E-scooters to hit 5% of two-wheeler mkt in FY23: Greaves Electric Mobility
According to Greaves Electric Mobility, sales of two-wheeled electric vehicles will increase to 7 lakh units in FY23 from 2.5 lakh units in FY22.
The inflection point for the switch from internal combustion engine (ICE) scooters to electric ones would be reached in FY 23, Greaves Electric Mobility (GEM), which sells the Ampere brand of electric scooters, predicts, accounting for 4%–6% of the overall two-wheeler market. Less than 2% of the market was covered by electric two-wheelers in FY 22.
Scooters will make up 4-5 percent of the market, according to Nagesh A. Basavanhali, executive vice-chairman of Greaves Cotton Ltd. A subsidiary, Greaves Mobility, predicts that the sector will sell 700,000 electric scooters in this fiscal year, up from 250,000 in FY 22.
This will be the crucial turning point required for the penetration of electric. Additionally, he predicts that by 2027, between 30 and 35 percent of the 6-7 million ICE scooters that are currently sold annually would be converted to electric.
Basavanhali must be aware. Since it gradually purchased electric scooter startup Ampere in 2019, the firm has been among the top four participants in the industry, accounting for 14% to 15% of the sales of electric scooters in the nation.
According to Basavanhali, the confidence stems from the fact that while GEM sold over 65,000 electric scooters in FY 22, it only managed to sell about 29,577 of them in the first quarter of FY 23. The company is expanding its capacity in order to produce 25,000 electric scooters per month.