This comprehensive report will delve into the contrasting fortunes of Indian Electric Two-Wheeler Sales in December 2023. We will uncover the top performers and unexpected setbacks and provide an outlook for the coming year. Despite unexpected dips from established players, the electric two-wheeler market continues growing, promising an exciting year ahead for this dynamic sector.
Electric Scooter Sales Report December 2023
Company Name | Sales in Dec. 2023 | MoM Growth | |
1 | Ola Electric | 30,219 | 1.03% |
2 | TVS Iqube | 12,216 | -35.96% |
3 | Bajaj Chetak | 10,323 | -12.59% |
4 | Ather Energy | 6,481 | -29.98% |
5 | Greaves Electric (Ampere) | 2,974 | -32.59% |
6 | Hero Vida | 1,592 | -47.68% |
7 | Joy E-Bikes | 1,407 | 18.43% |
8 | BGauss Auto | 1,214 | -24.40% |
9 | Okinawa Autotech | 965 | -23.29% |
10 | Lectrix EV | 769 | -40.70% |
As usual, Ola Electric is at the top yet again. But the interesting thing to note here is that Ola Electric has acted against the market forces. When every EV maker is experiencing a dip of almost -50%, Ola alone has managed to maintain a positive curve and show a phenomenal performance.
Another interesting insight is from Bajaj Chetak. The Chetak has shown some number-crunching growth in the past few months, and on-ground, people are loving the scooters based on its offerings and price point.
Ather Energy, another top contender in the Indian EV market, has gone stagnant for the past few months, but the company is planning to launch a new segment of electric scooters, which can be a game changer for them.
Electric Bike Sales Report December 2023
Company Name | Sales in Nov. 2023 | Sales in Dec. 2023 | MoM Growth |
Revolt Motors | 669 | 678 | 1.34% |
Tork Motors | 395 | 205 | -48.10% |
Hop Electric | 112 | 81 | -27.68% |
Ultraviolette | 10 | 10 | 0% |
Kabira Mobility | 46 | 50 | 8.70% |
The Electric bike segment has shown a similar pattern. Although this EV segment is greatly monopolised by Revolt Motors, even they couldn’t show a significant rise this month. The electric bike market is rising, but apart from Revolt Motors, we don’t have any other company providing a good bike with PAN India availability for an affordable price.
This market has substantial growth; in the future, other companies like Ola Electric, Ather Energy, etc. are planning to launch the electric motorcycle.
Why Were EV Sales down?
This substantial drop in EV sales is surprising, and it can’t be coincidental for all the manufacturers to lose altogether. While the sales data provides insights into the performance of different companies, it’s essential to explore the probable reasons for the decline in EV sales:
- End of Festive Season: The previous month was a festive season, and many people purchased EVs during that time. However, in December, there was a decline in sales as the festive fervour subsided.
- Upcoming Launches: There might be anticipation among consumers for upcoming lucrative EV offers. People might be waiting for new models or attractive deals before purchasing.
- Ola Electric’s Market Cap: Ola Electric managed to maintain its market position due to its range of lucrative offerings like the Ola S1 Air, Ola S1 X, etc.
Dramatic Drop of Hero Autos: Hero Vida sales were down by almost 50% from last month. One reason for this could be the last month’s festive offerings. Hero Vida gave away up to ₹30000/- off on their scooter, attracting many customers. They did a good job in November, but all those offerings ended in December, which resulted in a massive drop in EV sales.
EV market Forecast:
The market is supercharged for the Ather’s new family segment scooter, Ola’s new modal launch, Simple One’s Dot, A new scooter from Bajaj Auto, and much more. With the latest launches, the EV market will get more options, and the prices are expected to drop.
The Indian electric two-wheeler market is anticipated to maintain its upward trajectory in 2024. Government incentives, improved charging infrastructure, and new model launches from established and emerging players promise an exciting year ahead for this dynamic sector. As the industry matures, we can expect more competition and innovation, driving the adoption of electric vehicles across the country.
In conclusion, the December 2023 EV sales report sheds light on various electric two-wheeler performance in India. While some companies experienced declines, the overall market shows resilience and potential for growth. As the industry evolves, manufacturers must analyze market dynamics and consumer preferences to capitalize on the growing demand for electric vehicles.
