Hyderabad: India saw a 29 per cent year-on-year (YoY) growth in electric two-wheeler (e2W) sales in November, reaching 118,924 units. According to Vahan portal, this brings the cumulative 11-month sales of e2Ws to 1.07 million units. Meanwhile, Ola Electric saw a decline in its market share. The market, however, saw a decline of 24 per cent in new vehicle registrations in November with Ola experiencing a drop of 33 per cent on a month-on-month (MoM) basis.
Electric 2-wheeler segments soar in November
November was the third-best month for the e2W industry this year. At 1,18,924 units, it sits behind October and March, with sales numbers of 219,018 units and 213,064 units, respectively. Notably, the e2W retail sales in November accounted for 62 per cent of total EV sales at 1,91,513 units, registering a growth of 24 per cent YoY.
- TVS Motor sold 26,971 units in November, up 41 per cent YoY, with a 23 per cent market share
- Bajaj Auto sold 26,163 Chetaks in November, up 121 per cent YoY, more than doubling its monthly sales since January
- Ather Energy sold 12,741 units in November, up 36 per cent YoY, gaining an 11 per cent market share from a previous share of 10 per cent
- Hero MotoCorp's retail sales were 7,309 units in November, which marks its second-highest monthly total this year with a 6 per cent market share
- Revolt Motors saw a 197 per cent YoY increase in sales to 1,994 units in November, reaching a total of 8,947 units for January-November
Ola Electric's market share decline
While e2W makers like TVS Motor, Bajaj Auto, Ather Energy, Hero MotorCorp, and Revolt Motors saw positive trends in November, Ola Electric's market share dropped to 24.54 per cent in November from 30 per cent in October. This could be attributed to increasing competition and alleged issues with the company's service and product quality that became the highlight of a discussion on social media. However, Ola Electric still leads the electric two-wheeler market in India.
Registrations decline
According to the Vahan portal, the registration of EV two-wheelers in November declined by over 18 per cent MoM to 1.14 lakh units even though YoY registrations increased by 23.5 per cent.
The registration numbers for Ola Electric vehicles took the greatest hit as the numbers fell from 40,000 units in October to 27,746 units in November. This accounts for a decline of 30 per cent on a month-on-month (MoM) basis. The same trend was seen across the industry.
Ather Energy experienced a 24 per cent MoM decline in registrations to 12,217 units, whereas TV Motors and Bajaj Auto saw a decline of 13 per cent Mom and 12 per cent MoM in registrations to 26,036 units and 24,978 units respectively.
