The electric two-wheeler segment in India has shown remarkable resilience following the reduction in subsidy under the FAME scheme starting from June 1, 2023. Let’s dive into the latest trends and sales figures for electric two-wheelers in October 2023.
Surge in Electric Two-Wheeler Sales
October 2023 witnessed a significant surge in electric two-wheeler sales, marking the highest numbers since the subsidy reduction was implemented. The industry recorded sales of 74,252 vehicles, a notable increase from the 63,706 vehicles sold in September 2023.
Market Leaders and Sales Performance
Ola Electric Leads the Charge
Ola Electric continues to dominate the electric two-wheeler market in India with a substantial lead. The company sold 23,644 vehicles in October 2023, up from 18,615 vehicles in September, showcasing a remarkable growth of nearly 30%. Ola’s recent introductions, including the S1 Pro Gen 2 and affordable models like the Ola S1 Air and Ola S1 X, have contributed to their success. In the first ten months of 2023, Ola has crossed the milestone of selling over 2,00,000 electric scooters.
TVS Motor’s Steady Performance
TVS Motor, known for its iQube electric scooter, maintained its position as the second-largest player in the market. The company sold 16,340 electric scooters in October 2023, up from 15,576 units in September, reflecting a modest 5% growth.
Bajaj Auto’s Rise to Third Place
Bajaj Auto made significant strides in the electric two-wheeler segment, securing the third position by surpassing Ather Energy. The company sold 8,932 electric scooters in October 2023, up from 7,087 units in September, driven by the popularity of the Bajaj Chetak electric scooter.
Hero MotoCorp’s Remarkable Growth
Hero MotoCorp emerged as the fastest-growing player in October, recording a staggering 261% growth in sales. The company sold 1,914 electric scooters in October 2023, a substantial increase from 530 units sold in September. Hero MotoCorp’s Vida V1 Pro electric scooter contributed significantly to this growth.
Future Outlook
The rebound in electric two-wheeler sales underscores the resilience and growing acceptance of electric mobility in India. With key players introducing innovative models and expanding their market presence, the electric two-wheeler segment is poised for further growth in the coming months.
Ben Müller
