November was one of the best month for gross sales for the reason that FAME subsidy was lower – and CY2023 is anticipated to promote over 850,000 items
In November 2023, the gross sales of electrical two-wheelers exceeded expectations, with 91,172 items offered within the first fortnight. This era included the top of the 42-day festive season in India. In accordance with the Vahan web site of the Indian authorities, the gross sales knowledge was obtainable on December 1 and indicated a 19% improve from October’s gross sales of 74,928 items. November is one of the best month for the e-two-wheeler trade this calendar 12 months after the FAME subsidy was lower by 25% in June. The very best-ever month for gross sales was Could 2023, with 105,537 items offered, as consumers rushed to buy e-two-wheelers earlier than June 1.
November noticed the e-two-wheeler trade promote 91,172 items, marking one of the best month this calendar 12 months with a 56% share of complete India EV gross sales, regardless of the 25% slash in FAME subsidy.
Electrical two-wheeler retail gross sales between January and November 2023 and YoY comparability
CY2022
CY2023
Change (%)
Jan
30152
64691
115%
Feb
35785
66088
85%
Mar
54451
86345
59%
Apr
53382
66870
25%
Could
42447
105537
149%
Jun
44402
46066
4%
Jul
46608
54589
17%
Aug
52228
62744
20%
Sep
53286
64017
20%
Oct
77269
74928
-3%
Nov
76792
91172
19%
Complete
566802
783047
38%
For the reason that discount of the FAME subsidy, the costs of EVs have elevated, and in consequence, 393,516 items have been offered since June 2023. It’s value noting that the gross sales of e-two-wheelers declined to a low of 46,066 items in June 2023, following a 25% lower within the FAME subsidy.
Gross sales for January-November 2022 had been solely 566,802 items, whereas gross sales for January-November 2023 are 783,047 items, a 38% enchancment over January-November 2022. India E2W Inc’s October 2023 retail gross sales exceeded the 631,174 items offered throughout the complete CY2022. There are nonetheless 31 days of December earlier than the top of the calendar 12 months 2023, which means that the Indian electrical two-wheeler trade will shut the 12 months with gross sales exceeding 850,000 items, which represents a progress charge of 35% year-over-year.
How India EV Inc. (all automobile segments) has fared within the first 11months of calendar 2023
CY2022
CY2023
Change (%)
Jan
51504
102872
100%
Feb
58120
107219
84%
Mar
83133
140912
70%
Apr
77631
111351
43%
Could
69948
158421
126%
Jun
75876
102533
35%
Jul
80880
116481
44%
Aug
89013
127055
43%
Sep
94910
128345
35%
Oct
117499
139803
19%
Nov
121599
152514
25%
Complete
798514
1387506
74%
Bajaj Auto simply recorded its best-ever month-to-month sale of 11,668 items in November 2023, in comparison with Ola and TVS which have been clocking hundreds of items every month for some time now.
TVS holds 21% of the market, Bajaj Auto beats Ather Vitality for the second month in a row
In November 2023, the highest ten EV producers in India’s extremely aggressive e-two-wheeler market offered greater than 1,000 items every, accounting for 92% of all gross sales. Vahan’s retail gross sales knowledge signifies that of the 170-odd OEMs in India’s extraordinarily aggressive e-two-wheeler market.
It’s estimated that three EV OEMs with retail gross sales within the 5 figures are Ola Electrical, TVS Motor Co, and Bajaj Auto. With its best-ever month-to-month gross sales of 11,668 items in November 2023, Bajaj Auto is the most recent firm to file gross sales of hundreds each month, following Ola and TVS.
India’s prime 23 electrical 2-wheeler OEMs in October 2023 and MOM change
OEM
October
November
MOM Change (%)
Ola Electrical
23821
29764
24.94%
TVS Motor Co
16462
18931
14.99%
Bajaj Auto
9052
11668
28.89%
Ather Vitality
8410
9166
8.98%
Greaves Electrical
4172
4410
5.70%
Hero MotoCorp
1935
3030
56.58%
Okinawa Autotech
1474
1604
8.81%
BGauss Auto
1170
1606
37.26%
Okaya EV
866
1298
49.88%
Lectrix EV
1139
1258
10.44%
Wardwizard Inno
907
1185
30.65%
Pure Vitality
483
856
77.22%
Hero Electrical
666
821
23.27%
Revolt Intellicorp
688
663
-3.63%
Kinetic Inexperienced
394
428
8.62%
Tork Motors
169
392
131.95%
Quantum Vitality
258
346
34.10%
KLB Komaki
303
324
6.93%
Ampere Autos
358
281
-21.50%
Twenty Two Motors
104
244
134.61%
Goreen E-Mobility
179
243
35.75%
Ivoomi Innovation
149
232
55.70%
Jitendra New EV Tech
150
155
3.33%
Ola Electrical, the market chief, continues to dominate the market with its spectacular gross sales figures. In November, the corporate offered 29,764 items, which is a 25% improve from the earlier month’s gross sales of 23,821 items. That is additionally the second-highest gross sales determine of the 12 months, with Could’s 28,728 items being the best. Ola Electrical’s market share grew to 32% in November, which is a testomony to its robust efficiency. The corporate offered a complete of 236,441 items within the first 11 months of 2023 and is anticipated to cross the 250,000 mark for the 12 months. It will make Ola Electrical the primary OEM in India to attain this feat. The corporate’s refreshed S1 sequence of e-scooters is performing properly, with over 75,000 bookings already acquired. This means that Ola Electrical’s momentum is prone to proceed within the coming months.
TVS Motor Co recorded its second-best month-to-month gross sales in November with 18,931 items offered, a month-on-month progress of 15%. This provides the corporate a market share of 21%. Between January and November, the corporate offered 153,960 iQube. In September, the iQube handed the cumulative 200,000 gross sales milestone, simply 45 months after its launch in January 2020. Moreover, in August, TVS launched its new premium EV flagship, the TVS X, priced at Rs 250,000, throughout a mega occasion in Dubai.
All eyes are on Bajaj Auto because it just lately overtook the long-standing No. 3 OEM Ather Vitality in October, making it a powerful No. 3 within the EV market. Bajaj Auto entered the EV trade in January 2020, identical to TVS, and has since recorded its best-ever month-to-month gross sales of 11,668 items in November, a 29% improve from the earlier month’s (October 2023) gross sales of 9,052 items. The Bajaj Chetak, the corporate’s solely electrical scooter, is experiencing an increase in demand each month, contributing to its climb from fourth rank to a brand new and formidable No. 3. The Chetak’s market share has grown considerably from 4% in January 2023 to 13% in November. Bajaj Auto plans to develop its community of unique Chetak showrooms and ramp up manufacturing to maintain up with the growing demand. Count on Bajaj Auto to be one of many main gamers within the EV trade within the coming months.
Bajaj Auto’s Chetak community, at present working in 141 Indian cities, is ready to develop to 250 cities by March 2023. Moreover, the corporate plans to introduce new variants to the Chetak vary within the close to future. In accordance with Autocar India, a extra reasonably priced model of the Chetak, named Chetak Urbane, is being developed and will probably be positioned under the present Chetak Premium mannequin.
In a media interplay in mid-October, Rakesh Sharma, Govt Director of Bajaj Auto, revealed that the corporate plans to launch a brand new mannequin below the Chetak household after the festive season. He additional added that each quarter, Bajaj Auto will introduce new merchandise below the Chetak model, resulting in a good portfolio of electrical autos by the identical time subsequent 12 months. This transfer is anticipated to assist the corporate develop its attain within the EV enterprise.
Ather Vitality reported retail gross sales of 9,166 items within the earlier month, which is a 9% improve from October’s gross sales of 8,410 items. Presently, Ather Vitality holds 10% market share. Ather Vitality has offered 97,889 electrical scooters within the final 11 months, making it the third strongest in gross sales. In the meantime, Bajaj Auto offered 61,298 items in the identical interval. Ather Vitality is planning to launch two new electrical scooters in 2024, which embody a family-oriented EV and an upgraded model of the prevailing 450X mannequin. The brand new Ather scooters may supply larger vary and gentler efficiency and are anticipated to be priced decrease than the prevailing 450 vary, making them accessible to a wider viewers. Ather co-founder, Tarun Mehta, confirmed the launch by way of a social media put up on November 22. An announcement made by Mehta signifies that the home is designed to cater to the wants of the entire household, providing loads of house, consolation, and extra multi functional package deal. The group is taking measures to enhance accessibility by making the product extra reasonably priced for a wider vary of people.
Greaves Electrical Mobility has achieved its greatest month-to-month efficiency but with 4,410 items delivered in November, surpassing 4,050 items delivered in October. The corporate’s EV subsidiary, Ampere Autos, ranked nineteenth with gross sales of 281 items in November. Mixed gross sales of the 2 divisions would add as much as 4,691 items, which continues to be sufficient to safe fifth place within the rankings.
Hero MotoCorp had a powerful exhibiting in November with its greatest month-to-month gross sales but. The surge in demand for its ICE commuter bikes, particularly within the rural market, has contributed to this success. The corporate managed to keep up its sixth rank and outsell Okinawa Autotech by promoting 3,030 Hero Vidas, which is a 56% enchancment in comparison with the 1,935 items offered in October. Within the second quarter, Okinawa Autotech gained 9% over October’s 1,474 items, however after opening CY2023 with 4,408 items, gross sales have slowed down and competitors has elevated.
A number of the different OEMs that noticed robust MoM progress embody BGauss Auto (1,606 items), Okaya EV (1,298 items), Lectrix EV (1,258 items), and Wardwizard Improvements (1,185 items).
850,000- Plus gross sales for electrical two-wheeler Inc in CY2023
Gross sales of electrical two-wheelers noticed robust momentum through the festive months of October and November, as anticipated. Nevertheless, it’s anticipated that gross sales in December will probably be barely decrease.
The e-two-wheeler trade has recorded a file retail of 777,323 items from January to November 2023, accounting for 56% of the entire EV gross sales in India, which is 13,78,300 items. With the provision of recent merchandise and the growth of electrical charging infrastructure, each within the personal and public sectors, the e-two-wheeler trade is anticipated to achieve close to the gross sales milestone of 850,000 items for CY2023.
Whereas the preliminary price of an electrical scooter or motorbike is increased than its petrol-engines counterpart, the long-term affordability of EVs is making a rising variety of riders transition to e-mobility.
The demand for last-mile deliveries in city India, in addition to cities and rural areas, has remained regular, which has led to a rise within the gross sales of cargo-transporting electrical two-wheelers. Many EV producers profit from bulk orders.
Furthermore, as a result of lack of readability concerning the extension of the FAME subsidy past April 2024, each private EV consumers and fleet consumers is likely to be advancing their purchases. This might result in a surge in demand for EV OEMs through the first three months of CY2024.
Knowledge supply: Vahan Knowledge & Autocar Skilled
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