Electric two-wheeler market in India has shown signs of recovery in July 2023, after a sharp decline in June due to the reduction of the FAME II subsidy scheme. According to the government’s VAHAN portal, a total of 51,299 electric two-wheelers were sold in July, an increase of 11.55 percent compared to June’s 45,984 units.
| Sr. No | Name | JUNE | JULY | MOM Growth % | Jul Market Share % |
| 1. | OLA ELECTRIC | 17,623 | 19,237 | 9% | 35% |
| 2. | TVS IQUBE | 7,857 | 10,330 | 31% | 19% |
| 3. | ATHER ENERGY | 4,597 | 6,607 | 44% | 12% |
| 4. | BAJAJ CHETAK | 3,002 | 4,086 | 36% | 8% |
| 5. | AMPERE ELECTRIC | 3,042 | 3,571 | 17% | 7% |
| 6. | OKINAWA AUTOTECH | 2,619 | 2,263 | -14% | 4% |
| 7. | Hero VIDA | 465 | 987 | 112% | 2% |
| 8. | OKAYA EV | 425 | 784 | 84% | 1% |
| 9. | HERO ELECTRIC | 1,136 | 778 | -32% | 1% |
| 10. | BGAUSS AUTO | 190 | 657 | 246% | 1% |
Ola Electric Maintains its Dominance
Ola Electric, the market leader, sold 19,237 electric two-wheelers in July, a growth of 9 percent over June’s 17,622 units. Ola Electric also launched its new model, the Ola S1 Air, which is expected to boost its sales further in the coming months. Ola Electric has a market share of 35 percent in the electric two-wheeler segment.
TVS, Ather and Bajaj Follow Suit
TVS Motor Company, the second-largest player, sold 10,330 units of its iQube electric scooter in July, a rise of 31 percent over June’s 7,856 units. TVS also crossed the milestone of selling 1.5 lakh iQube scooters in the domestic market since its launch in January 2020. TVS has a market share of 19 percent in the electric two-wheeler segment.
Ather Energy, the third-largest player, sold 6,607 units of its electric scooters in July, a jump of 44 percent over June’s 4,596 units. Ather also announced the pre-booking window for its new model, the Ather 450S, which will be delivered from August onwards. Ather has a market share of 12 percent in the electric two-wheeler segment.
Bajaj Auto, the fourth-largest player, sold 4,086 units of its Chetak electric scooter in July, an increase of 36 percent over June’s 3,002 units. Bajaj has also ramped up its production and expanded its network to meet the growing demand for its electric scooter. Bajaj has a market share of 8 percent in the electric two-wheeler segment.
Other Players Show Mixed Performance
Ampere Electric, the fifth-largest player, sold 3,571 units of its electric scooters in July, a growth of 17 percent over June’s 3,042 units. Ampere has a market share of 7 percent in the electric two-wheeler segment.
Okinawa Autotech, the sixth-largest player, sold 2,263 units of its electric scooters and bikes in July, a decline of 14 percent from June’s 2,619 units. Okinawa has a market share of 4 percent in the electric two-wheeler segment.
Hero MotoCorp’s EV subsidiary Vida sold 987 units of its Hero Vida electric bike in July, a whopping growth of 112 percent over June’s 465 units. Vida also outsold Hero Electric for the first time, which sold only 778 units of its electric scooters and bikes in July, a drop of 32 percent from June’s 1,136 units. Vida and Hero Electric have a market share of 2 percent and 1 percent respectively in the electric two-wheeler segment.
Other notable players include Okaya EV and BGauss Auto Pvt Ltd. Okaya EV sold 784 units of its electric scooters and bikes in July, an impressive growth of 84 percent over June’s 425 units. BGauss Auto Pvt Ltd sold 657 units of its electric scooters in July, a staggering growth of 246 percent over June’s 190 units.
Maturing of the Indian E-Two-Wheeler Market
Marginal improvement in sales in July indicates that the Indian e-two-wheeler market is maturing and that consumers are willing to pay more for an electric vehicle compared to a petrol-engined one. The reduced subsidy has also prompted many OEMs to offer discounts and other incentives to attract customers. However, the industry still faces challenges such as high costs, low awareness and infrastructure gaps that need to be addressed to achieve mass adoption.
