Electric Two Wheeler Sales Report: December 2023 in India Reflects Impressive Growth and Market Dynamics

The electric two-wheeler (E2W) industry in India witnessed a phenomenal surge in demand throughout 2023, culminating in a record-breaking sales month in December. 

VAHAN data revealed that the total E2W sales for the year surpassed 8 lakhs, marking a substantial 36% increase from the previous year and representing about 7% of India's total automobile sales, despite a reduction in FAME subsidy.

December 2023 Sales Overview

December 2023 saw exceptional sales, hitting a peak of 91,348 units, reflecting a staggering 42% increase from December 2022. This milestone underscores the escalating consumer inclination towards eco-friendly and cost-effective mobility solutions.

Company-Specific Sales Highlights

Bajaj Auto Limited disclosed its sales figures for December 2023, highlighting significant growth across various segments:

Two-Wheelers

Domestic sales surged to 1,58,370 units, a robust 26% rise year-on-year, while exports exhibited a slight uptick of 3%, totaling 1,24,631 units. The combined total for two-wheelers reached 2,83,001 units, showcasing a 15% overall increase.

Commercial Vehicles

Domestic market sales soared by 41% to 32,549 units, while exports experienced a marginal 2% decrease, amounting to 11,256 units. The total commercial vehicle sales stood at 43,805 units, reflecting a commendable 27% growth.

Year-to-Date (YTD) Data Comparison

April to December 2023 vs. April to December 2022:

Two-Wheelers: 

Domestic sales surged by 22% to 17,03,704 units, although exports declined by 17% to 11,07,402 units. The combined YTD total for 2-wheelers saw a 3% overall change, reaching 28,11,106 units.

Commercial Vehicles: 

Domestic market sales showcased a substantial 76% growth, totaling 3,53,689 units, while exports declined by 22% to 1,17,562 units. The combined YTD total for commercial vehicles exhibited a remarkable 34% increase, tallying 4,71,251 units.

Electric Scooter and Bike Market Dynamics

Electric Scooters

• Ola Electric retained its lead with a marginal 1.03% month-over-month growth, despite an overall market decline.

• TVS IQube, Bajaj Chetak, Ather Energy, and others faced setbacks but remained resilient, showcasing dedication and perseverance amid challenges.

• Electric Bikes

Revolt Motors emerged as the top performer with a 1.34% month-over-month growth, leading the electric bike segment.

Tork Motors, Hop Electric, Ultraviolette, and Kabira Mobility showcased diverse sales trends, reflecting the competitive landscape and potential growth avenues in this segment.

Market Insights and Future Prospects

The market dynamics in December unveiled surprising sales declines for established electric scooter manufacturers. However, Ola Electric maintained dominance, showcasing resilience even after the end of festive season offers.

In the electric bike segment, Revolt Motors faced tough competition from Tork Motors, Hop Electric, and emerging companies like Ultraviolette and Kabira Mobility, signifying a growing and competitive market landscape.

Looking ahead, India's electric two-wheeler market anticipates unprecedented growth in 2024, propelled by government support, advancing charging infrastructure, and the pipeline of new models from both established and emerging players. The sector is poised for remarkable expansion, promising a vibrant and dynamic future.

Electric Two Wheeler Sales Report: December 2023 - Brand-Specific Performance Analysis

December 2023 marked a pivotal moment for the electric two-wheeler market in India, with several prominent brands showcasing distinctive sales performances throughout the year. Let's delve into the brand-wise sales data for December 2023.

 OLA Electric: Sustained Growth Propels Market Leadership

Apr'23 to Dec'23: Consistent growth trajectory, culminating in 30,219 units sold in December, contributing significantly to a total of 209,177 units throughout the year.

TVS Motors: Varied Sales Trends Throughout the Year

• Dec'23: Recorded 12,216 units sold, displaying a fluctuating sales trend compared to previous months.

• Total: Contributed 126,334 units to the annual sales, showcasing intermittent spikes and declines over the months.

Baja Auto: Steady Uptick in Year-end Sales

• December: 10,323 units sold, indicating a relatively stable performance towards the end of the year.

• Annual Contribution: Accumulated 66,286 units throughout 2023, depicting a consistent albeit moderate sales pattern.

Ather: Fluctuating Sales Momentum

• Dec'23: Witnessed 6,481 units sold, reflecting a dip in sales compared to previous months.

• Yearly Performance: Contributed a total of 73,025 units, showing periods of both growth and decline.

Ampere and Hero Electric: Varied Year-end Figures

• Ampere: Concluded December with 3,346 units sold, showcasing a consistent yet comparatively lower sales pattern.

• Hero Electric: Recorded 552 units sold in December, contributing modestly to a total of 11,027 units over the year.

Other Notable Players and Grand Total

BGAUSS, Okinawa, Okaya EV, Battery Electric, Kinetic Green, Revolt: Contributed varying figures to the overall sales landscape, showcasing diverse market performances.

Grand Total: Culminated in 75,366 units sold in December, accounting for a substantial part of the annual total of 641,934 units.

Market Insights and CarBike360 Says

December 2023 exhibited diverse sales trends among key electric two-wheeler brands. While some brands showcased consistent growth, others experienced fluctuations, indicating a dynamic and evolving market landscape. With a grand total of 641,934 units sold in 2023, the electric two-wheeler market in India remains a dynamic and competitive arena, showcasing varied performances among different brands.