By Kamlesh & Karthikeyan Palanisamy
Electric Two Wheeler Sales increased by 286% in October 2022. Demand for EV's are shooting up!
Electric Two Wheeler Sales increased by 286% in October 2022. Demand for EV's are shooting up!
- The Indian electric two wheeler market noted a significant 286% year-over-year increase in October, mostly due increased public awareness and incredible choice for consumers in all segments.
- For the calendar year (January – October) new Electric two wheelers registrations accounted for about 4.01% of the total new two wheeler registrations in India. Totally about
11,775,331 two wheelers ware registered out of which 4,72,682 units ware Electric. - For the month of October, 76,581 new electric scooters and motorcycles were registered in India as per data available from the Vahan portal.
- In October about 16,27,945 new two wheelers ware sold, out of which 76,581 are EV's.
- The EV 2-wheelers accounted for 4.7% of the overall two wheeler sales in October.
- This is a decrease from 5.1% in September 2022.
- This decrease is not in absolute terms but relative to the growth of ICE vehicle sales
- 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 at the inflection point. We believe that it will be well past the 10% mark within the next 8-10 months.
- 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 6% by now.
- This is a decrease from 5.1% in September 2022.
- Top electric two wheeler OEM in October, happens to be Ola Electric, who sold 16,170 units. A huge increase compared to 9634 units in September. With the launch of the S1 model at a lower price point, we anticipate further growth in the coming months.
- The second best performing OEM in October was Okinawa with 14,921 units followed by Hero Electric who sold 8,860 units.
- TVS Motors registered an increase, by selling 5,765 units in October compared to 3,940 units in September 2022.
- Ather Energy registered a slight increase in October with sale of 7,288 units compared to September. 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 September and October.
- Hero Electric have stagnated sales in October with 8,860 units.
- Revolt continues to be India's top selling electric motorcycle, by selling 1031 units in October. However this was an increase compared to sales of 865 units in September.
- Tork Kratos R electric motorcycle sold 80 units in October.
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We believe that EV Two wheeler sales will be well past the 10% mark within the next 8-10 months.
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286% YOY increase in September EV two wheeler sales
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Top Results last month:
Top EV two wheeler EV brands market share for October:
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.
- OLA ELECTRIC - 16,170
- OKINAWA AUTOTECH - 14,921
- AMPERE VEHICLES - 10,053
- HERO ELECTRIC - 8,860
- ATHER ENERGY - 7,288
- TVS MOTOR - 5,765
- BAJAJ AUTO - 3,435
- OKAYA EV PVT LTD - 1,961
- REVOLT - 1,031
- OTHERS - 7,097
Top EV two wheeler EV brands market share for October:
- OLA ELECTRIC - 21%
- OKINAWA AUTOTECH - 19.5%
- AMPERE VEHICLES - 13.1%
- HERO ELECTRIC - 11.6%
- ATHER ENERGY - 9.5%
Top 10 Results this calendar year:
- OKINAWA AUTOTECH - 87,312
- HERO ELECTRIC - 80,699
- OLA ELECTRIC - 75,407
- AMPERE VEHICLES - 63,176
- ATHER ENERGY - 36,195
- TVS MOTOR - 29,309
- BAJAJ AUTO LTD - 18,796
- REVOLT INTELLICORP PVT LTD - 14,339
- PUR ENERGY PVT LTD - 13,244
- BENLING INDIA ENERGY AND TECHNOLOGY PVT LTD - 10,417
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!
Graphs
Thanks to Mr Karthikeyan from Zeon Charging for helping us with the research
Links
More EV Sales Reports
Zeon Charging
Links
More EV Sales Reports
Zeon Charging