India is playing a significant role in the global shift towards green energy and reducing carbon emissions. The country is making strides towards reaching its net-zero emission goals, with electric vehicle (EV) adoption increasing by around 50% in 2023. Electric two-wheelers are particularly popular, with registrations seeing a 34% year-on-year growth, totaling 8.49 lakh units in 2023. The FAME-II program and the government-imposed fines on original equipment manufacturers (OEMs) have sparked controversies, but surprisingly, this upward trend remains unaffected. It’s worth noting that more than a dozen companies in the two-wheeler EV category have been involved.
Discover the performance of the Top 10 leading electric two-wheeler companies in 2023, including their year-on-year growth and market share for that year.
1] OLA ELECTRICÂ
Ola Electric emerged as the leader in electric two-wheeler vehicle sales in 2023, surpassing its competitors. The company achieved a remarkable sales figure of 2,65,995 units, showing substantial growth compared to the 1,09,282 units sold in 2022. With an impressive year-on-year growth rate of 413%, Ola Electric has demonstrated significant progress in the electric vehicle market. Moreover, the company claimed a notable market share of 31% in 2023, solidifying its role as a key player in sustainable transportation solutions.
2] TVS MOTORÂ
TVS Motor Company Ltd. had a remarkable year in 2023, securing the second position with an impressive annual sale of 166,287 units. This marked a significant increase from the 47,185 units sold in 2022. The company experienced an outstanding year-on-year growth of 252%, showcasing its substantial progress in the electric two-wheelers vehicle market. Moreover, TVS Motor Company claimed a commendable market share of 19% in 2023, solidifying its position as a key player in the ever-evolving electric mobility landscape.
3] ATHER ENERGY
Ather Energy excelled in 2023, securing the third position with an impressive sales figure of 1,04,336 units, a substantial rise from the 51,773 units sold in the previous year. With a year-on-year growth of 102%, the company showcased its positive momentum in the electric two-wheelers vehicle market. Additionally, Ather Energy claimed a market share of 12%, emphasizing its role in advancing sustainable transportation solutions.
4] BAJAJ AUTOÂ
Bajaj Auto’s performance in 2023 was nothing short of impressive as it secured the fourth position in the top 10 rankings. The company achieved a commendable sales figure of 76,627 units, marking a substantial growth compared to the previous year’s 25,315 units. With a remarkable year-on-year growth of 203% in 2023, Bajaj Auto has solidified its presence in the electric two-wheelers vehicle market and remains a key player in advancing sustainable mobility solutions, boasting a 9% market share.
5] AMPERE VEHICLESÂ Â
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
Okinawa Autotech clinched the sixth spot by selling 31,613 units, a significant decrease from the 1,03,549 units sold in the previous year. This equates to a year-on-year growth of -69%, signaling a notable decline in sales. With a modest 4% market share in 2023, it’s evident that Okinawa Autotech is encountering hurdles in a fiercely competitive electric two-wheelers vehicle market. To boost its position, the company might need to reevaluate its marketing strategies, prioritize product innovation, engage with customers, and consider expanding its product range to meet evolving consumer preferences.
7] HERO ELECTRIC VEHICLESÂ
Hero Electric Vehicles Private Limited secured the seventh position with sales of 29,800 units, marking a substantial drop from the 98,939 units sold last year. This resulted in a year-on-year growth of -70%, highlighting a notable decrease in sales. With a market share of only 3% in 2023, Hero Electric two-wheelers Vehicles must make significant changes to turn the tide.
8] OKAYA EV
Okaya EV Pvt Ltd secured the eighth position with sales of 15,786 units, showing a modest increase from the 8,913 units sold in 2022. This translates to a year-on-year growth of 77%, driven by the slight rise in sales. However, with a market share of only 2% in 2023, Okaya EV should proactively take measures to strengthen its position. The company may consider implementing strategies to achieve substantial sales growth, expanding its range of products, and exploring opportunities to increase market share in the ever-changing electric mobility industry.
9] BGUASS AUTOÂ Â
Bgauss Auto Private Limited has secured the ninth spot by selling 11,424 units in 2023, which is a remarkable improvement from the 1,983 units sold in 2022. This noteworthy contrast highlights the significant progress made by Bgauss Auto in comparison to other companies. With a remarkable year-on-year growth of 476% in 2023, Bgauss Auto is demonstrating steady advancement in the electric two-wheelers vehicle market. However, the company’s market share currently stands at only 1%, indicating the necessity for a revamped business strategy to achieve even more impressive sales figures in the future.
10] HERO MOTORCORPÂ
Hero Motorcorp Pvt Ltd recorded a remarkable growth in sales, with 11,082 units sold in 2023 compared to a mere 182 vehicles in 2022. This translates to an impressive year-on-year growth of 5977%, highlighting their dedicated efforts to boost sales. Despite this achievement, the company currently holds only a 1% market share, similar to Bgauss. To further enhance their position and achieve even higher sales figures, Hero Motorcorp could consider taking more proactive measures.
CONCLUSION
The electric two-wheeler market in 2023 witnessed significant qualitative progress. The familiar contenders, including Ola Electric, have successfully maintained their leadership positions, showcasing impressive sales growth and market dominance. Notably, companies like TVS Motor Company, Ather Energy, and Bajaj Auto have also made commendable strides, reflecting positive trends in sales, market share, and year-on-year growth. However, the industry’s dynamic nature is evident as some players, such as Ampere Vehicles and Okinawa Autotech, face challenges. As we step into the new year 2024, there is a sense of anticipation surrounding how these companies will continue to innovate, adapt their strategies, and foster healthy competition to meet the evolving expectations of their valued customers.
