November 2023 was the best month this year for electric two-wheeler (E2W) sales after the subsidy reduction in June. A total of 91,172 E2Ws were sold, marking a 19% monthly growth over October. The top players maintained their positions, with Ola Electric at #1, followed by TVS Motors, Bajaj Auto, Ather Energy, and Greaves Electric in the top 5.
Top-selling electric scooter
| Company | Units Sold | Monthly Growth | Market Share |
|---|---|---|---|
| Ola Electric | 29,764 | 25% | 33% |
| TVS Motors | 18,931 | 15% | 21% |
| Bajaj Auto | 11,668 | 29% | 13% |
| Ather Energy | 9,166 | 9% | 10% |
| Greaves Electric | 4,691 | 4% | 5% |
| Hero MotoCorp | 3,030 | 57% | 3% |
| Bgauss Auto | 1,606 | 37% | 2% |
| Okinawa Autotech | 1,604 | 9% | 2% |
| Okaya EV | 1,298 | 50% | 1% |
| Lectrix EV | 1,258 | 10% | 1% |
- Ola Electric number 1 with 29,764 units sold
- TVS Motors continued at #2 position with 18,931 units
- Bajaj Auto maintained third place with 11,668 units
- Hero MotoCorp showed 57% monthly growth
- Bgauss Auto entered the top 10 companies
Electric Bike Sales Report
The electric bike segment did not fare as well, with most players seeing declines compared to previous months. However, Tork Motors performed the best with sales of 392 units and 132% MoM growth. Other companies like Revolt, Ultraviolette, and Kabira saw significant declines.
The E2W segment continues to grow despite subsidy cuts, with over 91,000 units sold in November. This shows the increasing adoption of electric two-wheelers in India. Companies will need to focus on pricing and innovation to drive higher penetration in the coming months. The electric bike segment needs more support to realize its potential.
Read More- Electric Two-Wheeler Sales Report in October 2023