Legacy companies speed in electric 2-wheeler lane; startups slow
startups in the electric two-wheeler segment — Ola Electric, Ather Energy and Greaves Electric (Ampere) — declined to 48.8% in the first quarter, from 59% in the year-ago period, as legacy manufacturers such as Bajaj Auto, Hero MotoCorp and TVS Motor Company expanded their footprint in the fast-evolving market.
After starting from behind, the older companies accounted for about one of every three units sold in the category in the first three months of the current financial year.
Overall, electric two-wheeler sales inched up by 1.4% to 221,548 units, according to the Federation of Automobile Dealers Association (FADA).
The market share of legacy firms in the electric two-wheeler segment increased to about 30% in April-June, from about 25.5% in the same period in FY24, according to FADA data.
The six companies mentioned above account for nearly 90% of electric two-wheelers sold in the local market, with smaller firms such as Wardwizard, Okaya and BGauss comprising the rest.
While Ola Electric continued to maintain a strong lead, selling 107,911 units last quarter, an increase of 57% from the year before, Bajaj Auto and Hero MotoCorp stepped up, growing volumes by 50% to 25,733 units and 376% to 6,472 units, respectively.
Increasing EV Footprint
Dispatches of Hero MotoCorp's electric scooter, Vida V1, rose 186% to 10,000 units in the June quarter, the company said. Hero's market share in terms of wholesale dispatches was 5%.
TVS Motor, Ather and Greaves saw sales decline in the period. Automakers in India
