E-scooter Sales Increase in India

In the first half of the financial year 2023-24, electric two-wheeler sales in India rose by 16% to reach 3.4 lakh units.

Subsidy Reduction Impact

Sales initially dipped following a government decision to reduce subsidies starting from June 1. However, they have since stabilized.

Recent Sales Trends

Sales hit a low of 45,806 units in June but rebounded to around 62,000 units in August and September. Month-on-month growth has slowed, going from 18.5% in July to 15% in August and -1.5% in September.

Overall Electric Vehicle Registrations

Electric vehicle registrations in the first half of the financial year increased by 51% to 7.4 lakh units. Electric two-wheelers accounted for more than half of these registrations, while electric four-wheeler registrations increased by 163%.

Market Share

Electric two-wheelers make up 55% of all electric vehicle sales nationally as of August 31, with e-rickshaws at 34%.

Expert Opinions

Gagan Sidhu, director of CEEW Centre for Energy Finance, notes that the electric two-wheeler market experienced record sales in May 2023 but faced dips following the subsidy reduction in June. Since then, the market has been gradually recovering.

Sohincler Gill, director general of the Society of Manufacturers of Electric Vehicles, mentions that month-on-month demand has plateaued, making it challenging to meet the Niti Aayog target of 20 lakh units. However, offers and discounts during the festival season could boost sales.