Electric Two-Wheeler Sales Data: October 2023
In the world of electric two-wheelers, something remarkable happened last month. The sales of these eco-friendly rides surged by a whopping 17%. And the total for last month? A staggering 74,252 units, a significant leap from September month’s 63,706. What’s even more exciting is that some industry players managed to break their own sales records, defying the odds. It’s like a ray of sunshine in the industry, showing how people are increasingly realizing the benefits of electric two-wheelers.
The top three companies that did well in October are OLA Electric, TVS Motor, and Bajaj Auto. OLA Electric sold 23,644 vehicles last month, up from 18,615 in September, which is a 27% increase in MOM growth. TVS Motor sold 16,340 vehicles last month, compared to 15,576 in September, showing a 5% MOM growth. As for Bajaj Auto, they sold 8,289 vehicles last month, compared to 7,087 in September, with a MOM growth of 26%. These companies are doing a great job in the electric market. If we crunch the numbers and calculate the monthly growth of the top five companies, the total comes to a remarkable 82%. This substantial figure underscores the significant efforts these companies have made to increase sales and raise awareness about the benefits of sustainable, electric vehicles.
Before going into any more details, let’s see which companies made it to the top 10 and what their performance was month on month.
| SEP | OCT | MOM Growth (%) | Market Share (%) | |
|---|---|---|---|---|
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 18615 | 23644 | 27 | 32 |
| TVS MOTOR COMPANY LTD | 15576 | 16340 | 5 | 22 |
| BAJAJ AUTO LTD | 7087 | 8932 | 26 | 12 |
| ATHER ENERGY PVT LTD | 7135 | 8289 | 16 | 11 |
| GREAVES ELECTRIC MOBILITY PVT LTD | 4135 | 4470 | 8 | 6 |
| HERO MOTOCORP LTD (HERO VIDA) | 530 | 1914 | 261 | 3 |
| OKINAWA AUTOTECH PVT LTD | 1774 | 1450 | -18 | 2 |
| BGAUSS AUTO PRIVATE LIMITED | 936 | 1169 | 25 | 2 |
| LECTRIX EV PVT LTD | 735 | 1139 | 55 | 2 |
| WARDWIZARD INNOVATIONS (Joy E Bike) | 686 | 904 | 32 | 1 |
THE RISE OF HERO MOTORCORP, LECTRIX
In October, some companies shone in the market. Hero MotoCorp takes the lead with the highest growth compared to the previous month. Their success story can be credited to a mix of smart marketing, and festive season discounts, i.e. , the company gave a huge discount of approximate 40, 000 on VIDA V1 PRO. The company cleverly responded to what people wanted, proving that the industry can adapt and thrive in the electric market.
And, not to be left out, Lectrix EV private limited also had a good month, selling more vehicles than they did in September. It’s a testament to their solid strategy in action.
CONCLUSION
In this ever-changing world, being flexible and coming up with new ideas will be the keys to success. Whether it’s the big, well-known companies or the new ones just starting out, those who can adjust to what people want and the changing market will keep on doing well in the world of two-wheelers.
As we wave goodbye to October and say hello to new seasons, the two-wheeler industry is getting ready for some big changes. In the next few months, the industry’s ability to bounce back and come up with fresh ideas will keep shaping the way forward.
EV two/three wheelers will THRIVE henceforth because of the affordable running & owning cost. The four wheelers will follow suit. The second hand price of IC vehicles will fall SHARPLY in the days to come