EV Two-Wheeler Market: August Sales Soar to Nearly 60,000 Units While Ola Electric Leads
The Indian electric two-wheeler market bounced back in August 2023, with sales of 59,313 units. This was a huge leap from the 52,225 units sold in August last year by 13.57% year-on-year. In 2023, June month hit the lowest record of 46,027 units.
|August 2022||August 2023||Growth Change %|
The revival in sales is being attributed to a number of factors, including the festive season, the launch of new models, and the government's continued focus on promoting electric vehicles. The government has recently announced a number of incentives for electric vehicles, including a higher subsidy under the FAME II scheme.
EV Two-Wheeler Market: Top Automakers Dominating the Market
The revival in sales was led by the top three players in the market: Ola Electric, TVS Motor Co, and Ather Energy. Ola Electric sold 17,389 units in August, followed by TVS Motor Co with 14,584 units and Ather Energy with 6,835 units. Other notable players in the market include Bajaj Auto, Hero Electric, Okinawa Autotech, and others.
|Company Name||Aug-22||Aug-23||Growth Change %|
|TVS Motor Co||6,301||14,584||131.46%|
EV Two-Wheeler Market: Performance Recap
|Name of the month||2022||2023||Growth Change %|
(Data Source: Vahan)
EV Two-Wheeler Market: Future Potential
The electric two-wheeler market is still in its early stages of development, but it is growing rapidly. Between June and August 2023, around 160,000 EVs were purchased, even with a 25% reduction in the FAME subsidy. It's uncertain if the subsidy will be extended, so OEMs (Original Equipment Manufacturers) and buyers must adapt to changing market dynamics. OEMs are working on cost-cutting measures to make EVs more affordable.
Furthermore, companies like TVS Motor Co is developing a more affordable iQube with a smaller battery and possibly fewer features, aiming to compete with rivals like Ather, Bajaj Auto, and Ola Electric. Thus, the market is expected to continue to grow in the coming years, and it is likely to become a major force in the Indian automotive industry.