Quarterly electric two wheeler sales trend in India

Trend from last 5 quarters – Q3 FY 22-23 to Q3 FY 23-24 (Oct 2022 to Dec 2023)

Taken from Q3 FY23-24 report in EVreporter Data Portal. Data sources – Vahan and Telangana Open data portal. Low-speed 2W data not included.

Observations

• The total number of e-2Ws sold in India from Q3 FY 22-23 to Q3 FY 23-24 (last 5 quarters) comes out to 11,54,925 units.

• The e-2W segment witnessed a Q-o-Q sales growth of 29.7%, with 2,56,565 units sold in Q3 FY 23-24 as compared to 1,97,704 units sold in Q2.

• The e-2W segment witnessed a Y-o-Y sales growth of 11.4%, with 2,56,565 units sold in Q3 FY 23-24 as compared to 2,30,404 units sold in Q3 FY 22-23.

• Over the period of observation, Q4 FY 22-23 and Q1 FY 23-24 witnessed the highest EV penetration in the 2W segment at 5.5%, which dropped to 4.7% in Q3 FY 23-24 – same as the quarter last year Q3 FY 22-23.

Electric 2-W Q-o-Q sales performance comparison for top 10 OEMs

Taken from Q3 FY23-24 report in EVreporter Data Portal. Data sources – Vahan and Telangana Open data portal. Low-speed 2W data not included.

Observations

• The total sales of the top five e-2W OEMs in Q3 FY 23-24 account for 82.7% (2,12,195 units) of the overall e-2W sales.

• Ola Electric dominated the market with a 34.4% share (88,660 units), registering a Q-o-Q sales growth of 46.1% in Q3 FY 23-24.

• TVS Motors held a 20.1% market share (51,520 units, registering 11% higher sales than last quarter).

• Okinawa Autotech registered a decline of 33.3% in sales in Q3 FY 23-24 as compared to last quarter.

• The highest growth in % sales was registered by Hero MotoCorp, with a 167.9% rise. 7,137 units sold in Q3 FY 23-24 as compared to 2,664 units in the last quarter.

Also read: India’s Electric Vehicle sales trend | January 2024