Electric Two-Wheeler Sales Report in August 2023
In August 2023, the electric two-wheeler market in India made a remarkable comeback after facing a significant decline in sales earlier in the year, particularly in June. Despite a 25% reduction in the FAME II subsidy, which had initially caused a surge in prices and a slump in sales, the industry rebounded strongly, posting impressive numbers. August, in particular, emerged as a standout month for the Electric Two-Wheeler (E2W) sector, with nearly 60,000 electric vehicles (EVs) sold.
Impact of FAME II Subsidy Reduction
The reduction of the FAME II subsidy from 40% to 15% initially posed challenges for the electric vehicle ecosystem in India. Prices of EVs surged, leading to a decrease in consumer interest and sales. In response to this challenging situation, several EV manufacturers introduced more affordable electric vehicles, making them accessible to a broader customer base. This strategic move injected new life into the EV industry, resulting in a notable sales resurgence in August.
Top Electric Scooter Selling Companies in August 2023
The following table highlights the key players in the Indian electric scooter market for August 2023, comparing their sales figures to the previous month and their respective market shares:
| Sr.N. | NAME | JULY | AUGUST | MoM Growth | Market Capture |
|---|---|---|---|---|---|
| 1 | OLA ELECTRIC | 19,343 | 18,621 | -4% | 30% |
| 2 | TVS MOTOR | 10,383 | 15,365 | 48% | 25% |
| 3 | ATHER ENERGY | 6,671 | 7,060 | 6% | 11% |
| 4 | BAJAJ CHETAK | 4,116 | 6,534 | 59% | 10% |
| 5 | AMPERE VEHICLES | 3,572 | 3,695 | 3% | 6% |
| 6 | OKINAWA AUTOTECH | 2,263 | 1,998 | -12 % | 3 % |
| 7 | OKAYA EV | 785 | 1,148 | 46 % | 2 % |
| 8 | BGAUSS AUTO | 661 | 922 | 39 % | 1 % |
| 9 | HERO VIDA | 990 | 911 | -8 % | 1 % |
| 10 | HERO ELECTRIC | 779 | 783 | 1 % | 1 % |
Top 5 Electric Scooter Companies
The top five positions in the electric scooter market for August 2023 remained unchanged from the previous month. Ola Electric continued to dominate with the highest number of electric two-wheelers sold, totaling 18,621 units and capturing a significant market share of 30%.
Ola Electric’s success was further boosted by the launch of its Ola S1 Range in August, which garnered an incredible market response with over 75,000 bookings within just two weeks of its launch.
TVS Motors secured the second spot with 15,365 electric scooters sold, commanding a 20% market share and maintaining its position.
Ather Energy held the third position, selling 7,060 electric vehicles and capturing an 11% market share.
Bajaj Auto and Ampere Electric retained their fourth and fifth positions, respectively, with sales of 6,534 and 3,695 units and market shares of 10% and 6%.
Top Electric Motorcycle-Selling Companies
In the electric motorcycle segment, a few players experienced mixed results in August 2023:
| Name | JULY | AUGUST | MoM Growth |
|---|---|---|---|
| REVOLT INTELLICORP PVT LTD | 484 | 512 | 6% |
| TORK MOTORS PVT LTD | 66 | 90 | 36% |
| ULTRAVIOLETTE AUTOMOTIVE PVT LTD | 34 | 27 | -21% |
| HOP ELECTRIC MOBILITY PVT LTD | 11 | 15 | 36% |
| KABIRA MOBILITY LLP | 9 | 7 | -22% |
While electric scooters enjoyed a resurgence in sales, electric bike manufacturers Ultraviolette and Kabira faced challenges in August, witnessing a decrease in sales compared to previous months.
Read More- Top Selling Electric Two-wheeler in July 2023
Final Words
Despite the initial setbacks caused by reduced subsidies that led to higher EV prices, the electric two-wheeler industry in India made a strong recovery in August 2023. Customers are increasingly showing interest in investing in electric vehicles over traditional internal combustion engine (ICE) vehicles. With the festival season approaching, it is expected that sales in September will exceed expectations, further propelling the growth of the electric two-wheeler market in India.