The hike in fuel prices and the awareness of green mobility has made potential IC-customers shift toward electric vehicles, especially in the two-wheeler segment.
The companies have realised this shift very well and are making huge investments in the EV space. Electric scooters, though accounting to only 3 per cent of the market share, are contemplated to be major sales contributors in the near future.
The electric two-wheelers segment has been growing at a fast pace in India. The sales reached a 600 per cent growth which is nearly seven times in the first five months this year, albeit a low-year ago base.
However, back-to-back incidents of electric vehicles catching fire may have created repercussions on the growth graph and become the most important matter of concern for the companies who are completely relying on the e-mobility business as well as all the other players.
The month of May 2022, saw a dip of 20 per cent in e-scooters sales. The EV manufacturers and dealers, regardless of the decline in sales, believe to recover the loss in times to come as they see the future of mobility which is heading towards the route of electrification.
The overall HS-E2W sales in the country in May 2022 stood at 39,438 units, signifying a decline of 19.75% m-o-m however a whopping 3,744% y-o-y leap in registrations.
The Top 10 players accounted for 92% of the total registrations witnessed in the month of May 2022 as per Vahan’s latest data.
|Sr. No.||Company||June’21||June’22||YOY growth %|
|1||Okinawa Autotech Pvt Ltd.||959||6,976||627|
|2||Ampere Vehicles Pvt Ltd||268||6,534||2338|
|3||Hero Electric Vehicles Pvt Ltd.||1,200||6,486||441|
|4||Ola Electric Technologies Pvt Ltd||0||5,869||–|
|5||Ather Energy Pvt Ltd||319||3,797||1090|
|6||Revolt Intellicorp Pvt Ltd||59||2,419||4000|
|7||TVS Motor Company Ltd||208||1,936||831|
|8||Bajaj Auto Ltd||176||1,781||912|
|9||Pure Energy Pvt Ltd||460||1,125||145|
|10||Being India Energy and Technology||174||954||448|
Okinawa Autotech tops the list. However, the manufacturer has seen a dip in sales from 11,011 units sold in April 2022 to 8,888 units sold in the month of May to 6,976 units sold in June 2022.
Ampere, securing the second spot shows growth in sales, from 5,529 units in May 2022 to 6,534 units in June this year.
Hero Electric slipped to the third spot after being number 1 for a long time. The de-growth graph from 6,578 units sold in April 2022 to only 2,739 units in May 2022 was because of the shortage in the components supply. The player, however, revived the loss and bounced back accounting for 6,486 units in June 2022.
Ola, which topped the list in April 2022 with 12,702 sold units, came to the second spot in May 2022. The sales dipped 31.66 per cent MoM to 8,681 units. It recently slipped to de-growth with the number 4 position in June 2022 having only 5,869 sold units as per the Vahan data.
The reason why Ola Electric’s e-scooter sales have been witnessing this decline is perhaps because of the shift to the new payment model on May 28. The electric mobility startup’s total sales in 2022 stand at 41,024 units, according to the latest data on the Vahan dashboard.
Ather Energy, the Bangalore-based company reported its highest monthly sales. The company records sales of 3,797 units in June 2022 which stands at a record 9 times high than the sales recorded in the corresponding month in FY2021. From selling 3,098 units in May, up from 2,450 units sold in April, the graph shows an upward trend for the EV maker.
Revolt Intellicorp comes at the fifth spot with 2,419 unit sales followed by TVS Motor with 1,936 units sold in June 2022 while Bajaj Auto has noted good sales of its Chetak e-scooter in the past month marking 1,781 unit sales this month. Pure Energy and Being India Energy and technology record 1,125 and 954 sold units respectively.
While the recent chip and component shortages continue to create challenges and the EV fire incidents have made the manufacturers and dealers recall their products to fix the issues, the sales continue to rise.
What’s more, the government has also taken cognisance of the matter and is working on new policies and stricter rules to create a sense of relief and trust in the consumers’ minds related to the adoption of electric vehicles.