Recording sales of 7,20,733 units in FY2023, electric two-wheelers saw 185 percent YoY growth (FY2022: 2,52,539 units). The top six OEMs have each sold over 75,000 units and their combined sales add up to 5,75,143 units, 80 percent of the total sales in FY2023.
Ola Electric, with 1,51,344 units, is the market leader by a huge margin, averaging monthly retails of 12,612 units and is ahead of the next manufacturer by a substantial 57,211 units. With this performance, Ola now has a 21 percent share of the electric two-wheeler retail market. It is also the sole player to surpass the 100,000 unit mark and by a big margin.
Also See: Opinion: Ola Electric and the uncomfortable facts
Okinawa Autotech sold a total of 94,133 units in FY23 and retained the second place it held in FY22. Okinawa managed this despite its FAME subsidy being recently revoked by the central government.
Hero Electric, the market leader in FY2022, has slipped to the No. 3 position with 89,165 units. It was logging in strong numbers in the beginning of the fiscal year, but the monthly numbers declined in the second half, possibly due to the impact of the FAME subsidy being withdrawn.
Also See: Hero MotoCorp Vida vs Hero Electric: what’s the difference?
Ampere Vehicles is next up with 83,659 units, with the company benefiting from its growing product portfolio. Ampere’s newest scooter is the Primus, which was revealed at Auto Expo 2023. What is helping Ampere is its fast-growing dealer network across Tier 1 to Tier 4 markets.
TVS Motor Co, with its iQube e-scooter line-up, has sold 80,565 units in FY23. The Hosur-based company is gearing up to roll out a raft of new EVs in FY2024. The iQube recently crossed the 1 lakh-unit sales milestone and accounts for 10 percent of TVS’ scooter sales.
Bengaluru-based e-scooter OEM Ather Energy saw its products go home to 76,277 buyers. Given the strong momentum Ather is seeing, this is yet another OEM, which will almost certainly ride past the 1,00,000-unit mark in FY2024.
Also See: Updated Ather 450X unveiled
The other legacy Indian manufacturer in the EV space, Bajaj Auto, has sold 28,098 units of its Chetak e-scooter in FY23. While these numbers aren’t as stellar as some of the others here, with an updated Chetak line-up and dedicated outlets for the e-scooter, the Pune-based manufacturer will be hoping to boost those numbers upward.
Also See:
Ather 450X vs Ola S1 Pro vs TVS iQube S vs Bajaj Chetak EV scooter comparison
Which electric scooter is best for the family?
All numbers mentioned here are taken from the government's VAHAN portal.
Of all the electric vehicles on this list, which one would you consider going for and why? Let us know in the comments section below.