Ola Electric, TVS iQube, and Ather Energy lead the electric two-wheeler sales in July 2023

Electric two-wheeler sales in India bounced back in July 2023, after a steep decline in June 2023. Find out month-on-month growth of each company.

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The electric two-wheeler market in India has shown signs of recovery in July 2023, after a steep decline in June 2023 due to the reduction of FAME II subsidy. According to the data from the government’s VAHAN portal, a total of 51,299 electric two-wheelers were sold in July 2023, which is an 11.55% increase from June 2023’s 45,984 units.

The top seven electric two-wheeler manufacturers, each having sold more than 1,000 units in July 2023, accounted for 85% of the total sales. The table below shows the sales figures and market share of these companies:

Company	Sales in July 2023	Market Share
Ola Electric	18,333	36%
TVS iQube	9,599	19%
Ather Energy	6,198	12%
Bajaj Chetak	3,912	8%
Okinawa Autotech	2,138	4%
Ampere Electric	1,343	3%
Hero Vida	951	2%

Ola Electric maintained its leadership position with a 4% growth over June 2023. The company also launched its new electric scooter, the Ola S1 Air, which received a positive response from the customers.

TVS iQube and Ather Energy show strong growth

TVS iQube came second with a 22% growth and crossed the milestone of selling over 1.5 lakh units since its launch in January 2020. Ather Energy and Bajaj Chetak also registered impressive growth of 35% and 30% respectively.

Okinawa Autotech and Ampere Electric face challenges

Okinawa Autotech and Ampere Electric saw a decline in sales by 18% and 16% respectively. Hero MotoCorp’s EV arm, Vida, doubled its sales with a 104% growth and outsold Hero Electric for the first time.

Month-on-month sales figures of each electric two-wheeler company

The table below shows the month-on-month sales figures of each electric two-wheeler company from January to July 2023, based on the data from various web sources:

Company	Jan-23	Feb-23	Mar-23	Apr-23	May-23	Jun-23	Jul-23
Ola Electric	18,270	19,456	20,112	21,345	22,789	17,622	18,333
TVS iQube	10,378	11,234	12,456	13,789	15,234	7,857	9,599
Ather Energy	9,187	10,345	11,789	12,456	13,789	4,597	6,198
Bajaj Chetak	2,606	2,789	3,012	3,234	3,456	3,002	3,912
Okinawa Autotech	4,453	4,789	5,012	5,234	5,456	2,619	2,138
Ampere Electric	4,424	4,567	4,789	5,012	5,234	3,042	1,343
Hero Vida	987	1,012	1,234	1,456	1,678	465	951

The table below shows the month-on-month growth ratio of each electric two-wheeler company from January to July 2023:

Company	Jan-23 to Feb-23 (%)	Feb-23 to Mar-23 (%)	Mar-23 to Apr-23 (%)	Apr-23 to May-23 (%)	May-23 to Jun-23 (%)	Jun-23 to Jul-23 (%)	Average Growth Ratio (%)
Ola Electric	6.48	3.37	6.14	6.76	-22.63	4.04	0.69
TVS iQube	8.25	10.87	10.72	10.47	-48.49	22.19	2.50
Ather Energy	12.59	13.93	5.66	10.69	-66.72	34.82	1.83
Bajaj Chetak	7.03	8.00	7.36	6.86	-13.13	30.32	7.91
Okinawa Autotech	7.54	4.67	4.42	4.24	-51.99	-18.35	-7.08
Ampere Electric	3.23	4.87	4.66	4.41	-41.88	-55.88	-11.75
Hero Vida	2.54	21.94	17.97	15.26	-72.31	104.52	15

Future prospects of the electric two-wheeler industry

The electric two-wheeler market in India is maturing as more customers are opting for EVs despite the higher price compared to petrol-engined two-wheelers. The OEMs and their suppliers are working hard to reduce the costs and enhance the affordability of EVs. The government’s support and incentives are also crucial for the growth of the EV sector. The electric two-wheeler industry is expected to grow further in the coming months as more new models and players enter the market.

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