Electric two wheeler sales in India during March 2023 increased by over 29% as compared to last month. The Electric two-wheeler sales crossed the 85,000 mark for the first time in a single month. Ola Electric and TVS recorded their highest-ever monthly sales figure in March 2023.
With the growing demand for electric two-wheelers, the market is set to expand further in the coming months. Companies are continuously innovating and coming up with better products, and new startups are also entering the space, which is increasing competition and driving growth in the sector.
In March 2023, Hero Electric launched its latest range of smart, connected electric scooters – the Optima CX5.0, Optima CX2.0, and NYX CX5.0. The company claims that the new range is equipped with advanced features, cutting-edge Japanese motor technology, and German ECU technology, making the scooters suitable for the Indian market’s varied weather conditions.
In March 2023, 85,683 electric two-wheelers were sold in India (20,000 more than last month).
Ola Electric has maintained its top position on the sales list. In March 2023, Ola Electric recorded its highest-ever monthly sales and delivered 21,220 electric two wheelers.
Ola Electric is now focusing on increasing its offline retail network. As of now, the company has launched 400 stores across India and is aiming to open 500 more stores by the end of April. By August 15, 2023, Ola Electric plans to have a total of 1,000 stores in operation. The company also redesigned and started the free upgrade of its front fork. Ola also decreased the price of the S1 Pro. The S1 Pro now costs ₹1,24,999.
TVS has also delivered outstanding results in March 2023. The company delivered 16,731 iQube electric scooters in March (its highest-ever monthly sales). This impressive performance has secured the company’s position at the second spot in the retail sales rankings. TVS will also start deliveries of its flagship e-scooter, iQube ST, later this year.
Ather has also maintained its consistent performance in the electric scooter market. In March 2023, the company delivered 12,067 electric scooters, securing the third position on the sales list.
Ampere EV and Hero Electric are in fourth and fifth positions with 9,333 and 6,652 sales, respectively. Okinawa is at number six with 4,505 sales.
Revolt also restarted the deliveries of the RV400 e-motorcycle. In March 2023, Revolt delivered 1,131 electric two wheelers. Rattan India, a major infrastructure finance company, acquired a 100% stake in Revolt Motors last month, and it is now increasing its production capacity to meet the growing demand.
