The electric two-wheeler industry in India experienced an unprecedented boom in sales in the month of March, marking a significant milestone for the country’s move towards green technology. According to the recent Vahan reports, there were 1.78 lakhs sales recorded by the electric two-wheeler industry in the country.
This is the highest number of electric two-wheelers sold in one single month, beating 1.43 lakh units sold in October last year, alongside the festive season. The primary reason for this 60% increase in sales compared to the previous month was the growing concern about the availability of fuel, mainly due to the conflict taking place in West Asia.
Ola Electric comeback
The electric two-wheeler industry saw a major turn of events in the month of March, with Ola Electric making a comeback to the industry after a significant drop in sales for the previous months, falling to sixth place in February. The company saw a significant jump in sales, increasing its sales to 9,496 units, compared to 3,973 units sold in February, a jump of over 100%.
The company was able to regain its place among the top five electric two-wheeler manufacturers, with a 5.32% market share. Even though the sales saw a significant jump, the stock market faced a downturn for the company, with its shares falling to an all-time low of Rs 22.6 and a market capitalization of $1.06 billion.
Shift in ranking and competitive landscape
TVS Motor continued to be at the top of the market. The company reported a sale of 46,859 units in March. It reflects a 47% increase over the 31,870 unit sales of the previous month. TVS Motor holds the largest market share of 26.23% in this sector.
Bajaj Auto was in second position with a market share rise of 24.03%. The company reported a sale of 42,931 units in March, reflecting a high increase over its sales of 25,513 units in the previous month.
Ather Energy retained its position as the third largest in the market. The company reported an increase in registrations, reaching 33,621 units sold in March, indicating more than a 61% increase from 20,835 units sold in February. With a 18.82% share in the market, Ather’s market capitalization was approximately ₹28,564 crore (approximately $3 billion).
Hero MotoCorp maintained its position as the fourth-largest in the market, reporting a 57% increase in sales. The company reported a sale of 19,764 units. It marks 11.06% market share.
While Greaves Electric Mobility reported a 57% increase in sales, reporting 7,408 units sold in March, it was unable to retain its position, falling to the sixth position. Greaves Electric Mobility reported a 4.15% share in the market, falling behind Ola Electric, which regained its position.
Conclusion
The outstanding performance achieved by the electric two-wheers in the market in the month of March is an indication of the increased consumer shift towards electric vehicles, driven by external factors related to global fuel supply issues. The month saw high competitiveness among the major players, with TVS Motor and Bajaj Auto taking the lead. For Ola Electric, the month was significant as it was the month of redemption in terms of sales volume, and the company was able to regain its position among the top five players.
The market is growing and reaching new heights, and the relationship between the automotive giants and the EV manufacturers is changing in the country’s rapidly maturing electric mobility market.
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