Market Share of Key Electric Two-Wheeler Players for the month of December 2023

17 January 2024

Overall electric two-wheeler registrations fell 16% month-on-month in December to 64,346 units from all-time highs in the festive months of October and November, according to data from the government’s VAHAN dashboard. The fall in demand can be attributed to customers opting to postpone their purchasing decisions to 2023, besides some large original equipment manufacturers (OEMs) grappling with suspended government subsidies, as well as potential supply disruptions. The year-end typically sees softening demand in two-wheelers, with customers delaying purchases.“However, this (dip) is not a trend we saw in the electric two-wheeler market till last year in the still-nascent electric two-wheeler market. Discounts and promotions are not very significant at this time in case of two-wheelers, and after the festive and marriage seasons, the second half of December has historically seen weaker demand. It is also worth noting that some of the underperforming OEMs in the EV 2-wheeler market, such as Hero Electric and Okinawa, have not been receiving FAME-II subsidies. This may be contributing to their lower sales performance. It is possible that product or subsidy issues may be playing a role in case of other prominent OEMs, which saw a sharp drop in sales last month," Jay Kale, senior vice president, Elara Capital, said.While Ola Electric retained its lead in the electric two-wheeler market, and clocked highest registrations.