler electric vehicle (EV) segment, despite shirking subsidies. Lowering of the government subsidies on two-wheelers had had its perceptible impact on the market during the mid of this year.
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Market analysts say that reputed brands like Bajaj Auto and Hero MotoCorp are maintaining steadily rise in market share by launching upgraded versions of the electric bikes. They are both scaling up production and distribution network for their products, as well as launching new, revamped products.
The registration of new electric two-wheelers also present an encouraging trend. The year-to-date registration figures for electric two-wheelers revealed that with the average monthly run rate for November stands at 70,700 units, surpassing the FY23 average of 60,500 units.
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“Besides, the electric two-wheeler maintained a 5% penetration rate in November, consistent with the previous month,” said a senior manager of a financial company, which doles out loan for purchases.
Though reputed brands have of late resorted to intensive market strategies to scale up sales, Ola Electric continued to lead the pack, securing the top spot with 29,764 units registration in November, commanding a substantial 32.6% market share. TVS Motors followed with a 20.8% share, trailed by Bajaj Auto, Ather Energy, and Greaves Electric (formerly Ampere) at 12.8%, 10.1%, and 4.8%, respectively.
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Hero MotoCorp, however, looked as a standout performer on a month-on-month basis, with a remarkable 57% growth, while Ola Electric and Bajaj Auto also posted impressive gains of 25% and 29%, respectively. On the other hand, TVS Motors and Ather Energy witnessed a more modest month-on-month growth, reinforcing the dynamism of the sector at a time the market is still in a state of relative nascency.
Electric 2-wheeler to count 60-70% sales by 2030 in India
Independent study on EV revolution suggests that by 2030, electric two-wheelers such as motorcycles and scooters are expected to account for 60 to 70% of new sales in India. This is because of their accessibility and affordability. Electric two-wheelers, which count for 70% of all vehicles, have since long been an integral part of India’s mobility ecosystem. Moreover, consumers are not only purchasing more electric two-wheelers but are also evolving their buying journeys by embracing more omnichannel experiences.
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EVs to curb air pollution and improve traffic congestion in cities
Market experts observed that the increasing sale of electric two-wheeler is also in line with India’s commitment to the global climate policies. The government has also launched incentive like Faster Adoption and Manufacturing of Electric (FAME) vehicles to encourage electric two-wheeler adoption. The scheme also intends to reduce air pollution and improving traffic conditions. However, concerns about vehicle safety, battery life, and lack of charging infrastructure could present challenges in achieving full market penetration sooner.
