Electric Vehicles gained 305 percent in the sales of 2022

Electric vehicles remained the most prominent segment in the year of 2022 and registered record breaking sales numbers. The overall sales of the segment closed with 9,95,319 units, in which the contribution of electric two wheelers was 6,15,365 units. The sales number of EV almost doubled and gained by 208% as compared to the sales of 2021 which was 3,22,871 units. In addition, it increased 509% from the figures of 1,63,458 units of the year 2019. 

The Rise of Electric Two Wheeler Segment in 2022

Electric two-wheeler segment witnessed an immense increase in sales in the year of 2022. The segment created milestones and record breaking growth if we compared it to the sales numbers of last year or before that. All of the data is taken from the VAHAN Portal (till 30th December 2022), which is a government’s new vehicles registration portal.  If we look into the detailed sales of all the year, we can clearly see how quickly the segment has gained popularity in the last 3 to 4  years.
In 2019, the sales of this segment was 28,280, which increased 471.66% and went to 1,51,685 units in 2021. And with an increase of 305% from the previous year the sales of 2022 closed at 6,15,365. 

Let’s take a look at the Top Performers of the segment

The top 10 companies which stand out in the segment were, Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto, Pur Energy, Revolt Intellicorp and Being India Energy. These brands collected the best response from the customers and registered a sales of 5,50,562 units with a market share of 89%. The top two brands were able to sell more than 1 Lakh, where the other 8 brands managed to have sold units in five digits. Let’s take a look at the brand wise sales. 
 

1. Ola Electric:- 
 

The cumulative sales of Ola Electric stands at 1,08,130 and the brand stands out as the leader of India electric two wheelers mobility. In addition Ola Electric covered a market share of 17.57%. The brand is one of the best in the business and it clearly shows in its sales. They started the year with 1,106 units, but from then the brand continuously grew its sales. In the next month the brand showed a great run and after april, sold over 10,000 units in every month. They offered a discount of Rs. 10,000 in the festive season and it benefited them totally. 
 

2. Okinawa Autotech

Okinawa Autotech stayed at the 2nd position on the table in the cumulative sales of 2022. The brand sold 1,01,366 units last year and gave a very close competition to Ola Electric. The brand was leading the table with 87,340 units in the January to October cumulative sales, where Ola was at 75,603 units. The last months of the year were not good for the brand which clearly impacted the sales. 
 

3. Hero Electric:- 

Hero Electric closed last year while standing at number three in the total sales of 2022. The total units sold by the brand were 96,606, with the monthly average of 8,075 units. The brand was the only second which crossed the barrier of 10,000 units in march and completed 13,028 sols units. 
Hero is expanding the network and currently has 700 service centres, sales and trained roadside mechanics on EVs. The brand is also working on accelerating the charging stations and started and tied up with the Jio-BP to provide an expanded charging network to the consumers. 
 

4. Ampere Vehicles:- 
 

Ampere Vehicles registered a total sales of 79,592 units in the overall sales of the year 2022. The average sales of the brand was 6,632 units in the year. Also if we look at the sales of the first 6 months was 5,631, the brand gets better with the end of the year. The company recorded the highest sales in the month of October and November which was 10,064 units, and 12,257 units, respectively. 
 

5. Ather Energy:- 
 

Ather Energy ended the month at the 5th position on the table with a sales of 51,192 units. The brand is based in Bengaluru and started the year and has a sales of 2,451 units in the month of April. From that month onwards the brand upgraded the sales every month. In August 2022, the sales number of the brand was 5,377 and in the month of September the sold units were 6,281 units. And in the next three months October, November and December the brand sold units were 7,357, 7,831 and 7,091, respectively. 
 

6. TVS Motor Company:- 

TVS Motors is a big name in the automotive segment and in the electric segment, and registered 6th position on the table. Also in the electric segment the brand is making its visible footprints. They sold 46,277 units in the cumulative sales of the year 2022. The company currently has only one vehicle in the segment which is the iQube and it is making a sensation with it.  We can expect a better performance from the brand if it gets more products in the EV segment. 
 

7. Bajaj Auto:- 

Bajaj Auto is considerably one of the biggest two wheeler automotive brands in India and has an immense popularity in the youth. The brand secured the 7th position in the cumulative sales table of the year 2022. They sold a total of 24,767 units in the market. Like TVS, Bajaj Auto also has only a single product in the market which is the Chetak Scooter, which is the electric version of its legendary Chetak. Bajaj has also announced to set up a separate subsidiary  firm named Chetak Technology LTD (CTL) which will monitor the business of Chetak EV only. And the Bajaj EVs will be sold by a network of Chetak Showrooms across the country.