In the fast-evolving Indian electric two-wheeler market, the month of October 2023 has witnessed significant growth, with a deeper dive into the Vahan retail sales data revealing some interesting trends. Among the 165 electric vehicle (EV) manufacturers competing in this dynamic space, the top nine EV makers stand out, collectively accounting for 90% of total October sales.
Ola Electric Dominates the Market
Ola Electric, a market leader, has experienced remarkable growth, with over 20,000 units sold in October. This substantial figure represents a 21% month-on-month (MoM) increase. The company’s market share now stands at a commanding 31%. Furthermore, Ola Electric has achieved an impressive milestone by surpassing 200,000 sales in just ten months into 2023. This milestone follows the successful launch of its refreshed S1 series of e-scooters, which has already generated over 75,000 bookings.
TVS Motor: Steady Performance
TVS Motor Co, another key player in the electric scooter segment, reported sales of 15,729 units in October. While these numbers indicate relatively flat sales, with a marginal MoM growth of 0.93%, the company maintains a strong market share of 22%. TVS Motor’s consistent performance between January and October 2023 is notable, with 134,279 units of its iQube sold. In September, the iQube celebrated a significant achievement, surpassing 200,000 cumulative sales since its launch in January 2020.
Bajaj Auto’s Strong Growth
Bajaj Auto, having expanded its Chetak scooter production and network, sold 8,519 Chetak units in October. This reflects a substantial 20% increase from September’s figures of 7,097 units. It marks Bajaj Auto’s second-best monthly performance, positioning the company ahead of Ather Energy, although the latter maintains a strong third position with cumulative sales exceeding 88,390 units over the past ten months.
Ather Energy’s Consistent Growth
Ather Energy, the third prominent player in the Indian e-scooter market, reported 8,113 units in retail sales for October, demonstrating a notable 13.45% MoM growth compared to September. The company is actively facilitating financing solutions for potential buyers, offering 100% on-road financing and affordable 60-month loan products in collaboration with leading banks.
Greaves Electric Mobility Excels
Greaves Electric Mobility achieved its best monthly performance to date, with 4,050 units sold in October, representing a 12% MoM growth. In parallel, Greaves’ sister EV arm, Ampere Vehicles, secured 352 units in October. Combined sales from both EV divisions position Greaves Electric Mobility in the fifth position among top performers.
Hero MotoCorp’s Aggressive Marketing
Hero MotoCorp, driven by its Vida scooter, advanced to the sixth position, surpassing Okinawa Autotech. With 1,899 Vida units sold in October, Hero MotoCorp registered an impressive 255% MoM growth, attributed to its aggressive marketing strategies.
Okinawa Autotech Faces Challenges
Okinawa Autotech dropped to the seventh position, selling 1,430 units in October, reflecting a 20% MoM decline compared to September. The company, which began 2023 with 4,408 units in January, is experiencing the impact of slower sales and intensified competition.
Bgauss Auto’s Consistent Growth
Bgauss Auto witnessed its best monthly sales performance with 1,147 units, demonstrating a solid 22% MoM growth, underscoring its consistent growth trajectory.
Several other EV manufacturers have also reported robust MoM growth in October, including Lectrix EV (1,036 units, up 41%), Wardwizard Innovations (864 units, up 25%), and Kinetic Green (385 units, up 64%). This strong collective performance indicates the continued growth and competitiveness of the Indian electric two-wheeler market.
As electric scooter sales in India gain momentum, it’s evident that key players like Ola Electric, TVS Motor, and others are making substantial contributions to the nation’s electric mobility landscape. The industry’s growth is further fueled by festive season, competitive pricing, financing options, and a growing awareness of the benefits of electric two-wheelers among consumers. With more innovations and increased investments in the EV sector, India’s electric 2-wheeler scooter market is poised for an exciting future.
| Sr. No. | Company Name | Sales in Sep. | Sales in Oct. | MoM Growth |
| 1. | OLA ELECTRIC | 18,691 | 22,284 | +19.22% |
| 2. | TVS IQUBE | 15,584 | 15,603 | +0.12% |
| 3. | BAJAJ CHETAK | 7,097 | 8,430 | +18.78% |
| 4. | ATHER ENERGY | 7,151 | 8,027 | +12.25% |
| 5. | GREAVES ELECTRIC | 3,612 | 4,019 | +11.26% |
| 6. | HERO VIDA | 533 | 1,862 | +249% |
| 7. | OKINAWA AUTOTECH | 1,790 | 1,415 | -20% |
| 8. | BGAUSS AUTO | 936 | 1,138 | +21.58% |
| 9. | LECTRIX EV | 735 | 1,028 | +39.86% |
| 10. | OKAYA EV | 885 | 851 | -3.8% |