India’s electric two-wheeler growth story is getting better, month on month. Overall monthly retail sales crossed the 50,000-unit mark in August 2022, and September sales have done better with 51,784 units – up 2.53 percent.
The good news about the segment doesn’t stop there. As per the electric two-wheeler retail numbers, revealed by Vinkesh Gulati, chairman of FADA India Research & Academy, cumulative sales for the first half of FY2023 (April-September 2022) are 2,77,910 units; a robust 404 percent growth over the first half of FY2022’s 55,147 units. October sales will see the 3,00,000-unit mark – currently 22,090 units away – being surpassed easily.
EV industry headed towards 6,00,000-plus sales in FY2023
Suffice it to say, this ‘low-hanging fruit’ of the EV industry is headed towards 6,00,000-plus sales this fiscal. A look at the retail sales data table shows that of the 51,784 units sold in September, the top seven OEMs account for 44,845 units, or an overwhelming 86 percent of total sales. Similarly, on the cumulative front, eight players – Okinawa Autotech, Ola Electric, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto and Revolt Motorcycles – account for 2,41,298 units, or 87 percent of total retail.
Okinawa remains in first position
Okinawa Autotech, which has a large portfolio of both high- and low-speed e-scooters, has crossed the 50,000-unit sales milestone. With 52,236 units in April-September 2022, it has averaged monthly sales of 8,706 units.
The company, which sees strong demand for its iPraise+ and Praise Pro high-speed models, currently has a network of over 350 dealers in key metro cities and aims to reach Tier 2 and 3 cities as well as rural India.
Ola Electric back in second after brief slowdown
Ola Electric, which opened FY2023 with 12,703 units in April and 9,255 units in May, held the No. 1 position for Q1 FY2023 (April-June 2022) with cumulative sales of 27,849 units. But the company saw demand slowing down from June to August, before bouncing back with a strong performance in September.
With sales of 9,649 units last month, it is not only the bestselling OEM but has also taken the overall No. 2 position from Hero MotoCorp for the first half of FY2023 with 44,801 sales in April-September.
Hero Electric slips to third position
The industry topper in July (8,954 units) and August (10,481 units), Hero Electric sold 8,019 units in September, securing the third spot on the sales chart. It also dropped down to third place in the cumulative scores for the first half of the financial year with 43,388 units – 913 units behind Ola.
Hero Electric, which is aggressively driving expansion, currently has over 700 sales and service outlets. Recently, Hero tied up with Jio-bp to enable its customers to get access to a widespread charging and swapping network.
Ampere Vehicles: a consistent performer
Ampere Vehicles, with cumulative sales of 37,829 units in the first half of FY2023, has been registering a consistent performance and is averaging 6,304 units a month. In July, Ampere inked a partnership with Flipkart, India’s homegrown e-commerce marketplace, to accelerate sales of the Ampere Magnus EX electric scooter.
Ather hits a high in September
September saw Bengaluru-based Ather Energy notch its highest-ever monthly wholesales of 7,435 units and retails of 6,176 units. The six-month cumulative retail stack up at 22,380 units. What is helping Ather achieve better numbers is the improved supplies to its showrooms across India.
TVS takes the lead over Bajaj
As demand for electric two-wheelers continues on its strong growth trajectory in India, ICE two-wheeler and electric scooter rivals Bajaj Auto and TVS Motor Co are also making robust gains with their electric scooters. Interestingly, both companies launched their products – the Bajaj Chetak and TVS iQube – in the same month: January 2020.
In the first half of FY2023, TVS sold a total of 18,347 iQubes, averaging 3,057 units a month. In comparison, the Bajaj Chetak has gone home to 12,263 owners, or 2,043 a month. Both companies are gradually expanding their retail network and customer reach for their electric scooters.