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E2W sales figure improves in August: TVS share expands to 25%
After plummeting in June as a result of subsidy reductions, sales of
electric two-wheelers (E2Ws)
improved in August. Compared to 45,000 units sold in June, over 59,000 electric two-wheelers were sold across the nation in August.According to data obtained from the government's Vahan website, the sales of 59,313 units in August outperformed the 54,498 automobiles sold in the preceding month.
"August clearly demonstrates that even without subsidies, the Indian EV two-wheeler industry is becoming mature... But moving forward, accessible EVs will be crucial for many players to thrive, according to an official from an auto industry association who requested anonymity.
With 14,584 of its inexpensive
iQube
units sold in August, TVS Motors saw the biggest sales growth of around 40%, surpassing the 1.5 lakh milestone for the month. TVS Motors' market share increased from 19.6 per cent in the previous month to 25 per cent as a result of the jump in sales.Sales at market leader
Ola Electric
fell 10% to 17,389 units.With the iQube, TVS Motors joined the electric two-wheeler industry in 2020. The Ather
450X
and the Bajaj Chetak are competitors of the iQube, which is priced between Rs 1.23 lakh and Rs 1.38 lakh in Delhi.Citing Sudarshan Venu, managing director of TVS Motors, Moneycontrol reported that the company intended to increase iQube manufacturing.
In September, experts predict that 20,000 iQubes will be sold.
"We are quite thrilled about our very large investment in the expansion of the Indian market. Both in premium and 125, we are increasing our market share in India. We are really pushing up iQube to an additional 25,000 to 30,000 units each month since it is performing so well, according to Venu.”
With a market share of roughly 29.31%, Ola Electric is still the dominant company, followed by TVS and
Ather Energy
. According to Ankush Aggarwal, Chief Business Officer of Ola Electric, August was an exciting and busy month for the firm since it added five scooters to its inventory and offered them at all popular pricing points.With the holiday season approaching, Aggarwal predicted that there would be "strong sales during this period, and we expect the EV industry to witness an inflexion point due to the high consumer demand."
Around 6,835 units were sold by Ather Energy, a 2 per cent increase over the 6,671 units sold in July. With the introduction of its reasonably priced 450S scooter in the 125cc category, the Bengaluru-based EV manufacturer hopes to quadruple its market share to about 30–40 per cent over the next three years.
"Pre-orders for the new scooters have increased significantly. The 450S and 450X (2.9 kWh) production has been gradually scaled up, and Tarun Mehta, CEO and co-founder of Ather Energy, claimed it will reach its peak this month. The firm is sure that it will increase its market share in the upcoming months as the festival season gets underway and the product line has been revamped to increase client accessibility.
In terms of sales volume,
Bajaj Auto
appears to be catching up to Ather Energy. Bajaj sold about 6,137 units of its electric Chetak scooter in August, which is a 50% increase over the 4,116 units it sold in July.Hero MotoCorp, which launched its Vida scooter into the EV market in October 2022, sold roughly 901 units, a decrease of 9% from July's 990 units. With its UK-based A2B Electric Bikes,
Hero Electric
, which is entering the luxury e-bike or electric bicycle category, reported sales of 765 units, a 2 per cent decrease from the previous month.According to the CEO who was cited above, the EV industry was developing as players developed a wide range of options at reasonable prices. More competitors vying for market share and hastily ramping up production were predicted to increase competition.