In a groundbreaking turn of events, November 2023 emerged as the pinnacle for electric two-wheeler Original Equipment Manufacturers (OEMs), signalling a robust resurgence post the reduction in FAME-II subsidies back in June.
With 91,243 units sold, November 2023 was the best month for electric two-wheeler OEMs after the FAME-II subsidy was slashed in June. Cumulative January-November 2023 sales at 7,83,128 units are up 38 percent year-on-year and already a 24 percent improvement over CY2022’s sales of 6,31,461 units, with December still to add to the CY2023 tally. Expect the industry to surpass the 8.5 lakh units mark this year and set a new benchmark.
A Remarkable Year: 38% YoY Growth and Counting
The cumulative sales for January-November 2023 reached a staggering 7,83,128 units, boasting an exceptional 38 percent year-on-year growth. With December sales yet to be added to the CY2023 tally, expectations are high for the electric two-wheeler market to surpass the 8.5 lakh units mark, solidifying its status as a transformative force in the automotive landscape.
Top 10 OEMs Lead the Charge: Cornering 90% of the Market
Dominating the sales landscape, the top 10 OEMs have played a pivotal role, collectively accounting for a whopping 6,98,623 units in January-November 2023.
Ola Electric and TVS Motor Co: A Two-Way Race to the Top
Among the standout performers, Ola Electric emerges as a frontrunner with an impressive sales figure of 2,36,485 units. Hot on its heels is TVS Motor Co, solidifying its position in the electric mobility space with sales exceeding 1 lakh units at 1,53,964. Notably, only these two players have breached the coveted six-digit mark, signifying their substantial impact on the electric two-wheeler market.
Ather Energy's Imminent Milestone: On the Verge of Six Digits
Adding to the narrative of success, Ather Energy stands at the cusp of a significant milestone, with sales reaching a remarkable 97,900 units.
Having set a record by selling an astounding 2,36,485 units in the first 11 months of 2023, Ola Electric has been consistently achieving monthly highs, with November registering its best-ever monthly sales at 29,808 units.
1. Refreshed S1 Series Sparks Success
Ola Electric's refreshed S1 series of e-scooters has proven to be a game-changer, driving the company to new heights in monthly sales.
2. Monthly Highs and Milestones
With an average of 21,498 units sold per month, Ola Electric has not only maintained an impressive consistency but has also set remarkable records. November 2023 stands out as a milestone month, witnessing a peak in monthly sales at 29,808 units.
3. Affordable Innovation
Ola's recent introduction of relatively low-cost products has further expanded its market reach.
4. TVS iQube's Noteworthy Contribution
TVS Motor Co, holding a 19.66 percent share of the EV market, stands out with its single offering – the iQube. November witnessed TVS selling 18,935 iQubes, marking its second-best monthly sales figure.
5. Price Adjustments for Wider Adoption
Ola Electric's strategic pricing adjustments, exemplified by the reduction in the Ola S1 X+ prices to start at Rs 89,999, down by Rs 20,000, indicate a commitment to making electric mobility accessible to a wider audience, further fueling its market penetration.
In third place, in terms of cumulative sales, is Bengaluru-based smart e-scooter maker Ather Energy with 97,900 units, which gives it a 12.50 percent share. However, with an aggressive Bajaj Auto hard on its heels, Ather is getting ready to add to its portfolio with the launch of the new 450 Apex as well as a more family friendly e-scooter in 2024.
Bajaj Auto, another legacy player with a single product, the Chetak, is making news with its rising sales. The company outsold Ather in October (Bajaj: 9,052 units / Ather: 8,415 units) as well as in November (Bajaj: 11,681 units / Ather: 9,171 units). Cumulative January-November sales of 61,311 units give Bajaj a market share of 7.82 percent albeit for November per se its share rose to 13 percent, quite a jump from the 4 percent it had at the start of the year in January 2023.
The company, which launched the new Chetan Urbane with 113km range on December 1, is looking to ramp up production as well as expand its network of exclusive Chetak showrooms. Expect Bajaj Auto to be among the EV newsmakers in the months to come.
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At No. 5 position is the Greaves Cotton-owned Ampere Vehicles with 45,528 units. The company seems to be seeing good traction for its Primus e-scooter launched in February. Ampere’s sales, when combined with Greaves Electric’s 21,049 units, gives the entity a total sales figure of 63,577 units (which also helps it go above Bajaj Auto).
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Next up is Okinawa Autotech with 30,644 units. Considering the company had opened CY2023 with 4,408 units in January, it is clearly feeling the heat of a big sales slow down.
It’s a similar story with Hero Electric. With 29,396 units, Hero Electric who used to be the the industry leader is now ranked seventh and has a 3.75 percent share of the market. After a strong start to the year, sales have fallen to three-digit figures since July. Meanwhile, Hero MotoCorp, the third legacy player in the EV space, notched its best-ever monthly sales of 3,031 units in November under its Vida sub-brand and clocked cumulative sales of 9,523 units.