Published at April 4, 2023 by BikeJunction
Electric two-wheelers witnessed a 185% YoY increase in sales, reaching 7,20,733 units in FY2023 (FY2022: 2,52,539 units). Out of all sales for FY23, 80% (5,75,143 units) were made by the top 6 OEMs of the country, each of which sold over 75,000 units.
Ola Electric has been dominating the market by a wide margin, boasting a sales volume of 1,51,344 units. On average, the company's retail sales entail 12,612 units, putting it ahead of the next manufacturer by 57,211 units. Taking this into account, Ola now has a market share of 21%.
Okinawa Autotech has reported a total sales volume of 94,133 units in FY23, retaining 2nd place on the list. Despite its FAME subsidy being revoked by the government, Okinawa still managed to gain such an impressive sales figure.
Hero Electric, which was expected to top the market in FY2022, is now ranked third with 89,165 units. The first half of the fiscal year had significant loggings, while the second half saw a fall in the monthly numbers. This might be a result of the removal of the FAME subsidy.
Ampere electric scooters come in the next place with a sales volume of 83,659 units, and the company is gaining from its expanding product line. The Primus, the company’s most recent scooter, was unveiled at Auto Expo 2023. In addition, Ampere’s rapidly expanding dealer network in Tier 1 to Tier 4 markets is aiding the company to expand actively.
In FY23, TVS Motor Co. sold 80,565 units of its iQube series of electric scooters. The Hosur-based business is getting ready to release a tonne of new EVs in FY 2024. Over 1 lakh units of the iQube have been sold, making up 10% of TVS's scooter sales.
Ather Energy is an e-scooter manufacturer headquartered in Bangalore that saw a sales volume of 76,277 units this financial year. Given the tremendous momentum this company is currently experiencing, it is expected to surpass the 1,00,000 unit threshold by FY24.
In addition to this, another established Indian manufacturer in the EV market is Bajaj Auto which sold 28,098 units of their Chetak e-scooter in FY23. However, these numbers aren’t as impressive as some of the others above. The company will be looking to increase these numbers with the upgraded Chetak line-up.
Don’t forget to check out the 5 Highlights of the Newly Launched 2023 Honda SP125!
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