The electric two-wheeler industry in India has seen monumental growth in recent times. With rising environmental concerns and the need for more sustainable personal transport, consumers are increasingly looking at electric scooters and bikes as viable options. The government has also provided support through subsidies and incentives like FAME II. However, some roadblocks like battery safety issues and subsidy rollbacks temporarily slowed growth in mid-2022.
The latest sales data for October 2023 shows the electric two-wheeler segment is now firmly on the path to recovery. Total monthly sales increased by an impressive 17% compared to September 2023, reaching 74,252 units sold. This surge comes just before the important festive season, which typically sees a spike in automotive purchases across India. Several leading manufacturers posted their best-ever monthly sales, indicating robust consumer demand for electric two-wheelers.
In this report, we will analyze the October 2023 sales of key players in the electric two-wheeler space. The focus will be on understanding the month-on-month growth of top companies and the factors propelling this remarkable growth. From now on, the outlook for the segment will be assessed based on the trends and numbers seen in this latest monthly data.
Monthly Sales Data
The electric two-wheeler industry saw total sales of 74,252 units in October 2023. This represents a 17% increase from September 2023, when sales were at 63,706 units. The month-on-month (MOM) growth rate is a substantial 17%.
Several major players posted record sales in October. Ola Electric sold 23,644 units, which is 27% higher than their September 2023 sales of 18,615 units. TVS Motor’s sales grew 5% month-on-month, from 15,576 units in September to 16,340 units in October. Bajaj Auto registered a 26% MOM growth, selling 8,289 units in October versus 7,087 units in September.
Other major gainers included Hero MotoCorp, which saw a massive 314% surge due to heavy discounts. Their sales jumped from 530 units in September to 1,914 units in October. Lectrix EV also boosted sales in October over the previous month.
This strong across-the-board performance shows that demand for electric two-wheelers remains robust. The sales growth ahead of major festivals indicates manufacturers have aligned strategies to capture consumer interest through competitive pricing and promotional offers.
The top performers in October 2023 in terms of total sales were Ola Electric, TVS Motor, and Bajaj Auto. Ola Electric sold the highest number of units at 23,644, followed by TVS Motor at 16,340 units. Bajaj Auto took the third spot with sales of 8,289 units. These three leaders accounted for a sizable chunk of the total sales.
Looking at month-on-month growth, Hero MotoCorp and Lectrix EV outpaced the competition. Hero MotoCorp registered a massive 314% jump in sales through attractive discounts. Lectrix EV also saw strong growth driven by rising brand awareness and expansion.
Some of the key factors propelling the overall sales growth in October include:
- Aggressive pricing and discounts by companies to capture festive season demand
- New model launches increasing product appeal for consumers
- Growing preference for sustainable personal transport
- Improving availability and awareness of electric two-wheelers
The sales performance last month indicates manufacturers have been able to capture market interest through competitive strategies. With the positive momentum, the industry seems poised for robust growth going forward.
Sales Performance Summary for September and October 2023
The following table provides a snapshot of the sales performance of the top 10 electric two-wheeler companies during September and October 2023, along with the month-on-month (MOM) growth rates:
| Company | September 2023 Sales | October 2023 Sales | MOM Growth |
|---|---|---|---|
| Ola Electric | 18,615 | 23,644 | 27% |
| TVS Motor | 15,576 | 16,340 | 5% |
| Bajaj Auto | 7,087 | 8,289 | 17% |
| Ather Energy | 7,135 | 8,289 | 16% |
| Greaves Electric Mobility | 4,135 | 4,470 | 8% |
| Hero MotoCorp | 530 | 1,914 | 261% |
| Okinawa Autotech | 1,774 | 1,450 | -18% |
| BGauss Auto | 936 | 1,169 | 25% |
| Lectrix EV | 735 | 1,139 | 55% |
| WardWizard Innovations | 686 | 904 | 32% |
Observations from the table reveal that Ola Electric retained its top position with the highest total sales in October. Hero MotoCorp achieved the most significant month-on-month growth, while most companies experienced robust double-digit sales increases from September to October 2023.