Electric two wheeler sales increased 370 percent in March 2022 on a YoY basis with Hero Electric in the lead
The EV market is on the path of growth in India, more particularly, the two wheeler segment. Recent positive changes in EV policy via FAME, coupled with added subsidies being offered by various State Governments have been a game-changer. Rising fuel costs have also turned the buyer’s attention towards electric two wheelers along with attractive prices, lower running costs and lesser maintenance.
FADA has released retail sales numbers of electric two wheelers. Sales have increased 370 percent on a YoY basis in March 2022 to 49,607 units, up from 10,558 units sold in March 2021. MoM growth stood at 53 percent from 32,455 units sold in February 2022.
Top 10 Electric Two Wheeler Mar 2022 – Hero, Ola, Okinawa
Hero Electric sales in March 2022 stood at 13,023 units, up 149 percent against 5,235 units sold in March 2021. It was also a 77 percent MoM growth over 7,360 units sold in February 2022. Hero Electric has just introduced the new Optima CX e-scooter. This is an upgrade from the Optima HX and is priced at Rs 62,190 for its single-battery variant and Rs 77,490 for the dual-battery variant.
Surpassing both Okinawa and Ampere by a significant margin and at No. 2 on this list was Ola Electric with its two wheeler sales at 9,127 units. This was a 134 percent MoM increase over 3,907 units sold in February 2022.
Okinawa Autotech was the third best selling electric two wheeler maker in March 2022 with sales of 8,284 units, up 441 percent over 1,530 units sold in March 2021. It was a MoM growth of 40 percent from 5,925 units sold in February 2022. Okinawa also recently introduced the OKHI-90 electric maxi-scooter in India priced at Rs 1,21,886 (post Fame II subsidy). Buyers can also avail of a Rs 5,000-15,000 lower cost thanks to state-level subsidy.
Sales of Ampere increased 574 percent on a YoY basis to 6,338 units in March 2022 from 941 units sold in March 2021. MoM sales increased 47 percent over 4,304 units sold in February 2022. Increased demand for electric two wheelers were also reported by TVS Motor, Ather and PUR Energy. TVS Motor sales increased 749 percent YoY to 2,267 units from 267 units sold in March 2021. MoM sales increase stood at 53 percent over 1,482 units sold in February 2022.
Ather, Revolt, PUR EV
Ather Energy sales increased 109 percent to 2,226 units in March 2022 from 1,064 units sold in March 2021 and remained flat on a MoM basis from 2,232 units sold in February 2022. Ather 450X has seen increased demand and last month the company rolled out of its 25,000th e-scooter in 25 months of launch.
Revolt Intellicorp sales increased significantly on a YoY basis. Sales which had stood at just 53 units in March 2021 stood at 1,409 units in March 2022 relating to a 2,558 percent growth. MoM sales increased 25 percent over 1,128 units sold in February 2022. Revolt RV400 e-motorcycle is priced at Rs 1.24 lakh (ex-showroom Delhi) and is the only offering in the company’s current portfolio.
Jitendra and Benling India saw sales of 1,034 units and 1,013 units in the past month respectively. MoM sales of Jitendra also increased 84 percent from 562 units sold in February 2022 while MoM sales of Benling dipped 12 percent over 1,149 units sold in February 2022. PUR Energy sales increased 204 percent YoY to 2,066 units, up from 679 units sold in March 2021. MoM sales were up 45 percent from 1,427 units sold in February 2022.
Bajaj At No 11
Bajaj Auto also posted a 466 percent YoY growth to 827 units, up from 146 units sold in March 2021 while MoM sales dipped 37 percent from 1,314 units sold in February 2022. Even as the Bajaj Chetak e-scooter continues to face much competition in this segment, the company plans to reinforce its Chetak sub-brand with multiple electric scooters over next three-five years.
Sales of electric two wheelers continued with GoGreen (598 units), MEW (488 units), KLB (324 units) and RGM (138 units). There were others in this segment such as Elthor (8 units), ECO Fuel (85 units) and Lectrix (41 units) along with others that also contributed a few numbers to this growing segment.
Interestingly, Honda Motorcycle and Scooter is also mentioned in the list. This is when Honda is yet to officially enter the segment. Honda has no electric two wheeler on sale yet. They do plan to launch one this year. First Honda electric scooter is expected to be the Benly e.
