India: Sales of Electric Scooters & Motorcycles: February 2023

7/3/2023

By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales increased by 84% in February 2023. Demand for EV's are shooting up!

The Indian electric two wheeler market noted a significant 84% year-over-year increase in February, mostly due increased public awareness and incredible choice for consumers in all segments.
For the month of February, 65,796 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal
In February about 12,68,848 new two wheelers ware sold, out of which 65,796 are EV's.
For the calendar year (February – December) new Electric two wheelers registrations accounted for about 5.1% of the total new two wheeler registrations in India. Totally about
25,34,919 two wheelers ware registered out of which 130,404 units ware Electric.
The EV 2-wheelers accounted for 5.2% of the overall two wheeler sales in February.
- This is an increase from 4.35% in January 2023
  - This increase was due to reduction sales of ICE two wheelers.
- 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 5.2% market share the India EV two wheeler market have crossed the inflection point. We believe that it will be well past the 10% mark by the end of 2023.
Earlier in 2021 and 2022, the two wheeler registration's were dominated by brands selling low or medium speed imported two wheelers. However this has changed as we enter 2023 with contribution of well engineered high quality Indian made electric scooters. Brands like Ather, OLA Electric and TVS are leading the way, which is very healthy.
Top electric two wheeler OEM in December, happens to be Ola Electric, who sold 17,667 units. A slight decrease compared to 18,326 units in January. 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 12,607 units followed by Ather Energy who sold 10,013 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. They only sold 2,530 units this month.
Hero MotoCorp - a giant name in the two wheeler business, sold 300 units of the Vida electric scooter
Okaya EV and an old name - Kinetic Green occupy 8th and 9th spot with 1,232 and 816 units respectively.
Revolt's electric motorcycle registrations have plummeted to a paltry 79 units with accusations of them misusing the FAME 2 scheme.
Tork Kratos R electric motorcycle only sold 24 units in February.

More EV Sales Reports

Top Results last month:

OLA ELECTRIC - 17,667
TVS MOTOR - 12,607
ATHER ENERGY - 10,013
HERO ELECTRIC - 5,861
AMPERE VEHICLES - 5,842
OKINAWA AUTOTECH - 3,839
BAJAJ AUTO - 2,530
OKAYA EV PVT LTD - 1,232

Top EV two wheeler EV brands market share for October:

OLA ELECTRIC - 26.9%
TVS MOTORS - 19.12%
ATHER ENERGY - 15.2%

Top 10 Results this calendar year:

OLA ELECTRIC - 35,993
TVS MOTOR - 23,059
ATHER ENERGY - 19,239
HERO ELECTRIC - 12,260
OKINAWA AUTOTECH - 10,212
AMPERE VEHICLES - 8,247
BAJAJ AUTO - 5,776
OKAYA EV PVT LTD - 2,497
KINETIC GREEN ENERGY & POWER SOLUTIONS LTD - 1,844
BGAUSS AUTO PRIVATE LIMITED - 1,383

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!