Electric two-wheeler sales in the fast lane in November

Sales of electric two-wheelers at just over 91,000 units in November were up nearly 20% compared with the same month last year, and 22% compared with October, suggesting that demand for the vehicles is growing at a brisk pace again, after lower subsidies took the sheen out in the middle of the year.

Interestingly, incumbents like Bajaj Auto and Hero MotoCorp are steadily gaining market share and asserting their presence in the segment, scaling up both production and distribution for their products, as well as launching new, revamped products.

The year-to-date registration figures for electric two-wheelers revealed an encouraging trend, with the average monthly run rate for November standing at 70,700 units, surpassing the FY23 average of 60,500 units.

Electric two-wheelers maintained a 5% penetration rate in November, consistent with the previous month, Jay Kale, senior vice president, Elara Capital, said.

Ola Electric continued to lead the pack, securing the top spot with 29,764 units registered in November, commanding a substantial 32.6% market share. TVS Motors followed with a 20.8% share, trailed by Bajaj Auto, Ather Energy, and Greaves Electric (formerly Ampere) at 12.8%, 10.1%, and 4.8%, respectively.

On a month-on-month basis, Hero MotoCorp emerged as a standout performer with a remarkable 57% growth, while Ola Electric and Bajaj Auto also posted impressive gains of 25% and 29%, respectively.

In contrast, some players like TVS Motors and Ather Energy witnessed a more modest month-on-month growth, reinforcing the dynamism of the sector at a time the market is still in a state of relative nascency.