HomeBike NewsHero Electric leads market share beyond reach through April - July FY20

Hero Electric leads market share beyond reach through April – July FY20

Hero Electric scooter has revealed that they have a market share of 36%

JMK Research and Analytics EV monthly updates sees Hero Electric leading the electric scooter/bike segment for the first four months of FY21. Market share stands at 37 percent in the high-speed segment. Hero Electric dominates 45 percent market share in remaining categories, which places it in a leadership position across all electric two-wheeler segments.

Hero Electric has revealed that in the current months, online sales channels have been a focus area. This paved the way for 40,000 customer engagements, and resultantly, six-fold increase in online sales over April – July FY20.

Hero Electric Market Share

With sales operations restarted, a number of schemes have been introduced to attract audiences. Hero Electric expects to achieve record sales through the current FY despite the lockdown for FY21. This month, Hero Electric has announced a partnership with Autovert Technologies. With this, customers can now opt for subscription-based financing plans. All-inclusive subscription plans start at Rs 2,999 per month and is inclusive of bundled services like comprehensive insurance, service and maintenance, loyalty bonuses, and upgrade options.

High Speed EV sales January – July 2020

With Covid-19 pandemic lockdown announced in March end, the industry as a whole has been impacted severely. With business restarting in May 2020, automakers are rescheduling launches, delayed BS6 introductions, and catering to deferred deliveries that couldn’t be upheld for a major part of Q1 FY21. Electric vehicles have met with sales contraction.

Hero Electric Market Share

Cumulative high speed (speed higher than 25 kmph) EV sales through 2020 January – July is reported at 61,981 units. July growth is reported at 19.6 percent MoM over June 2020. Sales was up at total industry sales of 7,411 units, up from 6,193 units. This includes electric three-wheeler sales too. Okinawa sales was reported at over 400 units with Hero Electric following close.

Hero Electric and Okinawa are close competitors in vying for top place in the segment. Hero Electric sales for the last 3 months is following a marginal MoM growth path like most manufacturers.The manufacturer was able to report a sales fillip as FY20 ended with March sales being at a spectacular high having surpassed the 1,000 units mark at ease.

Hero Electric Market Share

Sohinder Gill, CEO, Hero Electric said, “Our quick thinking, willingness to take risks, and trying different methods paid-off to not let the lockdown negatively impact our business. This fresh approach also kept our people, driven, and motivated and our stakeholders assured. We are happy to have been able to attract customers, more in fact, during this troubled period of lockdown and pandemic.

Coming out on top with the highest number of electric scooters sold – across all categories – between April and July, is a testament of our unwavering determination to work Hero Electric, 36% Company B 28%, Company C 14%, Company D 13%, Company E 7%, Others 1%. We have great plans for the second half of 2020, and we are not going to let anything deter us from achieving what we set out to this year. Our no-emission mission continues.”

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