Even though electric two-wheeler segment is facing challenges on various fronts, an encouraging thing is that sales are on the rise. In the month of March, total sales of popular scooters like Ola, Ather, iQube and Chetak were at 14,523 units. YoY growth is a whopping 795.38%, as compared to 1,622 units sold in the corresponding period last year. Even MoM growth stays strong at 56.25%, as compared to 9,295 units sold in February 2022.
Ever since Ola Electric commenced deliveries in December last year, it has registered consistent gains in retail sales. In March, Ola sales were at 9,127 units. Market share in the group is 62.85%. MoM growth is 133.73%, as compared to 3,905 units sold in February 2022.
Based on recent statements, it appears that Ola Electric is confident of emerging as the top selling electric two-wheeler brand in the country. It has consistently reduced the sales gap with Hero Electric. In March, Ola was 3,896 units short. Ola has said that it does a lot of temp registrations, which could increase actual sales numbers in coming months when Vahan portal is updated.
Ather sales in March are at 2,591 units. YoY growth is 120.14%, as compared to 1,177 units sold in March last year. Market share in the group is at 17.84%. Ather MoM growth is 26.89%, as compared to 2,042 units sold in February 2022.
Among electric two-wheelers, Bajaj Chetak and TVS iQube have emerged as close rivals. This comes from similarities in their battery capacity, range, top speed, etc. In terms of pricing, iQube emerges as the affordable option.
In the last 12 months, iQube is ahead with cumulative sales of 10,773 units. In comparison, Chetak sales are at 8,185 units. Average works out at 898 units per month for iQube and 682 units for Chetak. In the last five months, iQube has been consistently ahead of Chetak. Its highest sales this year was in February, when 2,238 units were sold. Chetak’s best was in January when 1,268 units were sold.
Things were different in 2021, as Chetak was ahead sometimes whereas iQube took the lead in other months. But this year, iQube has been comfortably ahead. One of the factors that could be working against Chetak is its relatively high pricing. Global shortage of auto components such as semiconductor chips may also be impacting Chetak production.
In terms of YoY growth, Chetak has made gains of 1,017.78% in March 2022. A total of 1,006 units were sold, as compared to 90 units in March last year. Market share in the group is at 6.93%. Chetak MoM growth is negative at -9.37%, as compared to 1,110 units sold in February 2022.
TVS iQube YoY growth in March is at 406.76%. Sales are at 1,799 units, as compared to 355 units in March last year. Percentage share in the group is 12.39%. iQube MoM growth is negative at -19.62%, as compared to 2,238 units sold in February 2022.