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India’s leading two-wheeler players, led by TVS Motors, are flexing their muscles, crossing 10,000 electric two-wheeler registrations for the first time in November this year, according to data from Vahan, the road transport department’s website. and highway.
The two leading players, TVS Motors and Bajaj Auto, now account for 15 percent of the registration share in the month of November. The number will only increase with Hero MotoCorp now joining the bandwagon with its Vida range of electric scooters.
TVS Motors’ aggressive play in the electric vehicle space is clearly reflected in the fact that they have now entered the coveted list of the top five electric two-wheeler manufacturers, and registrations hit 7735 in November. This is up 33 percent from last month and is also the company’s best performing company since it entered the space. But Bajaj Auto needs to push the pedal, as its registration as of November 30 was at 2849 vehicles, falling in October.
The other good news is that the concern that the sharp increase in the registration of electric electric wheels in October was due to the increase in sales during the festival of the event, seems to be unfounded. According to Vahan’s data, the total number of registrations of electric bicycles up to November 30 is 72,556, showing a slight increase from the previous month, when the registration reached 68,324 on October 30.
The electric two-wheeler market was once again led by Ola Electric, which registered 15,449 vehicles in November, accounting for more than a fifth of the market, based on registration. Another player to watch is Ampere, owned by Greaves Cotton. It saw a huge jump in its registrations in November to 11,523 – almost 1.7 times what the company achieved in September when it received 6465 registrations.
However, Okinawa was unable to hit the 100,000 e-scooter target in November. In fact, its registration dropped by about 42 percent, after hitting a record number of 14,938 subscribers in October.
At least two electric two-wheeler manufacturers have now registered more than 90,000 vehicles in the eleven months of 2022 – Okinawa had 95,933 registrations and Ola Electric, 91,028. Hero Electric is also within kissing distance, in 89261.
Manufacturers of electric two-wheelers (scooters and motorcycles) registered about 0.5 million vehicles between January and November this year, which is a four-fold increase from CY 2021, when the number was only 130,704 registrations. Many car experts have the idea that they will be able to hit the magic number of 1 million registrations by 2023.
Obviously, the market is also more inclusive. The three main players – Ola, Ampere and Okinawa – took 50 percent of the registered players in November, and if one takes the top five, he takes more than 70 of the section where there are 97 players in this fight.
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