A total of 2,31,338 electric two-wheelers were sold in India during FY 2022. These numbers, when compared to overall two-wheelers sold (ICE+EV) in FY22, are low. However, compared to electric two-wheelers sold in FY21, these represent over 450% YoY growth. In terms of numbers, only 41,046 electric two-wheelers were sold in FY21.
Data provided by the Federation of Automobile Dealers Association (FADA) reveals that two-wheelers industry heavyweights, including Hero Electric, Okinawa and Ampere, continue to dominate the market. At the same time, electric two-wheeler startups have started to perform exceptionally well. Though these startups might have many questions to answer after the recent fire incidents, the fact remains that four out of the top 10 selling EV brands in India during FY22 were startups.
| Name | Units Sold | Market Share (%) |
| Hero Electric | 65,303 | 28.23 |
| Okinawa Autotech | 46,477 | 20.08 |
| Ampere Vehicles | 24,648 | 10.65 |
| Ather Energy | 19,971 | 8.63 |
| PURE EV | 14,862 | 6.42 |
| Ola Electric | 14,371 | 6.21 |
| TVS Motor | 9,458 | 4.09 |
| Revolt Intellicorp | 7,623 | 3.30 |
| Benling India | 7,084 | 3.06 |
| Bajaj India | 7,012 | 3.03 |
| *Startups marked in Bold | ||
Four startups in India's top 10 electric two-wheeler brands - Ather, Ola Electric, PUR Energy and Revolt Intellicorp sold a total of 56,827 units in FY22. These companies sold only 8,273 units in FY21. The difference represents an increase of more than 600% growth YoY.
Ola Electric is the biggest highlight of the electric two-wheeler startup industry. The startup, led by Bhavish Aggarwal, was able to capture a 6.21% market share in the Indian electric two-wheeler vertical during FY22. This is despite the fact that the startup started delivering electric two-wheelers in January 2021.
Ola's notable competitor, Ather, captured an 8.63% market by selling 19,971 electric two-wheelers during FY22. The company had sold 4,401 units in FY21. None of Ather's electric scooters was reported to meet with any kind of fire incidents so far. On the other hand, Ola Electric witnessed one of its electric scooters catch fire, and there were several other reports of software and hardware malfunctions presented on social media by users.
PUR Energy was able to capture 6.42% of the market by selling 14,862 electric two-wheelers in FY22. The startup had sold 2,079 electric scooters in FY21. An electric scooter from PUR Energy caught fire in March 2022.
These four startups, in a nutshell, sold more electric two-wheelers than the likes of established players like Bajaj Auto and TVS Motor Company. The former was able to sell 7,012 electric two-wheelers, while the latter sold 9,458 units in FY 2022.
Future Of Electric Two-wheelers
India is known as the second-largest market for two-wheelers in the world. However, the country's two-wheeler industry, especially the ICE vehicles, has become a cause for concern for the past many years (Read Mobility Outlook Two Wheeler Report Here: - https://www.mobilityoutlook.com/analysis/twowheeler-sales-will-have-to-rescue-indias-automobile-sector-fada/).
Against a total of 1,19,73,415 total two-wheelers sold in India during FY22, only 2,31,338 electric two-wheelers were sold in the country during the same period. The good news is that while the entire two-wheelers segment grew by only about 4%, the electric two-wheeler segment grew by more than 400% in FY22. The growth in the EV industry could be possibly pegged to electric vehicle incentive policies offered by different states of the country.
FADA President Vinkesh Gulati is hopeful that the two-wheeler EV sales will continue to grow at a healthy rate. However, his concerns remain around how the EV startup industry educates the end consumers.
'The electric two-wheeler players can further increase their market share if they invest in educating end consumers about how to properly use and maintain the products,' Gulati had earlier pointed out.