November 2023 proved to be a standout month for electric two-wheeler sales in India, recording over 91,172 units, marking the highest monthly performance this calendar year since the 25% reduction in FAME subsidy in June. This figure reflects a 19% increase from October’s 74,928 units. Notably, the electric two-wheeler segment claimed a 56% share of total EV sales in India for November 2023.
Since June 2023, 393,516 electric vehicles have been sold at higher prices following the reduced FAME subsidy, witnessing a substantial recovery from the 11-month low of 46,066 units in June 2023.
Cumulatively, the first nine months of CY2023 have seen sales of 783,047 units, a 38% improvement over the same period in 2022. October 2023 alone surpassed the entire retail sales of CY2022 at 631,174 units. With December’s data yet to be finalized, the Indian electric two-wheeler industry is poised to surpass 850,000 units in CY2023, representing a robust 35% year-over-year growth.
In terms of market dynamics, the top 10 electric vehicle manufacturers in India, out of approximately 170, collectively accounted for 92% of total sales in November 2023. Ola Electric, TVS Motor Co, and Bajaj Auto emerged as the leading players, each achieving retail sales in five figures. Ola Electric continues to dominate with 29,764 units sold in November, holding a 32% market share.
TVS Motor Co experienced its second-best monthly sales in November, reaching 18,931 units with a 21% market share. Meanwhile, Bajaj Auto secured its newly-claimed No. 3 rank, achieving its best-ever monthly sales of 11,668 units, indicating a 29% month-on-month growth.
Ather Energy, in the fifth position, reported retail sales of 9,166 units in November, maintaining a 10% market share. Greaves Electric Mobility achieved its best monthly performance with 4,410 units, securing the fifth rank. Hero MotoCorp and Okinawa Autotech maintained their positions, showcasing strong performances in November.
Despite facing increased competition, the electric two-wheeler market in India remains dynamic, with key players continuously adapting to evolving consumer demands and market trends.
Did you like this post ? Give a rating :