Electric two-wheeler sales in India continued to grow in September 2023, with a total of 63,857 units sold. This represents a year-on-year increase of 20.22% and a month-on-month increase of 1.84%.
The top 10 electric two-wheeler manufacturers in India accounted for 90.75% of total sales in September 2023. Ola Electric remained the market leader with a 29.2% market share, followed by TVS with an 11.95% market share and Hero Electric with a 10.62% market share.
Other notable performers in September 2023 included Ather Energy, Bajaj Auto, and Okinawa Autotech. Ather Energy sold a total of 5,380 units in September 2023, up 21.2% year-on-year. Bajaj Auto sold a total of 2,608 units in September 2023, up 29.2% year-on-year. Okinawa Autotech sold a total of 2,608 units in September 2023, up 29.2% year-on-year.
Factors driving electric two-wheeler sales in India
There are a number of factors driving electric two-wheeler sales in India, including:
- Rising fuel prices: Fuel prices in India have been rising steadily in recent years, making electric two-wheelers more attractive to consumers.
- Government incentives: The Indian government is offering a number of incentives to promote the adoption of electric vehicles, including subsidies, tax breaks, and priority parking.
- Increasing availability of charging infrastructure: The availability of charging infrastructure for electric vehicles is increasing in India, which is making it easier for consumers to own and operate electric two-wheelers.
- Growing awareness of the environmental benefits of electric vehicles: Consumers are becoming more aware of the environmental benefits of electric vehicles, such as reduced air pollution and greenhouse gas emissions.
Challenges facing the electric two-wheeler industry in India
Despite the rapid growth of the electric two-wheeler industry in India, there are a number of challenges that the industry faces, including:
- High upfront cost: Electric two-wheelers are still more expensive than petrol-powered two-wheelers in India.
- Limited range: Electric two-wheelers have a shorter range than petrol-powered two-wheelers.
- Lack of charging infrastructure: While the availability of charging infrastructure is increasing, there is still a need for more charging stations, especially in rural areas.
- Quality concerns: There have been some reports of quality issues with electric two-wheelers in India.
Conclusion
The electric two-wheeler industry in India is growing rapidly, driven by factors such as rising fuel prices, government incentives, increasing availability of charging infrastructure, and growing awareness of the environmental benefits of electric vehicles. However, the industry still faces a number of challenges, such as high upfront costs, limited range, lack of charging infrastructure, and quality concerns.
Despite the challenges, the electric two-wheeler industry in India is poised for continued growth in the coming years. The Indian government is committed to promoting the adoption of electric vehicles, and a number of leading global automakers are investing in the Indian EV market. I believe that electric two-wheelers will play a major role in the transformation of India's transportation sector.
