Electric two-wheelers continue to dominate the EV market
In December 2023, the Indian market for electric two-wheelers saw a mix of positive and negative trends among different companies. While some celebrated growth, others experienced unexpected dips. The electric vehicle industry is continually growing due to the needs and innovations of customers, and the true results are reflected in sales reports. Therefore, let’s take a closer look at the top 10 electric scooter and bike sales data for December 2023.
Sales data for the 10 most popular electric scooters
Based on the overall sales reports of electric vehicles, it appears that the Electric two-wheeler category continues to dominate the EV market, largely due to its affordability. There are approximately 175 players in this category, and they managed to sell 841,727 units in CY2023 (till December 27), marking a 33% YoY growth (CY2022: 631,463 units). This is an impressive increase when compared to CY2021’s 156,368 units, as CY2023 experienced a significant 438% increase in just over three years. This remarkable growth reflects the substantial demand for Electric two-wheelers, and it continues to position this category as the clear leader in the EV market.
Although the upfront cost of purchasing an electric scooter or motorcycle is still greater than that of a petrol-powered one, more and more riders are choosing to switch to electric vehicles due to their cost-effectiveness in the long run. In addition, there is a continuous demand for last-mile deliveries in both urban and rural areas, which is driving sales of electric cargo two-wheelers, and many EV manufacturers are benefiting from bulk orders.
|
Company Name |
Sales in Nov. 2023 |
Sales in Dec. 2023 |
MoM Growth |
| Ola Electric |
29,908 |
30,219 |
1.03% |
| TVS IQube |
19,076 |
12,216 |
-35.96% |
| Bajaj Chetak |
11,810 |
10,323 |
-12.59% |
| Ather Energy |
9,256 |
6,481 |
-29.98% |
| Greaves Electric (Ampere) |
4,412 |
2,974 |
-32.59% |
| Hero Vida |
3,043 |
1,592 |
-47.68% |
| Joy E-Bikes |
1,188 |
1,407 |
18.43% |
| BGauss Auto |
1,606 |
1,214 |
-24.40% |
| Okinawa Autotech |
1,258 |
965 |
-23.29% |
| Lectrix EV |
1,297 |
769 |
-40.70% |
The electric scooter market witnessed fierce competition in December, with companies vying for the top spot. Despite facing a decline, Ola Electric retained its leadership position with a 1.03% month-over-month (MoM) growth, inspiring us to keep pushing forward even during tough times. TVS IQube and Bajaj Chetak faced setbacks, but their perseverance is a testament to the fact that success is not always easy, but it’s always worth it. Ather Energy and Greaves Electric (Ampere) may have faced steeper declines, but their continued efforts to innovate and improve are truly inspiring. These companies remind us that even when things don’t go as planned, we can always learn from our setbacks and keep striving toward our goals.
Sales of the top 5 electric bikes
In a similar fashion to electric scooters, the craziness surrounding electric bikes is also evident in the retail sales report for e-bikes. As a result, we have compiled a list of the top 5 electric bike manufacturers here as well as their sales growth in December 2023. Let’s begin by reviewing the report.
|
Company Name |
Sales in Nov. 2023 |
Sales in Dec. 2023 |
MoM Growth |
| Revolt Motors |
669 |
678 |
1.34% |
| Tork Motors |
395 |
205 |
-48.10% |
| Hop Electric |
11 |
20 |
81.81% |
| Ultraviolette |
10 |
10 |
__ |
| Kabira Mobility |
4 |
6 |
50% |
Revolt Motors emerged as the top performer in the electric bike segment, showcasing their dedication and hard work by achieving a modest 1.34% month-over-month growth with 678 units sold.
Despite facing a steep decline in sales, Tork Motors has shown resilience and determination to overcome the challenges, selling 205 units in December. Hop Electric has set an example for others to follow by achieving a marvelous growth of 81.81%, proving that anything is possible with hard work and passion. Ultraviolette’s consistency in maintaining the same sales figure as in November is a testament to its unwavering commitment to excellence. Kabira Mobility has made a positive entry into the top 5 by selling 50 units in December, demonstrating that success can be achieved through perseverance and dedication.
What you need to know
The market for electric two-wheelers continues to grow, but there were some surprising drops in sales for established companies like TVS IQube, Bajaj Chetak, and Ather Energy in December 2023. Despite the end of several festive season offers, Ola Electric remained dominant and managed to avoid decline.
The market for electric bikes is still developing, with Revolt Motors leading the way but facing tough competition from Tork Motors, as well as emerging companies such as Hop Electric and Ultraviolette.
Future Perspectives
India’s electric two-wheeler market is set to soar to new heights in 2024. With the government’s support, the charging infrastructure getting better each day, and both established and emerging players lining up to launch new models, the future is looking brighter than ever for this dynamic sector.
Watch out the video of the sales report for more updates
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