Currently, there are more than twenty OEMs in the two-wheeler electric mobility space in India with new brands to come in the near future
With multiple electric vehicle (EV) offerings in the two-wheeler segment in India, it is evident that future of mobility is electric. A total of 6,059 units of electric two-wheelers was sold in February 2021 against 2,243 units sold during the same month last year. Thus resulting in YoY growth of 170.1 percent.
Hero Electric, Okinawa Lead EV Segment
Hero Electric was the leader of the segment with as many as 2,201 two-wheelers sold last month. During the same period last year, Hero sold 614 units witnessing a YoY growth of 258.5 percent and a market share (MS) of 36.3 percent.
They were followed by Okinawa electric with a total sales of 1059 units last month – recording a YoY growth of 59.5 percent with an MS of 29.6 percent. Hero Electric and Okinawa were the only two OEMs to breach the 1000-mark last month. Ampere was able to retail 800 units in February this year against last year’s 286 units, therefore, witnessing a growth of 179.7 percent and an MS of 13.2 percent.
Ather Energy continued to post sales growth despite of having only 1 scooter on offer – Ather 450X. The Bengaluru-based startup sold only 624 units last month as opposed to 368 units sold in February 2020. This resulted in YoY growth of 69.1 percent and an MS of 16.5 percent.
Pure EV is a relatively new player in the Indian market and did well to take the fifth spot. It sold 404 EVs last month accounting for 6.7 percent of MS. Benling India sold 254 units of electric two-wheelers last month thereby accounting for an MS of 4.2 percent.
TVS, Bajaj catching up
TVS made its entry into the EV segment last year with iQute electric scooter. It was able to retail only 208 units of the e-scooter in February this year and resulting in an MS of 3.4 percent. Jitendra New EV sold only 124 units last month and has an MS of 2.0 percent.
Bajaj, the Chakan-based manufacturer made its entry into the segment with Chetak Electric scooter in 2019. Being one of the largest two wheeler maker in India, it was surprising to see Bajaj lagging at ninth place with just 111 units retailed last month.
|8||Jitendra New EV||124||5||2380.00|
|15||NDS Eco Motors||5||51||-90.20|
|19||SBTEK E Moto||2||0||–|
New Future Brands in India
All the other models resulted in a sales volume of fewer than 100 units. Upcoming brands such as Ola Electric and Kabira will soon make their debuts in India in the electric mobility space and things could become interesting. Although we believe it will take some time for Indian consumers to warm up to the idea of owning a battery-powered vehicle instead of conventional fossil fuel-powered vehicles. This is primarily because of limited charging infrastructure in the country presently.
But the times are changing rapidly. In a few years from now, the sales number of EVs are expected to increase exponentially. Most of the EV makers are currently battling problems like shortage of parts, very few dealer outlets, etc. But many of them are already working on increasing production, dealer network, launching EVs in more cities, etc.
Bajaj has plans to launch Chetak in more cities, launch KTM / Husqvarna electric scooter / motorcycle. Hero, Yamaha, Suzuki and even Royal Enfield have plans to enter the EV segment. Apart from the big brands, there are many new brands who have either entered or have plans to enter – making the EV space one to watch out for in the coming years.