The electric vehicle (EV) industry is dominating headlines in India and around the world. The EV industry clearly had a record-breaking year, with a total of 9,95,319 EVs sold across vehicle segments, up 208 percent year on year and a massive 509 percent increase over the 1,63,458 EVs sold in 2019, a pre-Covid year. The electric two-wheeler industry is the most significant contributor to this impressive growth.
- 6,15,365 electric scooters, bikes were sold in 2022
- Ola topped EV sales in 2022 with 1.08 lakh units retailed
- EV sales constitute 4 percent of overall two-wheeler sales in 2022
A deep dive into the e-two-wheeler industry retail sales, using new vehicle registration data from the government of India’s VAHAN portal (as on December 30, 2022) enables a comprehensive look into the industry’s growth.
As per the retail sales numbers available, it’s amply clear that what was a trickle barely three years ago has now turned into a torrent. From total sales of 28,280 units in CY2019, surging consumer demand for electric two-wheelers has seen sales in CY2022 charge past the 6,00,000-unit mark at 6,15,365 units, recording 305 percent YoY growth.
The e-two-wheeler industry’s growth trajectory can be seen in the monthly sales numbers. CY2022 opened with a staid 28,193 units, crossed the 50,000-unit mark for the first time ever in March (51,950) and then proceeded to hit the year’s highest total in November (76,733). The total sales of 6,15,315 units over 12 months translates into average monthly sales of 51,276 units or 1,685 units sold on every single day of the year.
In-depth analysis of the company-wise retail numbers reveals that the top 10 OEMs – Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto, Pur Energy, Revolt Intellicorp and Being India Energy – account for 5,50,562 units, or an overwhelming 89 percent of total sales. The extent of the dominance of these top 10 manufacturers can be gauged from the fact that the first two – Ola Electric and Okinawa Autotech – are the only ones with sales of over 1,00,000 units each. The other eight – No. 3 to No. 10 – have each clocked sales in five figures in 2022. Meanwhile, another 20-odd OEMs are engaged in a fierce fight for a slice of the action of India’s booming e-two-wheeler market.
Here’s taking a closer look at how the major players performed in 2022.
1. Ola Electric: 1,08,130 units
With cumulative 12-month sales of 1,08,130 units, Ola Electric is India’s electric two-wheeler industry leader and accounts for a 17.57 percent market share.
Having opened the year with 1,106 units, Ola went on to have a strong run, particularly after April (12,708 units) and nearly hit the 10,000-unit monthly sales mark in September (9,893 units). It went on to top the monthly sales for four months in a row – September (9,893), October (16,341), November (16,359) and December (16,168). The move to offer a handsome festive discount of Rs 10,000 and open experience centresacross the nation has clearly paid dividends.
2. Okinawa Autotech: 1,01,366 units
CY2022 will be seen as a year when Okinawa Autotech, which has a large portfolio of both high- and low-speed e-scooters, came very close to being the market leader but was pipped in the last two months of the year – by just 6,764 units. With cumulative sales of 87,340 units in the January-October period, it was ahead of Ola Electric, which had 75,603 units to its name in the same 10 months.
What put paid to its sustained growth story were the month-on-month sales declines in November (9,063) and December (4,963). The December numbers are the lowest for the company in the entire year. The company, which is seeing strong demand for its iPraise+ and Praise Pro high-speed models, currently has a network of over 350 dealers in key metro cities and now aims to reach Tier 2-3 cities as well as rural India.
3. Hero Electric: 96,906 units
It’s a similar story for Hero Electric, the No. 3 e-two-wheeler OEM with 96,906 units and average monthly sales of 8,075 units. The first company to cross the 10,000-unit sales mark – 13,028 units in March 2022 – it was the second-placed player after Okinawa till October 2022 but could not sustain the same rate of growth.
Hero Electric, which is aggressively driving expansion, currently has over 700 sales and service outlets and trained roadside mechanics on EVs. It has also partnered with various NBFCs to facilitate easy finance solutions for EV buyers. It is also actively increasing its EV charging network and has recently tied up with Jio-BP to enable its customers to access the widespread charging and swapping network, which is also open to other vehicles.
4. Ampere Vehicles: 79,592 units
If there’s been a consistent performer, then it is Ampere Vehicles with cumulative sales of 79,592 units and averaging monthly sales of 6,632 units. This is an improved performance considering it had averaged 5,631 units for the first six months of 2022. The upward movement is thanks to the company recording a new high and five-figure sales for the first time in October (10,064) and its best monthly sales in November (12,257).
The Ampere Magnus EX electric scooter is witnessing strong demand and the company is gearing up to reveal a brand-new electric scooter at the upcoming Auto Expo.
5. Ather Energy: 51,192 units
In fifth position in the e-two-wheeler rankings is Bengaluru-based electric scooter maker Ather Energy with 51,192 units. The company, which opened FY2023 on a sedate note and 2,451 units in April 2022, hit new sales highs month on month. It crossed 5,000 units for the first time in August (5,377), and went on to notch better monthly sales consistently – September (6,281), October (7,357), November (7,831) and December (7,091).
On November 23, Ather inaugurated its second manufacturing plant at Hosur in Tamil Nadu, thereby increasing its capacity to 4,20,000 units per annum, up 250 percent from the previous 1,20,000 units. Ather is also benefitting from its network expansion programme. It has outlined plans to expand from 68 outlets in over 50 cities at present to 150 Experience Centres in 100 cities by March 2023.
6. TVS Motor Company: 46,277 units
Chennai-based TVS Motor Co, with its sole EV – the iQube – is in sixth position with cumulative retails of 46,277 units. Having clocked its best monthly retail sales in November (8,102 units), its December performance was better at 8,720 units – this is, in fact, the second-best company sales for the last month of CY2022.
The acceleration in demand for the TVS iQube seems to have come after the rollout of the refreshed iQube in May 2022. The zero-emission TVS is priced between Rs 98,564 and Rs 1.08 lakh (on-road Delhi) including the FAME and other state subsidies, for the entry-level iQube and iQube S trims, respectively. In terms of network, the new iQube is available in 33 cities and is slated to reach another 52-odd cities within India.
7. Bajaj Auto: 24,767 units
The other IC-engine OEM in the EV market and like TVS with a single EV, Bajaj Auto sold a total of 24,767 units of its Chetak electric scooter. Sales of the Chetak have been restricted due to fewer number of retail outlets compared to the competition, and in some markets like Mumbai the e-scooter is displayed and sold from KTM showrooms. However, that’s about to change in the near future.
Bajaj Auto has announced the setting up of a subsidiary firm called Chetak Technology Ltd (CTL), which will operate the Chetak EV business vertical as a separate entity, focused on design, development and sale of EVs. The Bajaj EV will be sold only via a network of exclusive Chetak showrooms across India. These exclusive showrooms will showcase Chetak EVs, facilitate test rides, register bookings and take delivery.
