There is a massive boom in two-wheeler electric vehicle (EV) sales in India. The latest Vahaan vehicle registration data suggest two-wheeler EV sales have doubled in the last six months.
In the last 12 months, sales have seen a sharp uptick, albeit on the back of a low base. Total two-wheeler EV sales in India surged to 32,449 units in February 2022 versus 6,083 units same time last year. That is a more than 5x jump in two-wheeler EV sales in one year. Also, two-wheeler EV sales have doubled in the last 6 months alone.
Who is gaining market share and who is left behind?
Hero Electric is the number one player in the electric two-wheeler market in India with over 22 percent market share. Hero Electric saw a stupendous growth of 235 percent year-on-year in February sales, selling 7,357 units.
Okinawa is the number 2 player with a little over 18 percent market share. Okinawa sold 6,000 units in February which is whopping 6 times rise year-on-year.
That is followed by Ampere EV which has a 13.3 percent market share and Ola Electric with a 12 percent share.
Hero Electric although still the market leader, has lost market share to two players in the last 6 months that is Ola Electric and Ampere.
Hero Electric’s market share has fallen from 31.5 percent in July 2021 to 22.7 percent in February 2022. While Ola Electric market share has risen from 0 to 12 percent in 7 months.
The listed players
Where exactly do the four listed two-wheeler players Bajaj Auto, TVS Motor, Hero Moto, and Eicher Motors stand? Are these companies making any headway in the two-wheeler EV market?
All four listed companies have moved very slowly in the electric vehicle segment.
Hero Moto is not present in the EV space yet, the first electric scooter launch by Hero Moto is slated for July 1.
Meanwhile, Bajaj Auto and TVS Motor have seen sales stagnate in the last six months due to the semiconductor shortage, while Eicher has no plans for EV premium bikes just yet.
Watch the accompanying video of CNBC-TV18’s Sonia Shenoy for more details.