India: Sales of Electric Scooters & Motorcycles: January 2022

India: Sales of Electric Scooters & Motorcycles: January 2023

9/2/2023

By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales increased by 114% in January 2023. Demand for EV's are shooting up!

The Indian electric two wheeler market noted a significant 114% year-over-year increase in January, 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 4.35% of the total new two wheeler registrations in India. Totally about
14,79,771 two wheelers ware registered out of which 64,442 units ware Electric.
For the month of January, 64,442 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal
In January about 14,79,771 new two wheelers ware sold, out of which 64,442 are EV's.
The EV 2-wheelers accounted for 4.35% of the overall two wheeler sales in January.
- This is an decrease from 6% in December 2022.
  - This decrease was due to reduction in EV registrations from Hero Electric, Okinawa and Amepre.
- 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 4.35% 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.
Top electric two wheeler OEM in December, happens to be Ola Electric, who sold 18,274 units. A slight decrease compared to 19,035 units in December. 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 10,421 units followed by Ather Energy who sold 9,164 units.
- TVS Motors has been registering a gradual increase throughout 2022 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.
Bajaj Auto are not doing well in terms of sales of the Chetak. They only sold 2,617 units this month.
Okaya EV and an old name - Kinetic Green occupy 8th and 9th spot with 1,265 and 1,027 units respectively.
Revolt's electric motorcycle registrations have plummeted to a paltry 14 units with accusations of them misusing the FAME 2 scheme.
Tork Kratos R electric motorcycle sold 62 units in October.

More EV Sales Reports

Top Results last month:

OLA ELECTRIC - 18,274
TVS MOTOR - 10,421
ATHER ENERGY - 9,164
HERO ELECTRIC - 6,395
OKINAWA AUTOTECH - 4,405
AMPERE VEHICLES - 4,367
BAJAJ AUTO - 2,617
OKAYA EV PVT LTD - 1,265

Top EV two wheeler EV brands market share for October:

OLA ELECTRIC - 28.35%
TVS MOTORS - 16.17%
ATHER ENERGY - 14.2%

Top 10 Results this calendar year:

OLA ELECTRIC - 18,274
TVS MOTOR - 10,421
ATHER ENERGY - 9,164
HERO ELECTRIC - 6,395
OKINAWA AUTOTECH - 4,405
AMPERE VEHICLES - 4,367
BAJAJ AUTO - 2,617
OKAYA EV PVT LTD - 1,265
KINETIC GREEN ENERGY & POWER SOLUTIONS LTD - 1,027
PUR ENERGY PVT LTD - 716

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 a single token EV model not doing enough to help India.

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.
BAJAJ AUTO
- One of India's largest 2-wheeler manufacturers with huge cash reserves, still have not even launched a single electric motorcycle. They are not doing enough to help India.
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!