India: Sales of Electric Scooters & Motorcycles: March 2023

5/4/2023

By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales increased by 58% in March 2023. The EV 2-wheelers accounted for 6.74% of the overall two wheeler sales in March nation wide.
However cities like Bengaluru and Pune are close to 20%

The Indian electric two wheeler market noted a significant 58% year-over-year increase in March, mostly due increased public awareness and incredible choice for consumers in all segments.
For the month of March, 85,890 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal
In March about 12,74,261 new two wheelers ware sold, out of which 85,890 are EV's.
For the calendar year (March – December) new Electric two wheelers registrations accounted for about 6.1% of the total new two wheeler registrations in India. Totally about
33,20,018 two wheelers ware registered out of which 216,510 units ware Electric.
The EV 2-wheelers accounted for 6.74% of the overall two wheeler sales in March nation wide. However cities like Bengaluru and Pune have reached 20%
- This is an increase from 5.2% in February 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 6.74% 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 21,308 units. An increase compared to February. 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 16,780 units followed by Ather Energy who sold 12,081 units.
- TVS Motors has been registering a gradual increase throughout 2023 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 4,523 units this month.
Hero MotoCorp - a giant name in the two wheeler business, sold 298 units of the Vida electric scooter
Okaya EV and an old name - Kinetic Green occupy 8th and 9th spot with 1,762 and 1,641 units respectively.
Revolt's electric motorcycle registrations are at 1,133 units with accusations of them misusing the FAME 2 scheme.
Tork Kratos R electric motorcycle only sold 88 units in March.

More EV Sales Reports
Top Results last month:

OLA ELECTRIC - 21,308
TVS MOTOR - 16,780
ATHER ENERGY - 12,081
AMPERE VEHICLES - 9,336
HERO ELECTRIC - 6,654
BAJAJ AUTO - 4,523
OKINAWA AUTOTECH - 4,507
OKAYA EV PVT LTD - 1,762

Top EV two wheeler EV brands market share for October:

OLA ELECTRIC - 24.8%
TVS MOTORS - 19.5%
ATHER ENERGY - 14%

Top 10 Results this calendar year:

OLA ELECTRIC - 57,366
TVS MOTOR - 39,890
ATHER ENERGY - 31,379
AMPERE VEHICLES - 19,557
HERO ELECTRIC - 18,918
OKINAWA AUTOTECH - 12,758
BAJAJ AUTO - 10,307
OKAYA EV PVT LTD - 4,259
KINETIC GREEN ENERGY - 3,485
BGAUSS AUTO PRIVATE LTD - 2,164

Wall of Shame
Here are some major OEM's who ONLY 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!