By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales increased by 103% in December 2022. Demand for EV's are shooting up!
Electric Two Wheeler Sales increased by 103% in December 2022. Demand for EV's are shooting up!
- The Indian electric two wheeler market noted a significant 103% year-over-year increase in December, mostly due increased public awareness and incredible choice for consumers in all segments.
- For the calendar year (January – December) new Electric two wheelers registrations accounted for about 4.1% of the total new two wheeler registrations in India. Totally about
14,852,788 two wheelers ware registered out of which 6,30,361 units ware Electric. - For the month of December, 67,676 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal
- In December about 11,37,824 new two wheelers ware sold, out of which 67,676 are EV's.
- The EV 2-wheelers accounted for 6% of the overall two wheeler sales in December.
- This is a increase from 4.7% in November 2022.
- This increase even though overall sales of EV's dropped slightly the drop in ICE two wheeler sales was even steeper.
- 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 6% market share the India EV two wheeler market have crossed the inflection point. We believe that it will be well past the 10% mark within the next 6 months.
- If the OEMs had meet the market demand the EV two wheeler market share would have been well above 6% by now.
- This is a increase from 4.7% in November 2022.
- Top electric two wheeler OEM in December, happens to be Ola Electric, who sold 19,035 units. A huge increase compared to 16,364 units in November. With the launch of the S1 model and the S1 Air at a lower price point, we anticipate further growth in 2023.
- The second best performing OEM in December was TVS Motors with 9,320 units followed by Ather Energy who sold 9,187 units.
- TVS Motors has been registering a gradual increase throughout 2022 and finished the year in strong fashion with the iQube model doing very well.
- Hero Electric and Okinawa, who have been leaders for many months in 2022 has seen a dramatic decrease in registrations due to them misusing the FAME 2 scheme and uncertainty among dealers.
- Revolt's registrations too have plummeted to a paltry 37 units with accusations of them misusing the FAME 2 scheme.
- Tork Kratos R electric motorcycle sold 58 units in October.
We believe that EV Two wheeler sales will be well past the 10% mark in the next 6 months
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103% YOY increase in December EV two wheeler sales
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Top Results last month:
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 2023, 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.
- OLA ELECTRIC - 19,035
- TVS MOTOR - 9,320
- ATHER ENERGY - 9,187
- HERO ELECTRIC - 8,094
- OKINAWA AUTOTECH - 5,279
- AMPERE VEHICLES - 4,409
- BAJAJ AUTO - 3,228
- OKAYA EV PVT LTD - 1,448
- OLA ELECTRIC - 28%
- TVS MOTORS - 13.8%
- ATHER ENERGY - 13.6%
Top 10 Results this calendar year:
- OLA ELECTRIC - 111,011
- OKINAWA AUTOTECH - 101,684
- HERO ELECTRIC - 97,818
- AMPERE VEHICLES - 79,859
- ATHER ENERGY - 53,292
- TVS MOTOR - 47,029
- BAJAJ AUTO LTD - 25,115
- PUR ENERGY PVT LTD - 14,953
- REVOLT INTELLICORP PVT LTD - 14,912
- BENLING INDIA ENERGY AND TECHNOLOGY PVT LTD - 12,605
Wall of Shame
Here are some major OEM's who sell petrol two wheelers in India. We are in 2023, 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 have announced their foray into EV's with their VIDA brand at inflated prices. 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!
Graphs
TOP OEM's PERFORMANCE
Thanks to Mr Karthikeyan from Zeon Charging for helping us with the research
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