India’s electric two-wheeler market has seen a significant improvement. In November, retail sales surpassed 91,000 units, marking the highest monthly figures since the FAME subsidy cut in June. The total sales for the first 11 months reached 783,047 units, indicating a robust year-over-year growth of 38%. The industry is on track to achieve a record-breaking annual sales figure of over 850,000 units in the calendar year 2023.
November 2023, which included the latter half of India’s 42-day festive period, has shown impressive sales for electric two-wheelers. Retail sales reached 91,172 units, as per the Indian government’s Vahan website data, a 19% increase from October’s 74,928 units. This makes November the best performing month in 2023 post the 25% reduction in FAME subsidy in June, though May’s 105,537 units remain the all-time high due to a pre-subsidy cut purchasing surge. Despite the reduced subsidy, the segment has sold 393,516 EVs since June at higher prices, with November’s sales contributing significantly.
Cumulative sales from January to November 2023 stand at 783,047 units, a 38% increase over the same period in 2022. The industry is on track to surpass total 2022 sales (631,174 units) with December still remaining, potentially exceeding 850,000 units for the year, a robust 35% year-over-year growth.
In the competitive e-two-wheeler market, the top 10 EV manufacturers contributed 92% of November’s total sales, with Ola Electric, TVS Motor Co, and Bajaj Auto leading with five-figure sales. Ola Electric, with 29,764 units in November, continues to dominate the market, and TVS’s 18,931 units show strong performance. After overtaking Ather Energy for the second month, Bajaj Auto recorded its best monthly sales at 11,668 units.
Ather Energy, though currently behind Bajaj, has cumulative 11-month sales of 97,889 units, indicating a strong market presence. The company plans to launch two new scooters in 2024 to expand its range.
Greaves Electric Mobility and Ampere Vehicles, along with Hero MotoCorp and Okinawa Autotech, also showed significant performances, indicating a dynamic and growing market.
The overall electric two-wheeler segment is set to reach a record 850,000-plus sales in 2023, driven by a mix of new product availability, expanding charging infrastructure, and long-term cost benefits of EVs. The segment’s growth is further boosted by demand for last-mile deliveries and potential advance purchases due to uncertainty about the FAME subsidy extension beyond April 2024.
