Indian EV Scooter Market Sees Significant Growth In 2022 With Variety of Bikes and Alternatives to Traditional Vehicles
Even without a sound- and smoke-emitting silencer, green-registered vehicles (EV Scooters) are becoming more and more noticeable in the traffic.
In October, the number of electric two-wheeler sales reached an all-time high. Last month, over 75,294 electric two-wheelers left the showrooms and started travelling the roads of India.
Sales of electric two-wheelers increased by 16% over the prior quarter to 162,215 units in the third quarter. When compared to the same quarter last year, the year-over-year gain was a staggering 225 percent.
According to a McKinsey estimate, India’s demand for electric two-wheelers will amount to 8.2 to 9.2 million units by FY30.
After the initial rush, the market for electric two-wheelers is now experiencing consolidation. In this area, there are more than 80 registered businesses. But according to a Business Standard review of VAHAN statistics, only seven companies were responsible for 86% of the registrations of electric two-wheelers in September. This area is dominated by e-scooters. The top seven businesses made up 81% of all registrations in June as well.
These seven businesses included producers of two-wheelers with internal combustion engines Bajaj Auto and TVS as well as electric two-wheeler manufacturers Ola Electric, Hero Electric, Ather Energy, Okinawa, and Ampere.
Only these businesses reported 1,000 or more registrations in September. A little more than half of the two-wheeler manufacturers who were registered failed to obtain double digit registrations. Analysts predict that these tendencies will cause more industry consolidation.
Traditional ICE two-wheeler manufacturers like TVS and Bajaj Auto are also making their presence felt in the electric two-wheeler market, in addition to the new electric entrants. In contrast to the meagre 395 units sold in the same month last year, TVS Motor sold 8,103 TVS iQube Electric units in October 2022.