Who dominated the electric two-wheeler race in 2023?
Ola recently announcing its record-breaking monthly sales in December 2023, reaching 30,219 units.
In December, the sales volume of electric two-wheelers (E2W) in India witnessed a 17% year-on-year increase.
According to data from the Vahan portal, the sales of electric two-wheelers in India surged to 728,054 units in the fiscal year 2022-23, more than double the figures from the previous year, which recorded 252,641 units. It's important to note that these figures exclude low-speed sales.
In the current fiscal year (FY24) until December, the sales of high-speed electric two-wheelers in the country have surpassed the 640,000 mark.
In terms of market share, Ola Electric has significantly expanded its presence, reaching 33%, up from 21% in FY23. Notably, in FY22, Ola held only a 6% market share, while Hero Electric dominated with a massive 27% share.
Ola's increased market share can be attributed to its robust marketing campaign, 'December to Remember,' during which it offered substantial discounts and reduced prices, particularly cutting the S1X+ e-scooter prices by Rs 20,000 or 18%. Sales volume experienced a month-on-month decline in most states, except for Delhi, West Bengal, and Uttar Pradesh.
Meanwhile, TVS has also made significant strides, increasing its market share in the electric two-wheeler space from 11% to 20% compared to the previous fiscal year.
Ather and Bajaj secure the third and fourth positions with 11% and 10% market shares, respectively.
It is noteworthy that December saw a decline in E2W sales, with only 75,366 units sold, significantly less than the November figures (91,734). These sales figures did not reach the 100,000 mark achieved in May, before the government announced a
