Electric Two Wheeler Companies in India: The sales of two-wheelers in the market have seen a significant rise over the years. This can be due to reasons such as the affordability and convenience that this type of vehicle offers. The electric two-wheeler has been introduced with an eco-friendly makeover that is more sustainable for the environment.
In this article, we will take a look at the leading Electric Two-Wheeler Companies in India by Market Share.
Electric Two Wheeler Companies in India
India is aiming for 100% electrification by 2030. To achieve this target, the government is switching towards cleaner transportation and personal mobility. Several traditional companies like Mahindra Electric and Hero Motocorp Ltd. are rapidly increasing their presence in this space. Startups are not far behind as well. New-age companies like Ola Electric, Okinawa Autotech, and Ather Energy have shown higher sales growth over the years.
Coming to the sales of electric two-wheeler, the last few months have seen good momentum in the sale of electric two-wheeler in India. The sale of registered EV two-wheeler in the calendar year 2022 has been 6,15,365 vehicles. According to research by the India Rating & Research (Ind-Ra), the electric two-wheeler industry is expected to grow at a strong compounded annual growth rate of 75-80 per cent between FY22 and FY25.
Market Share of Top EV Two-Wheeler Producers
|Company||Market Share in % (CY22)|
|TVS Motor Co.||7.51|
|Being India Energy||2.04|
Top-Listed Electric Two Wheeler Companies in India
TVS Motor Company Ltd is the third largest two-wheeler manufacturer in India and one among the top ten in the world. It has a strong presence in developing markets like Latin America, South Asia, the Middle East, and Africa.
TVS Electric Mobility, the separate EV verticle is led by over 600 engineers and is focused on the development of electric vehicles. In an attempt to grow its presence in the sector, the company has entered into a partnership with BMW Motorrad to co-produce electric vehicles.
Additionally, the 2-wheeler manufacturer forged a strategic partnership with Tata Power, JIO BP, and BESCOM to set up electric charging infrastructure across the country.
TVS iQube is the first electric two-wheeler launched by the TVS group. The company has approximately 7.51% market share in the electric two-wheeler market.
Bajaj Auto Ltd is an Indian multinational two-wheeler and three-wheeler manufacturing company. The company is a part of the Bajaj Group. It stands as the world’s third-largest manufacturer of motorcycles and the second-largest in India.
The company reiterated its support for a cleaner environment but said the move toward cleaner fuels also includes CNG, in addition to EVs. It is a listed company that has a market capitalization of Rs 1,05,000 Crores.
In January 2020, the company launched its first e-scooter called Chetak with two variants: Urbane and Premium. With the rollout of the electric vehicle, the company has been able to gain a 4.02% market share in the electric two-wheeler space.
Top Unlisted Electric Two Wheeler Companies in India
Startups that have lately sprung up in the electric two-wheeler space have taken a lead against incumbents. Here are the top unlisted companies that have a large market share in the sector.
Ola Electric Mobility is an Indian electric two-wheeler manufacturer based out of Bangalore. It spun out of Ola in 2019 and started the deliveries of its electric scooters in December 2021. The unicorn EV manufacturer is heading towards public listing soon. Recently, the company expanded its authorized share capital by a whopping 17,121%.
Ola’s S1 is mentioned as one of the most important electric two-wheeler launches of 2021 in India. It comes as a premium electric scooter designed following Etergo AppScooter. It has managed to sell 1,08,130 units in the calendar year 2022 commanding a leading 17.57% market share.
Okinawa Autotech is an electric two-wheeler manufacturer based in Haryana. The company has a dealer network of over 500 across the country. Founded in 2015, it is one of the oldest players in the electric two-wheeler segment.
The company clocked 101,366 unit sales in CY22 securing the second spot with a market share of 16.47%. It plans to bring in 3 electric scooter models every year and will also look at manufacturing E-motorcycles in the near future.
Okinawa has launched multiple models for its electric 2-wheelers in different price ranges. Its smart scooters are supported by an inhouse smartphone app for its customers.
Ather Energy Pvt. Ltd. is an Indian electric vehicle company, founded in 2013. The fast-growing Bangalore-based company has taken third place in the Top 25 EV OEM list. It is backed by Hero MotorCorp which holds around a 32% stake in the startup. Ather has an approximately 9% market share in the electric two-wheeler industry.
The smart e-scooter maker has sold 19,971 units in FY22 which is a YoY growth of 354%. Despite having just two models on offer – Ather 450X and 450 Plus – the company has seen an uptick in demand. In addition to investing in its fast-charging network Ather Grid 2.0, the OEM is also working on an affordable e-scooter, which is expected to bring in more numbers. Ather is rapidly adding fast-charging stations to its growing network every month, with a target of 500 across the country.
Vijay Munjal-led Hero Electric is part of the Hero Eco Group. It is not associated with Hero MotoCorp, the leading 2-wheeler manufacturer. Hero Eco Group has multiple business interests with a presence in electric two-wheelers, healthcare equipment, bicycles, electric bicycles, and international trading.
Hero Electric sold 96,906 electric 2-wheelers in the calendar year 2022 registering a 15.75% market share in the category. Its product offerings centre around the city-speed category and last-mile delivery segment unlike Ola Electric and Ather which are eying the premium end of the spectrum.
It is focused on establishing a well-integrated EV ecosystem through multiple partnerships for charging, servicing, and financing. It plans to sell more than 50 lakh electric vehicles in the next three years.
The Electric Vehicle segment is still at an evolutionary stage in India. The market is estimated to be Rs 50,000 crore in India by 2025, with two- and three-wheelers expected to drive higher electrification of vehicles in the medium term in the wake of COVID-19, according to a report by Avendus Capital.
This provides a huge opportunity for investors as the EV appears to be the future of the automobile sector. This is can be evident in the strategies adopted by companies to enter the market. Companies like Honda Motorcycle and Scooters India announced their plan to introduce an electric scooter in the next financial year. That’s all for the article on “Electric Two-Wheeler Companies in India”. Happy Investing!
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