Electric bike, scooter sales on course for record year; Okinawa leads the way

Electric bike and scooter sales in India are on a roll, and August 2022’s retail numbers, at 50,475 units, are the best yet this fiscal. While this is a massive 238 percent year-on-year (YoY) increase over the pandemic-impacted August 2021’s 14,913 units, it’s a more realistic 13 percent month-on-month growth over July 2022’s 44,595 units.

• Okinawa leads, with over 40,000 units sold so far this fiscal

• Hero Electric jumps to second sport, with 35,364 units sold till August

• Ola Electric comes third, Ather Energy fifth

Last month’s e-two-wheeler sales, as revealed by Vinkesh Gulati, chairman of FADA India Research & Academy, indicate that numbers have crossed the 50,000-unit mark for the first time and point to the way ahead. Cumulative sales from April-August 2022 have gone past the 2,25,000 mark, ample proof that FY2023 will be a record-setting year for the electric two-wheeler industry.

A look at the data table at the bottom of this analysis reveals that the top 10 players account for 2,06,443 units or 91 percent of total retail sales of 2,25,986 units. There’s a hotly contested battle underway at the top, particularly among the top four players – Okinawa Autotech, Hero Electric, Ola Electric and Ampere Vehicles.

Hero Electric jumps two ranks to be No. 2

The company with the maximum gains last month is Hero Electric, which has topped monthly electric two-wheeler sales for the second month in a row. After clocking 8,953 units in July 2022, the manufacturer has bettered that score with 10,482 units, its best yet this fiscal. This smart market performance takes Hero Electric’s cumulative sales to 35,364 units, helping it jump two ranks from its No. 4 spot in July 2022 to No. 2 in August, and going ahead of Ola Electric (35,113 units) and Ampere Vehicles (31,630 units).

Hero Electric, which is aggressively driving expansion, currently has over 700 sales and service outlets. The company is also very actively increasing its EV charging network and has recently tied up with Jio-bp to grow its battery swapping network, which is also open to other vehicles. Earlier this year, it began the manufacturing and rollout of its Optima and NYX e-scooters from Mahindra’s plant in Pithampur, Madhya Pradesh.

Okinawa remains strong No. 1, Ampere hot on Ola’s heels

Okinawa Autotech, which has a large portfolio of both high- and low-speed e-scooters, is well placed in the lead, with 43,944 units, averaging monthly sales of 8,788 units this fiscal. The company, which is seeing strong demand for its iPraise+ and Praise Pro high-speed models, currently has a network of over 350 dealers and is focusing on growth in Tier 2 and 3 cities, as well as rural regions.

Third-placed Ola Electric is hot on the heels of Hero Electric, having racked up 35,113 units this year (just 251 less than Hero). However, Ola has seen its sales slow down considerably over the past four months. From a high of 12,698 units in April 2022, August’s 3,435 units are the lowest monthly numbers in the ongoing fiscal, bringing Ola under threat from fourth-placed Ampere.

Ampere, with cumulative five-month sales of 31,630 units, has been registering a consistent performance and is averaging 6,326 units a month. Last month, Ampere inked a partnership with Flipkart, India’s homegrown e-commerce marketplace, to accelerate sales of the Ampere Magnus EX electric scooter. In the pilot phase, customers across Bengaluru, Kolkata, Jaipur, and Pune will be able to access the product and also avail of state-specific subsidies and benefits. After placing an order on Flipkart, the customers will be contacted by the local authorised dealership for completion of RTO registration, insurance, and delivery of the scooter. The entire process, from the time of order to doorstep delivery, will be completed within 15 days, says the company.

Bengaluru-based EV start-up Ather Energy retailed 5,284 units last month, its best performance this fiscal, and has a five-month tally of 16,166 units. Its wholesales, as per SIAM, were 6,410 units for August, indicative of the company keeping its showrooms stocked for the festive season. One of the highlights last month was the rollout of Ather’s 50,000th 450X. Ather, which claims it is the leading EV manufacturer in the state of Kerala with a 34 percent market share, also inaugurated three new experience centres in Pune, Chennai and Ranchi.

TVS and Bajaj also plug into EV growth story

As demand for electric two-wheelers continues on its strong growth trajectory in India, legacy manufacturers Bajaj and TVS 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.

Proof of the rising market demand for TVS iQube and Bajaj Chetak is that their combined wholesales till end-August 2022 have crossed the 50,000-unit mark. As per SIAM’s wholesale data, while TVS with 31,342 units has the larger share (59 percent) of the pie, Bajaj has sold a total of 21,589 units over the past 32 months.

The real-world retail story is no different. TVS has 14,363 units to its credit in the April-August 2022 period, while Bajaj has sold 9,651 units. Both companies are gradually expanding their retail network and customer reach for their electric scooters.