Electric Two-Wheeler Sales Report, August 2023
Electric two-wheeler sales in India dropped in June after the government cut the FAME II subsidy. However, the market showed indications of recovery in August, with sales increasing by 20% over the same month last year.
In June, the FAME II subsidy was reduced from 40% to 15% of the cost of an electric two-wheeler. This immediately increased the price of electric two-wheelers, dampening demand.
In response, many electric two-wheeler manufacturers released a range of low-cost versions in August. These versions, which cost less than a lakh rupees, have been positively appreciated by the market.
The recent growth of the electric two-wheeler sector signals well for the Indian government’s attempts to promote the use of electric automobiles. The government has set a 30% electric car sales target by 2030.
A number of factors are driving the expansion of the electric two-wheeler industry, including growing fuel costs, government subsidies, and a growing understanding of the environmental benefits of electric vehicles.
The government of India has also announced a number of initiatives to promote the adoption of electric vehicles, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and the Production-Linked Incentive (PLI) scheme.
The electric two-wheeler market is expected to continue to grow in the coming years, driven by these factors.
Top Electric Scooter Brands in India by Sales in August 2023
| Rank | Company | July Sales | August Sales | MoM Growth | Market Share |
|---|---|---|---|---|---|
| 1 | Ola Electric | 19,343 | 18,621 | -4% | 30% |
| 2 | TVS Motor | 10,383 | 15,365 | 48% | 25% |
| 3 | Ather Energy | 6,671 | 7,060 | 6% | 11% |
| 4 | Bajaj Chetak | 4,116 | 6,534 | 59% | 10% |
| 5 | Ampere Vehicles | 3,572 | 3,695 | 3% | 6% |
| 6 | Okinawa Autotech | 2,263 | 1,998 | -12% | 3% |
| 7 | Okaya EV | 785 | 1,148 | 46% | 2% |
| 8 | BGAUSS AUTO | 661 | 922 | 39% | 1% |
| 9 | Hero Vida Electric | 990 | 911 | -8% | 1% |
| 10 | Hero Electric | 779 | 783 | 1% | 1% |
Top Electric Motorcycle Brands in India
| Rank | Company | July Sales | August Sales | MoM Growth | Market Share |
|---|---|---|---|---|---|
| 1 | Revolt Intellicorp Pvt. Ltd. | 484 | 512 | 6% | 78.64% |
| 2 | Tork Motors Pvt. Ltd. | 66 | 90 | 36% | 13.82% |
| 3 | Hop Electric Mobility Pvt. Ltd. | 11 | 15 | 36% | 2.30% |
| 4 | UltraViolette Automotive Pvt. Ltd. | 34 | 27 | -21% | 4.14% |
| 5 | Kabira Mobility LLP | 9 | 7 | -22% | 1.07% |
Top 3 Electric Scooter Companies in August 2023
- Ola Electric
In India, Ola Electric is the market leader in the electric scooter industry. The Ola S1 Pro, the company’s premium scooter, is a popular option because of its long-range, stylish look, and advanced features.
- TVS Motor
TVS Motor is another popular competitor in India’s electric scooter industry. The iQube scooter from the brand is known for its easy riding, beautiful appearance, and low pricing.
- Ather Energy
Ather Energy is a Bengaluru-based company that has gained traction in the electric scooter market. The 450X scooter from the company is noted for its strong performance, raised range, and user-friendly features.
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