Indian Electric Two-Wheeler Market Accelerates: Records Highest Monthly Sales in November

The electric two-wheeler market in India registered record sales of 91,243 units in November 2022, the highest monthly figure since the FAME subsidy was reduced in June.

Cumulative sales from January-November 2022 stand at 7.83 lakh units, up 38% year-on-year. With December sales still pending, the industry is set to surpass 8.5 lakh units sold this calendar year, breaking last year’s record of 6.31 lakh units.

The top 10 OEMs command a 90% share of the market, with Ola Electric leading with 2.36 lakh units sold this year. Its November tally of 29,808 units was its best ever monthly performance.

TVS Motor takes second spot with 1.53 lakh units sold thanks to its iQube electric scooter. Ather Energy is third with 97,900 units but facing rising competition from Bajaj’s Chetak which outsold Ather in October and November.

Other major players include Ampere Vehicles, Okinawa, Hero Electric and Hero MotoCorp’s new Vida brand. Legacy automakers like TVS, Bajaj and Hero MotoCorp are expanding their electric portfolios.

The strong growth in 2022 has come despite the centre slashing FAME subsidies in June. OEMs have benefitted from new product launches and higher consumer interest in affordable EVs amid record fuel prices.

With the festive season tailwind, the EV two-wheeler market looks set to register record sales in excess of 8.5 lakh units in 2022. More product launches lined up for 2023 should further boost growth in the sector.