Ola and TVS captures 44.29% market Share | Record-Breaking March 2023 Electric Two-Wheeler Sales

According to the latest sales figures, the electric two-wheeler market in India witnessed a significant increase of over 29% in March 2023 as compared to the previous month. This surge in demand has resulted in the sale of more than 85,000 electric two-wheelers in a single month, which is an all-time high for the sector. Two prominent companies in the space, Ola Electric and TVS, have recorded their highest-ever monthly sales figures for March 2023.

This surge in sales indicates that the electric two-wheeler market is growing rapidly in India, and the trend is expected to continue in the coming months. With the increasing demand, companies are focusing on innovation and developing new and better products to cater to the evolving needs of consumers. Moreover, the entry of new startups in the market is driving competition and further fueling growth in the sector.

One such company that has recently launched its latest range of electric scooters is Hero Electric. The company claims that the new range, which includes the Optima CX5.0, Optima CX2.0, and NYX CX5.0, is equipped with advanced features, cutting-edge Japanese motor technology, and German ECU technology, making the scooters suitable for the diverse weather conditions in India. With these new offerings, Hero Electric aims to cater to the increasing demand for smart, connected electric scooters in the market.

The sales figures for electric two-wheelers in India for March 2023 indicate a significant growth of over 30% as compared to the previous month, with a total of 85,683 electric two-wheelers sold in March. Ola Electric maintained its position as the market leader and recorded its highest-ever monthly sales figure, delivering 21,220 electric two-wheelers in March 2023.

To further expand its presence, Ola Electric is focusing on increasing its offline retail network. The company has already launched 400 stores across India and plans to open 500 more stores by the end of April 2023, aiming to have a total of 1,000 stores in operation by August 15, 2023. Ola Electric has also redesigned and started the free upgrade of its front fork and reduced the price of the S1 Pro, which now costs ₹1,24,999.

TVS also delivered impressive results in March 2023, selling 16,731 iQube electric scooters, its highest-ever monthly sales. This performance secured TVS's position at the second spot in the sales rankings. Additionally, TVS plans to start deliveries of its flagship e-scooter, iQube ST, later this year.

Ather maintained its consistent performance in the electric scooter market and secured the third position on the sales list by delivering 12,067 electric scooters in March 2023. Ampere EV and Hero Electric followed Ather in fourth and fifth positions, respectively, with 9,333 and 6,652 sales. Okinawa ranked at number six with 4,505 sales.

Revolt restarted the deliveries of its RV400 e-motorcycle and delivered 1,131 electric two-wheelers in March 2023. Rattan India, a major infrastructure finance company, acquired a 100% stake in Revolt Motors last month and is now increasing its production capacity to meet the growing demand.

Let's have a look at the sales list of two-wheeler EVs in March 2023

| Electric Two Wheeler Company | No. of Units ||-----------------------------------------------|--------------|| Ola Electronics Technologies Pvt Ltd | 21,220 || TVS Motor Company Ltd | 16,731 || Ather Energy Pvt Ltd | 12,067 || Ampere Vehicle Pvt Ltd | 9,333 || Hero Electric Vehicles Pvt Ltd | 6,652 || Okinawa Autotech Pvt Ltd | 4,505 || Chetak Technology Ltd | 2,332 || Bajaj Auto Ltd | 2,150 || Okaya EV Pvt Ltd | 1,762 || Kinetic Green Energy and Power Solutions Ltd | 1,641 || Revolt Intellicorp Pvt Ltd | 1,131 || Bgauss Auto Pvt Ltd | 781 || Pur Energy Pvt Ltd | 584 || BEING India Energy And Technology Pvt Ltd | 444 || KLB Komaki Pvt Ltd | 401 || Twenty Two Motors Pvt Ltd(Bounce Infinity) | 361 || Jitendra New EV - Tech Pvt Ltd | 350 || Hero Motocorp Ltd (Vida) | 297 || Others | 2,941 || Total | 85,683 |

Given below is a graphical representation of Two Wheeler EV's Market Share