November 2023 has delivered a total sales of 91,172 electric two-wheelers, making it the best monthly sales performance this year after the subsidy reduction in June 2023. The E2W segment has shown an overall growth of 19% over the previous month.
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Ola Electric maintained its market leader position in November 2023 as well, followed by TVS Motors, Bajaj Auto, Ather Energy, and then Greaves Electric. The top 6 positions remain the same as last month.
Okinawa Autotech Pvt Ltd slipped to the 8th position losing to Bgauss Auto Pvt Ltd. Lectrix slipped to the 10th position losing to Okaya EV Pvt Ltd. Wardwizard Innovations was bumped to the 11th place, thus losing its place in the top 10 performing companies.
| Sr No. | Company Name | October | November | MOM Growth (%) | Market Share (%) |
| 1 | OLA ELECTRIC TECHNOLOGIES | 23,821 | 29,764 | 25 | 33 |
| 2 | TVS MOTOR COMPANY LTD | 16,462 | 18,931 | 15 | 21 |
| 3 | BAJAJ AUTO LTD | 9,052 | 11,668 | 29 | 13 |
| 4 | ATHER ENERGY PVT LTD | 8,410 | 9,166 | 9 | 10 |
| 5 | GREAVES ELECTRIC MOBILITY (AMPERE) | 4,530 | 4,691 | 4 | 5 |
| 6 | HERO MOTOCORP (HERO VIDA) | 1,935 | 3,030 | 57 | 3 |
| 7 | BGAUSS AUTO | 1,170 | 1,606 | 37 | 2 |
| 8 | OKINAWA AUTOTECH | 1,474 | 1,604 | 9 | 2 |
| 9 | OKAYA EV | 866 | 1,298 | 50 | 1 |
| 10 | LECTRIX EV | 1,139 | 1,258 | 10 | 1 |
Ola Electric sold the highest number of E2Ws and continues to dominate the segment. It sold over 29,764 electric two-wheelers this month and acquired a market share of 33%.
TVS Motors sold 18,931 electric scooters delivering great results with a market share of 21% and maintaining its position at the second spot.
Bajaj Auto Ltd delivered 11,668 electric scooters and managed to maintain its third position in November as well with a market share of 13%.
Ather Energy and Greaves Electric are in fourth and fifth positions with sales of 9,166 and 4,691 units and a market share of 10% and 5% respectively.
Hero Motorcorp performed strongly and improved its previous month’s performance with a 57% MoM growth and acquired a market share of 3%.
Bgauss Auto Pvt Ltd reported sales of 1,606 units acquiring a market share of 2 percent with a MoM growth of 37%.
Okinawa Autotech Private Limited slipped to the 8th position losing to Bgauss by 2 units. Okinawa recorded sales of 1,604 units, acquiring a market share of 2 percent with a MoM growth of 9 %.
Okaya EV moved up to the 9th position with sales of 1,298 units and a MoM growth of 50 percent.
Lectrix EV Pvt Ltd slipped to the 10th position losing to Okaya EV. Lectrix sold 1,258 two wheelers
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While the electric scooter industry witnessed a substantial increase in their sales, almost all the electric bike players like Revolt, Ultraviolette, Kabira, etc witnessed an overall decrease in sales of November 2023 compared to the previous months.
Tork Motors performed well compared to others with sales of more than 390 units and a significant MoM growth of 132 percent.
| Sr No. | Company Name | October | November | MOM Growth (%) |
| 1 | REVOLT INTELLICORP | 688 | 663 | -4 |
| 2 | TORK MOTORS PVT LTD | 169 | 392 | 132 |
| 3 | HOP ELECTRIC MOBILITY PVT LTD | 18 | 11 | -39 |
| 4 | ULTRAVIOLETTE AUTOMOTIVE | 11 | 9 | -2 |
| 5 | KABIRA MOBILITY | 5 | 4 | -20 |
Writer’s Remark
Electric two-wheeler sales, which had witnessed a significant decrease earlier this year due to slashing of the government subsidy, have significantly grown and improved with sales of more than 91,000 units in November.
Despite the reduction of the FAME-II subsidy by the government, the electric two-wheelers segment is significantly contributing to the EV market in India. More than 3,47,454 electric two wheelers have been sold in the segment since June 2023 at higher prices.
