Electric vehicle mobility has been on the rise and this is due to the inflation faced by Petroleum prices that are impacting the trade balance of India. Along with that, adverse climatic conditions are also accountable for this quick shift to electric vehicles. To take into account the growth of the E2W in the market we need to ascertain the numbers sold.
There has been a surmounting increase in the number of electric vehicles in the market. November has recorded sales of 70,000+ electric two-wheelers. This is marked by the whooping sales in the month of October that were recorded at 76,445 electric two-wheelers. To be particular, the electric vehicle Vahan registration has been recorded at 76,162 electric two-wheelers this was a sign of decline in the month-on-month basis of sales in the E2W. According to a report by JMK research and analysis, the top 10 players accounted for 91% of sales of E2W in the month of November 2022. Comparing the November 2021 and 2022 rise we can witness a 185% growth in electric vehicles.
Ola Electric has topped the electric game for the third time in a row by selling 16,246 of the Ola S1 range of vehicles.
The second spot was occupied by Ampere Electric vehicles. They recorded sales of 12,232 E2W of their Magnus EX electric scooter.
Okinawa holds the third spot by setting a sales target of 9,038 vehicles they saw a dip in the sales from October data of 14,121 units. This can be due to subsidy disbursal under the FAME II policy that Okinawa was a direct victim to.
The fourth position is held by Hero Electric, they witnessed a slight rise in the sales of their E2W by recording 9,008 sales in November.
TVS holds the fifth position by recording 8,076 vehicle registration. For their iQube, electric scooter.
Ather Energy comes sixth in the sales of E2W which witnessed a decline of 12% from the October output by selling 7,234 units. We believe the new factory setup of Ather in Hosur, Tamil Nadu will result in higher sales in the following period.
Bajaj witnessed a dip in the sales of electric scooters this month by selling 2,987 units of the Bajaj Chetak.
The following brands that held the last three positions were Okaya EV, Jitendra EV teach, and Benling India setting a target of 1,782 units, 1,258 units, and 1,213 units respectively.
The electric two-wheeler market sets a record of 63.05% unit sales in the month of November 2022. This is evident from the raising demand for these vehicles as we go on seeing more people buying them. Uttar Pradesh accounts for the highest EV registration of 16% this month followed by Maharashtra, Karnataka, Rajasthan, and Gujarat.