By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales Increased by 235% in August 2022. Demand for EV's are shooting up!
Electric Two Wheeler Sales Increased by 235% in August 2022. Demand for EV's are shooting up!
- The Indian electric two wheeler market noted a significant 235% year-over-year increase in August, mostly due increased public awareness and incredible choice for consumers in all segments.
- For the calendar year (January – August) new Electric two wheelers registrations accounted for about 3.81% of the total new two wheeler registrations in India. Totally about 89,49,771 two wheelers ware registered out of which 3,40,703 units ware Electric.
- For the month of August, 50,392 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal.
- In August about 10,80,526 new two wheelers ware sold, out of which 50,392 are EV's.
- The EV 2-wheelers accounted for 4.7% of the overall two wheeler sales.
- This is an increase from 4.0% in July 2022.
- Now 4.7% market share might look like a small number. Market experts say, for any product 5% market share is about the inflection point where the product gains visibility and growth will rise rapidly. It is the point where the growth hits the vertical take-off point in an ‘S’ curve.
- At about 4.7% market share the India EV two wheeler market is just about there. We believe that it will be well past the 5% mark within the next few months and the growth from that point on will be exponential.
- As a matter of fact the supply of Electric two is severely restricted due supply chain issues. The waiting period for some models are in the months. If the OEMs had meet the market demand the EV two wheeler market share would have been well above 5% by now.
- Top electric two wheeler OEM In August, happens to be Hero Electric, who sold 10,478 units.
- The second best performing OEM in August was Okinawa with 8,556 units followed by Ampere who sold 6,396 units.
- TVS Motors registered strong growth by selling 6,289 units in August. TVS has consistently increasing their EV sales by threefold since March 2022.
- Ather Energy registered a sharp increase in August with sale of 5,251 units compared to July. We presume that their July sales had dipped due to the rollout of their new Gen-3 450X model. However, they have more than made up for that dip in August.
- Ola Electric have registered a drop in sales in August with only 3,426 units as compared to July. With the launch of the S1 model at a lower price point, we anticipate that their numbers in September would significantly improve.
- Revolt continues to be India's top selling electric motorcycle, by selling 1,646 units in August.
- Tork Kratos R electric motorcycle sold 60 units in August.
Top Results last month:
Top EV two wheeler EV brands market share for August:
Top 10 Results this calendar year:
Wall of Shame
Here are some major OEM's who sell petrol two wheelers in India. We are in 2022, and these OEM's have zero electric two wheelers in their portfolio or they only sell limited models not doing enough to push EV's.
- HERO ELECTRIC - 10,478
- OKINAWA AUTOTECH - 8,556
- AMPERE VEHICLES - 6,396
- TVS MOTOR - 6,289
- ATHER ENERGY - 5,251
- OLA ELECTRIC - 3,426
- BAJAJ AUTO - 2,569
- REVOLT - 1,646
- OTHERS - 5,781
Top EV two wheeler EV brands market share for August:
- HERO ELECTRIC - 20.8%
- OKINAWA AUTOTECH - 17%
- AMPERE VEHICLES - 12.7%
- TVS MOTOR - 12.5%
- ATHER ENERGY - 10.4%
- OLA ELECTRIC - 6.8%
Top 10 Results this calendar year:
- OKINAWA AUTOTECH - 64,106
- HERO ELECTRIC - 63,846
- OLA ELECTRIC - 49,418
- AMPERE VEHICLES - 46,792
- ATHER ENERGY - 22,724
- TVS MOTOR - 19,620
- BAJAJ AUTO LTD - 12,503
- REVOLT INTELLICORP PVT LTD - 12,481
- PUR ENERGY PVT LTD - 11,446
- BENLING INDIA ENERGY AND TECHNOLOGY PVT LTD - 8,043
Wall of Shame
Here are some major OEM's who sell petrol two wheelers in India. We are in 2022, and these OEM's have zero electric two wheelers in their portfolio or they only sell limited models not doing enough to push EV's.
- HERO MOTOCORP LTD
- India's largest 2-wheeler manufacturer will announce their foray into EV's with their VIDA brand, later this year. It remains to be seen how serious they will be. They may launch one or two compliance EV models and ensure their ICE two wheeler business wont get affected for many years. We hope they prove us wrong.
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HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD
- Just like their Japanese car manufacturing counterparts, Honda motorcycles seem to be averse to any change. Honda India have not announced plans for EV's in India.
- SUZUKI MOTORCYCLE INDIA PVT LTD
- Ditto as above.
- PIAGGIO VEHICLES PVT LTD
- Mr Diego Graffi, Chairman CEO and MD Piaggio vehicles, shows the Vespa Elettrica at every auto expo, but does not seem to want to launch an EV for India. What a shame!
Thanks to Mr Karthikeyan from Zeon Charging for helping us with the ressearch
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