India’s electric two-wheeler market kicked into high gear in 2023, surpassing all prior sales records. Over 857,000 electric scooters, motorcycles, and mopeds reached Indian garages at breakneck speed the previous year, an amazing 36% increase over 2022. This lightning growth has been fueled by rising fuel prices and lower operating costs, making e-bikes an increasingly wallet-friendly option.
Leading the pack EV companies Ola Electric, TVS, and Ather Energy. These three Indian speed demons commanded over 60% market share, riding on affordable, long-range models tailored for India’s roads. Not just startups, but traditional two-wheeler majors like Bajaj are joining the EV race with new products, and heating competition.
With an expansion to smaller towns, new model launches lined up and manufacturing capacity scaling up, analysts estimate this EV wave could swell past a million sales in 2024. So charge up and get ready to witness India’s two-wheeler revolution electrify roads across the nation!
Electric Scooter Sales
Over 850,000 Electric Scooters and Bikes Sold in 2023
The electric two-wheeler market saw massive growth in 2023. Total EV two-wheeler sales reached 857,052 units, a 36% increase compared to 2022. This continues the rapid uptake of electric models, with year-over-year growth staying strong over the last few years.
Back in 2021, yearly electric two-wheeler sales were at around 146,000 units. The 2022 numbers more than quadrupled, crossing 630,000 total EVs sold. Now in 2023, the market expanded by another 226,000 units.
This exponential growth shows electric scooters and motorcycles are hitting the sweet spot for Indian buyers. Lower running costs coupled with affordable purchase prices are convincing more and more consumers to go electric.
| S. No | Companies | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | Market Share |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OLA Electric | 22066 | 28737 | 17687 | 19398 | 18741 | 18700 | 23836 | 29908 | 30219 | 209292 | 33% |
| 2 | TVS Motor Co | 8760 | 20434 | 7867 | 10398 | 15484 | 15610 | 16488 | 19077 | 12216 | 126334 | 20% |
| 3 | Ather Energy | 7801 | 15429 | 4602 | 6681 | 7145 | 7187 | 8443 | 9256 | 6481 | 73025 | 11% |
| 4 | Bajaj Auto | 4093 | 10094 | 3010 | 4129 | 6587 | 7103 | 9063 | 11884 | 10323 | 66286 | 10% |
| 5 | Greaves Electric(Ampere Vehicles) | 8875 | 10790 | 3042 | 3573 | 3698 | 4198 | 4541 | 4694 | 3346 | 46757 | 7% |
| 6 | Okinawa Autotech | 3218 | 2908 | 2620 | 2265 | 2001 | 1791 | 1475 | 1606 | 965 | 18849 | 3% |
| 7 | Hero MotoCorp(Hero Vida) | 3333 | 2110 | 1137 | 779 | 783 | 844 | 666 | 823 | 552 | 11027 | 2% |
| 8 | Okaya EV | 1563 | 3878 | 424 | 784 | 1151 | 884 | 874 | 1297 | 706 | 11561 | 2% |
| 9 | Bgauss Auto | 771 | 1814 | 191 | 661 | 923 | 935 | 1170 | 1608 | 1214 | 9287 | 1% |
| 10 | Battre Electric Mobility | 652 | 1199 | 83 | 135 | 291 | 257 | 230 | 666 | 236 | 3749 | 1% |
| Total | 66874 | 105565 | 46078 | 54597 | 62748 | 64044 | 75042 | 91734 | 75366 | 642048 |
Top Electric Scooter Brands Capture 62% Market Share
Ola Electric led the electric two-wheeler market in 2023 with a total sales of 265,634 units. This gave Ola a 31% market share for the year.
TVS Motor sold 166,190 electric scooters in 2023, primarily comprised of its iQube model. This gave TVS a 19.39% market share.
Ather Energy also crossed the 100k milestone, selling 104,443 electric scooters. Ather commanded a 12.18% market share in 2023.
Together, these top 3 electric scooter makers captured over 62% of the total market in 2023. Their commanding market position shows the appeal of their product range as well as strong brand equity among EV buyers.
With additional competition emerging from players like Bajaj, the dominance of Ola, TVS, and Ather will be tested in 2024. But for now, these three lead the pack by a significant margin in India’s rapidly growing electric two-wheeler space.
What’s Powering India’s Electric Scooter Boom?
Several factors are propelling the surging demand for electric two-wheelers across India:
Government Incentives – Schemes like FAME II and state EV policies are making e-scooters more affordable through subsidies and incentives. High Fuel Prices – Rising petrol costs make electric models with lower running expenses an appealing option. Falling Acquisition Costs – EVs are getting cheaper to buy thanks to localization and scale. High-speed EV scooters now start from Rs. 50,000.
Expansion Beyond Metros – Brands like Ola, Ather, and Okinawa are driving into Tier 2 and 3 cities with new sales outlets. Wider Product Range – From low-speed budget models to premium performance scooters, brands are catering to buyers across price points. Together, these factors are overcoming barriers to EV adoption. More Indians are now finding electric scooters and bikes to be viable, cost-effective transport options. The sales boom has only just begun.
December Sales Report
E-Scooter Sales Stay Hot in December, Ola Tops Again
Ola Electric continued its strong momentum, recording the highest monthly sales in December at 29,908 units. This allowed Ola to end 2023 as the #1 electric two-wheeler company.
TVS Motor posted December sales of 12,216 units, taking its yearly total past 1.6 lakh electric scooters sold. TVS held onto its #2 position for the year based on its consistency.
In third place was Ather Energy with December volumes of 2,566 units. Ather crossed the 100,000 sales milestone for 2023 earlier in the year.
Bajaj Auto saw its electric Chetak scooter gain good traction in December, selling 8,410 units to take 4th place for the month. Its aggressive growth makes it one to watch in 2024.
Okaya EV rounded out the top 5 with sales of 706 units in December. Other two-wheeler EV startups like Ampere, Okinawa, Pure EV, and Hero Electric occupied the remaining spots among December’s top 10 companies.
With rising fuel prices, the affordable economics of electric two-wheelers will continue to drive adoption into 2024. For December 2023 at least, it was Ola that led the charge with its commanding market share. But competition is heating up from both traditional giants like Bajaj Auto and new-age players.
Electric Two-Wheeler Sales Report in december 2023
| S. No | Companies | Nov | Dec | Total | Market Share |
|---|---|---|---|---|---|
| 1 | OLA Electric | 29908 | 30219 | 60127 | 14% |
| 2 | TVS | 19077 | 12216 | 31293 | 7% |
| 3 | Ather Energy | 9256 | 6481 | 15737 | 4% |
| 4 | Bajaj Auto | 11884 | 10323 | 22207 | 5% |
| 5 | Greaves Electric(Ampere Vehicles) | 4694 | 3346 | 8040 | 2% |
| 6 | Okinawa Autotech | 1606 | 965 | 2571 | 1% |
| 7 | Hero MotoCorp(Hero Vida) | 823 | 552 | 1375 | 0.3% |
| 8 | Okaya EV | 1297 | 706 | 2003 | 0.5% |
| 9 | Bgauss Auto | 1608 | 1214 | 2822 | 0.7% |
| 10 | Battre Electric Mobility | 666 | 236 | 902 | 0.2% |
| Total | 91734 | 75366 | 167100 | ||
The electric two-wheeler segment reached an inflection point in 2023. Over 850,000 e-scooters, e-bikes, and e-mopeds were sold during the year, a 36% rise over 2022. Three homegrown companies – Ola Electric, Ather Energy, and TVS – accounted for over 60% of sales, displaying remarkable leadership.
Rising fuel costs, lower operating expenses, new model launches, and government incentives are convincing more Indian consumers to go electric. The positive momentum is likely to continue into 2024 as charging infrastructure expands and EV component costs keep falling.
Legacy automakers like Bajaj Auto are now fully committing to this new era of sustainable transport. Further upgrades in battery technology will allow two-wheelers to travel longer distances between charges in the future.
India’s electric two-wheeler revolution has progressed well beyond early adoption. It is now entering the growth phase as EVs become a viable, mainstream mobility solution. The road ahead glitters with possibility as more cities and towns switch to clean, silent, and fun electric scooters and bikes.
Read More- Electric Two-Wheeler Sales Report in November 2023
Leave a Reply