The electric two-wheeler segment showed robust growth in November 2023, with total sales crossing 91,000 units. This represented a 19% monthly increase over October sales.
Ola Electric continued to dominate the market with nearly 30,000 units sold and a 33% share. TVS Motors and Bajaj Auto maintained second and third place respectively.
Notable highlights were Hero MotoCorp’s 57% monthly growth despite being a new entrant, and Bgauss Auto making it to the top 10 companies on the back of a 37% month-on-month increase.
Overall, the numbers indicate the electric two-wheeler segment is firmly on a growth trajectory this year – over 3.5 lakh units have been sold since June 2023 despite subsidy cuts leading to higher prices. With companies focusing on product innovation and pricing strategies, electric two-wheelers are expected to continue gaining traction among Indian consumers.