The electric two-wheeler market in India continued to grow in August 2023, with sales increasing by 16.79% from the previous month to 59,313 units. This was the third consecutive month of growth for the market, and it suggests that the sector is recovering from the dip in June 2023.
With the fall of the FAME II subsidy from 40% to 15%, the immediate impact on the Indian electric vehicle ecosystem was a large increase in price and a decrease in sales. To solve the situation and increase sales, numerous EV manufacturers created a variety of low-cost automobiles. This was a terrific initiative to attract more customers. It ushered in a new era in the EV industry, resulting in a surge in sales this month.
Electric Two-wheeler Sales August 2023
| EV Brands | July 2023 Sales | August 2023 Sales | MoM Growth | Market Share |
| OLA ELECTRIC | 19,343 | 18,621 | -4 % | 30 % |
| TVS MOTOR | 10,383 | 15,365 | 48 % | 25 % |
| ATHER ENERGY | 6,671 | 7,060 | 6 % | 11 % |
| BAJAJ CHETAK | 4,116 | 6,534 | 59 % | 10 % |
| AMPERE VEHICLES | 3,572 | 3,695 | 3 % | 6 % |
| OKINAWA AUTOTECH | 2,263 | 1,998 | -12 % | 3 % |
| OKAYA EV | 785 | 1,148 | 46 % | 2 % |
| BGAUSS AUTO | 661 | 922 | 39 % | 1 % |
| HERO VIDA ELECTRIC | 990 | 911 | -8 % | 1 % |
| HERO ELECTRIC | 779 | 783 | 1 % | 1 % |
Ola Electric remained the market leader in August 2023, followed by TVS Motors, Ather Energy, Bajaj Auto, and finally Ampere Electric. The top five rankings are unchanged from last month. The most electric two-wheelers were sold by Ola Electric. In August 2023, it sold 18,621 electric two-wheelers, giving it a 30% market share.
Ola Electric increased its electric scooter portfolio in August with the release of its future Ola S1 Range. It also received a strong market reaction, with over 75,000 bookings in just two weeks following its launch.
TVS sold 15,365 electric scooters, achieving excellent performance with a 20% market share and maintaining its second-place position.
Ather delivered 7,060 electric vehicles in August and maintained its third-place position with an 11% market share. With 6,534 and 3,695 sales, respectively, and a market share of 10% and 6%, Bajaj Auto and Ampere Electric maintained their fourth and fifth places.
The Future of the Electric Two-wheeler Market in India
The electric two-wheeler market in India is expected to continue to grow in the coming years. The market is being driven by a number of factors, including the rising cost of petrol, the government’s FAME II subsidy, and the increasing awareness of the environmental benefits of electric vehicles.
The government of India has set a target of 10 million electric vehicles on the road by 2030. The electric two-wheeler segment is expected to play a major role in achieving this target. The market is expected to grow at a CAGR of 30% in the next five years.
The growth of the electric two-wheeler market will create new opportunities for companies in the sector. There will be demand for new products and services, such as charging infrastructure, battery swapping stations, and after-sales services.
The electric two-wheeler market is a rapidly growing sector with a lot of potential. Companies that are able to capitalize on this opportunity will be well-positioned for success in the years to come.
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