How India Is Leading The Global Electric Vehicle Revolution?

Move over petrol, here comes the electric wave! Electric vehicles (EVs) are the talk of the town, changing how we zoom around. From cities to small towns, everyone's eyeing these battery-powered rides. With the whole world shouting 'go green,' EVs are not just cool; they're becoming the go-to ride for many. Indian EV market is not just growing drastically but is also making global marks.

Yes, you heard it right! It's no more just a local craze; it's part of a bigger global shift towards cleaner rides. Let's explore how India is leading the charge in the electric ride revolution!

EV Surge In November 2023

November 2023 marked a remarkable moment for India's electric two-wheeler (e-two-wheeler) industry, witnessing a surge in sales that set a new high for the calendar year. As the festive fervor subsided, the industry recorded a remarkable 19% increase in sales, with 91,172 units sold, signaling a robust upward trajectory. This surge not only reflects the resilience of the sector post a 25% reduction in the FAME subsidy in June but also solidifies its pivotal role in the broader electric vehicle (EV) landscape in India.

November's sales figures propelled the e-two-wheeler industry's share to a formidable 56% of total EV sales in India, reaffirming its dominance. Since the subsidy cut in June, a total of 393,516 e-two-wheelers have been sold at higher prices, showcasing the adaptability of consumers to the evolving market dynamics.

Cumulative Growth & Projections For Indian EV Market

The cumulative sales for the first nine months of CY2023 reached an impressive 783,047 units, marking a substantial 38% improvement compared to the same period in 2022. October 2023 alone surpassed the entire retail sales of CY2022, setting the stage for a projected CY2023 total exceeding 850,000 units—a robust 35% year-on-year growth.

Ola, TVS, and Bajaj Auto Lead the Charge

Industry stalwarts Ola Electric, TVS Motor Co, and Bajaj Auto have emerged as frontrunners, each consistently selling over 1,000 units monthly. Ola's November sales surged to 29,764 units, securing a 32% market share, while TVS achieved its second-best monthly sales at 18,931 units, claiming a 21% market share. Bajaj Auto, recording its highest-ever monthly sale of 11,668 units in November, solidified its position as a key player in the e-two-wheeler segment.

Bajaj Auto's strategic moves have propelled it to the third position, overtaking Ather Energy. The Chetak, Bajaj's sole electric scooter, has seen increasing demand, contributing to a market share jump from 4% in January 2023 to 13% in November. The company is set to expand its Chetak network to 250 cities by March 2024, with plans for new variants to meet growing consumer demands.

Ather Energy, holding the third position in cumulative sales, is responding to the competitive landscape by confirming the launch of two new electric scooters in 2024. With 97,889 units sold in the first 11 months, Ather is gearing up to enhance its offerings, aiming for greater range and affordability.

Greaves Electric Mobility achieved its best monthly performance in November, securing the fifth position with 4,410 units sold. Hero MotoCorp, amidst a surge in demand for traditional motorcycles, maintained its sixth rank with record-breaking monthly sales. Okinawa Autotech, facing increased competition, retained the seventh position with 1,604 units sold.

Growing EV Industry Dynamics

The entire electric two-wheeler industry is poised for a historic milestone, eyeing an unprecedented 850,000-plus sales in CY2023. The sector's growth is attributed to the influx of new products, expanding charging infrastructure, sustained demand for last-mile deliveries, and the long-term cost-effectiveness of electric vehicles.

EV Industry Outlook for CY2024

With uncertainties regarding the extension of FAME subsidies beyond April 2024, personal and fleet buyers may expedite their purchases, leading to a potential surge in demand for EVs in the first quarter of CY2024. The electric two-wheeler industry's trajectory in India is not just promising but indicative of a global shift towards sustainable mobility. As 2023 draws to a close, the industry's success story seems poised to continue on a global scale.

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