Electric Two-wheelers Driving the rEVolution in India
Electric two-wheelers are driving the rEVolution in India, with a 300% growth in sales numbers from October last year.
The total number of units sold in October 2022 is 79,844 as compared to 19,253 in October 2021.
Although promising, these numbers are still a tiny part of the total two-wheelers sold in the country. They make up approximately 4–5% of each month’s total two-wheelers sold.
As per the PlugInIndia research, about 5% is the inflection point for any new product to gain much-needed visibility and then it starts the vertical take-off in an ‘S’ curve.
This has to be true, are you not seeing a lot of electric two-wheelers (E2W) zipping past you these days, I certainly am.
That means the E2W market share can increase to 10%+ in the coming 8–10 months.
The top five E2W brands for the month of October, and this year (YTD) are:
1 — Okinawa Autotech
2 — Hero Electric
3 — Ola Electric
4 — Ampere Vehicles
5 — Ather Energy
Moving to electric cars, the y-o-y growth is exponential, up 280% since October last year, mainly driven by Tata Motors.
The sales numbers for October 2022 stand at 4,984 as compared to 1299 in October 2021. Although impressive, these numbers make up only up to 1% of the total passenger cars sold in India.
This is certainly not a demand issue but rather a lack of compelling product options in the market.
Tata Passenger Electric Mobility Limited is leading the way with 4,277 vehicles sold last month, and the second-best numbers are from MG Motors, which is 446, a difference of 10X.
Let that sink in. Tata Motors has no real competition, yet.
I hope this changes soon, BYD, one of the biggest electric vehicle manufacturers in China has entered India with two of their vehicles, the sales numbers are still low two digits (33 in October), but they can pick up quickly.
Finally, the electric mobility revolution is happening much quicker than most people anticipate. Tata Motors is already at 9.5% of passenger car sales being fully electric, and MG Motors is at 18%.
Consider an EV as your next vehicle purchase.
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