The first step of 2023 has been climbed and this leads us to record the data for electric two-wheeler so that a clear distinction be made between the vehicles and their popularity. In 2022, electric vehicles registered a growth of 208 percent year-on-year growth as compared to 2021. However, this year the growth for electric vehicles wasn’t very substantial due to a reduction of 60,000 units.
As usual, Ola Electric is the star of the evening and it has retained this position for the past four months starting September 2022. Below Ola electric, we see TVS Motors, and the third position is saved by Ather Energy. Now enough with the talking let’s jump to the figures that will compare how these electric have performed the previous month and this month so hop on!
Sales in January 2023
Well, the electric bike segment hasn’t seen any jaw-dropping numbers so we don’t require any table here.
Revolt Motor’s electric bike RV400 booked a total of 14 EV bike sales in the month of January 2023 as compared to 38 RV400 sales in December 2022. Therefore registering a month-on-month growth of (-62%) and a year-on-year growth of (-98%). So I would say not a very good start for Revolt Motors.
Tork motor has performed well in front of the renowned brand Hero Electric. How? They sold 62 units in January 2023 and 58 units in December 2022. Therefore registering a month-on-month growth of (7%).
A total of 64,203 units of electric two-wheeler were sold in the month of January 2023.
The electric two-wheeler (E2W) market in India saw a decline in sales in December 2022 with 64,348 units sold, a decrease of roughly 16% from the previous month. This drop in demand has been attributed to both customers postponing their purchasing decisions until 2023 and OEMs facing challenges due to the suspension of FAME-related subsidies and potential supply-side disruptions. Despite this setback, the top 10 players in the industry still accounted for 89% of the total registrations in the month.
However, looking at the year-over-year sales, the E2W market in India has seen substantial growth, with a more than 150% increase in sales compared to December 2021. Over the course of CY 2022, the total E2W sales amounted to 6,10,832 units, a significant increase from the 1,43,128 units sold in CY 2021. This shows a more than four-fold growth in E2W sales over the course of the year.
Without much ado let’s get our stats right.
TVS Motor Co. is making waves in the electric vehicle market with the stunning performance of the iQube electric scooter, recording its highest-ever monthly sales in January with a staggering 12,169 units sold. But that’s just the tip of the iceberg, as the company sets its sights even higher with an ambitious goal of selling 100,000 e-scooters in the upcoming fiscal year. To add to this, the automaker is pushing the boundaries even further by delving into the development of a range of new EVs, boasting power levels ranging from 5 to 25 kW, and even an electrifying three-wheeled vehicle! The future of electric mobility is looking brighter than ever with TVS at the forefront, breaking records and paving the way for a sustainable and exciting future.
While the E2W market in India saw a decline in sales in December 2022, the overall trend has been one of significant growth. Despite challenges such as suspended subsidies and supply-side disruptions, the top players in the industry continue to dominate the market and drive growth. Looking ahead to 2023, it will be interesting to see how these factors and others will shape the future of the E2W market in India.