In the global pursuit of embracing green energy and curbing carbon emissions, India has emerged as an active participant in the transition. The nation is actively working towards achieving its net-zero emission targets, as evident in the remarkable growth of electric vehicle (EV) adoption, which has surged by approximately 50% in 2023. Notably, Electric two wheelers have taken the lead within the EV sector, with registrations witnessing a 34% year-on-year (YoY) increase, reaching 8.49 lakh units in 2023. This upward trend persists despite controversies surrounding the FAME-II program and government-imposed fines on original equipment manufacturers (OEMs), involving over a dozen companies in the two-wheeler EV category.
Table of Contents
Electric Two Wheeler Companies Sales Data 2023
| Sr. no. | Company | 2022 (Units) | 2023 (Units) | YOY Growth | Market Share |
| 1 | OLA ELECTRIC | 109382 | 265995 | 143 | 31 |
| 2 | TVS MOTOR | 47185 | 166287 | 252 | 19 |
| 3 | ATHER ENERGY | 51773 | 104336 | 102 | 12 |
| 4 | BAJAJ AUTO | 25315 | 76627 | 203 | 9 |
| 5 | AMPERE VEHICLES | 81942 | 67041 | -18 | 8 |
| 6 | OKINAWA AUTOTECH | 103549 | 31613 | -69 | 4 |
| 7 | HERO ELECTRIC | 98939 | 29800 | -70 | 3 |
| 8 | OKAYA EV | 8913 | 15786 | 77 | 2 |
| 9 | BGAUSS AUTO | 1983 | 11424 | 476 | 1 |
| 10 | HERO MOTOCORP | 182 | 11061 | 5977 | 1 |
Let’s take a look at the performance of the Top 10 prominent electric two-wheeler players in 2023, their year-on-year growth, market share in 2023, etc.
1] OLA ELECTRIC
In 2023, Ola Electric secured the top position in electric vehicle sales, maintaining its lead in the market. The company achieved an impressive sales figure of 2,65,995 units, showcasing substantial growth compared to the 1,09,282 units sold in 2022. With a remarkable year-on-year growth of 413%, Ola Electric has made significant strides in the electric vehicle sector. Furthermore, the company claimed a notable market share of 31% in 2023, solidifying its position as a key player in the evolving landscape of sustainable transportation solutions.
2] TVS MOTOR
In 2023, TVS Motor Company Ltd. secured the second spot with an impressive yearly sale of 1,66,287 units, a significant increase from the 47,185 units sold in 2022. The company experienced a notable year-on-year growth of 252%, reflecting its substantial progress in the electric vehicle market. Additionally, TVS Motor Company claimed a commendable market share of 19% in 2023, further establishing its presence as a key player in the evolving electric mobility landscape.
3] ATHER ENERGY
In 2023, Ather Energy secured the third position with a notable performance, selling 1,04,336 units compared to 51,773 units in the previous year, marking a substantial and commendable growth. The year-on-year growth for Ather Energy in 2023 stood at 102%, showcasing the company’s positive trajectory in the electric vehicle market. Furthermore, Ather Energy attained a market share of 12%, underlining its significance and contribution to the evolving landscape of sustainable transportation solutions.
4] BAJAJ AUTO
Securing the fourth position in the top 10, Bajaj Auto demonstrated a commendable performance in 2023, achieving sales of 76,627 units compared to 25,315 units in the previous year, indicating substantial growth. Bajaj Auto’s year-on-year growth in 2023 reached an impressive 203%, underscoring the company’s remarkable progress in the electric vehicle market. With a modest yet significant market share of 9%, Bajaj Auto continues to play a key role in advancing sustainable mobility solutions.
5] AMPERE VEHICLES
Ampere Vehicles secured the fifth position in 2023 with sales of 67,041 units, a decrease compared to the 81,942 units sold in 2022. The year-on-year growth for Ampere Vehicles in 2023 was -18%, reflecting the decline in sales units. The company maintains a modest market share of 8% in 2023, further reflecting the need to change its marketing plans to surge its sales units.
6] OKINAWA AUTOTECH
Securing the sixth position, Okinawa Autotech reported sales of 31,613 units, a huge decrease from the 1,03,549 units sold in the previous year. This results in a year-on-year growth of -69%, indicating a significant decline in sales units. With a modest market share of 4% in 2023, it’s apparent that Okinawa Autotech faces challenges in a competitive electric vehicle market. To improve its standing, the company may need to not only reassess its marketing strategies but also focus on product innovation, customer engagement, and potentially expanding its product range to meet evolving consumer needs.
7] HERO ELECTRIC VEHICLES
Securing the seventh position, Hero Electric Vehicles Private Limited reported sales of 29,800 units, a massive decrease from the 98,939 units sold in the previous year. This leads to a year-on-year growth of -70%, indicating a significant decline in sales units. With a meager market share of just 3% in 2023, Hero Electric Vehicles needs to change the game. To reverse this trend, the company urgently needs to revamp its vehicle launch plans, strategic approach, and overall business strategy to exceed sales expectations and regain competitiveness in the dynamic electric vehicle industry.
8] OKAYA EV
Securing the eighth position, Okaya EV Pvt Ltd reported sales of 15,786 units, reflecting a relatively small increase from the 8,913 units sold in 2022. Consequently, the year-on-year growth for Okaya stands at 77%, driven by the marginal rise in sales. With a market share of only 2% in 2023, Okaya EV should take active steps to enhance its position, the company may need to implement strategies for more significant sales growth, diversify its product offerings, and explore avenues to increase market share in the evolving landscape of electric mobility.
9] BGUASS AUTO
Bgauss Auto Private Limited holds the ninth position with sales of 11,424 units in 2023, a substantial increase from the 1,983 units in 2022. This notable comparison indicates significant progress compared to other companies. With a year-on-year growth of 476% in 2023, Bgauss Auto shows signs of steady advancement in the electric vehicle market. However, the company’s market share stands at only 1%, suggesting the need for a revamped business strategy to achieve more impressive sales figures in the future.
10] HERO MOTORCORP
In the tenth position, Hero Motorcorp Pvt Ltd reported sales of 11,082 units in 2023, marking a substantial increase from the mere 182 vehicles sold in 2022. The year-on-year growth for Hero Motorcorp stands at an impressive 5977%, showcasing significant efforts to boost sales. However, similar to Bgauss, the company holds only a 1% market share. While Hero Motorcorp has made commendable strides to increase sales, taking more proactive steps could further elevate its position and contribute to achieving higher sales figures in the future.
CONCLUSION
In summary, the electric two-wheeler market in 2023 has demonstrated notable qualitative progress, with familiar contenders maintaining their positions from the previous year. Ola Electric retains its leadership, showcasing significant growth in sales and market dominance. Companies like TVS Motor Company, Ather Energy, and Bajaj Auto have demonstrated commendable strides, reflecting positive trends in both sales, market share, and year-on-year growth. Conversely, challenges are apparent for some players such as Ampere Vehicles and Okinawa Autotech, emphasizing the industry’s dynamic nature. Now the new year 2024, anticipation builds around how these companies will continue to innovate, adapt strategies, and foster competition to meet the evolving expectations of their valued customers.
