In March, consumer interest in electric two-wheelers (E2Ws) surged, driven by rising energy concerns linked to the ongoing conflict in West Asia. Total sales reached 1.78 lakh units, reflecting a remarkable 59% increase from February's 1.12 lakh units.
This marks the highest monthly sales figure for E2Ws, following a period of stagnation in growth. Many leading manufacturers reported double-digit increases in their sales figures.
Sales Highlights
- TVS: The market leader saw a 47% month-on-month increase, selling 46,859 units. Their recent launch of a battery subscription model for the TVS iQube and the new Orbiter V1 scooter, priced at ₹49,999, contributed to this growth.
- Bajaj: E2W sales climbed 68% to nearly 43,000 units, aided by the introduction of an affordable version of the classic Chetak scooter.
- Ather Energy: The third-largest manufacturer reported a 19% increase, selling 33,600 units, with plans for a more budget-friendly scooter in the near future.
- Hero MotoCorp: Sales jumped nearly 59% to 19,764 units, supported by their battery-as-a-service model for the Vida range of scooters.
- Ola Electric: The company saw a staggering 139% increase in registrations, reaching 9,500 units, thanks to a discount campaign that offered prices as low as ₹49,999.
Ola Electric also focused on rebuilding consumer trust by addressing service issues and enhancing customer support. They reported that over 80% of complaints are resolved on the same day and introduced a buyback value of up to 60% to alleviate buyer concerns.
In addition to Ola's initiatives, other manufacturers like Ather and Revolt Motors also offered substantial discounts, further boosting sales. Ather provided benefits of up to ₹20,000, while Revolt saw an 80% increase in sales after offering ₹25,000 in discounts.
Concerns over rising fuel costs have prompted consumers to consider electric vehicles more seriously. To tackle the barriers to adoption, manufacturers are implementing various strategies, including discounts and subscription models.
Moreover, the industry is addressing the challenge of inadequate charging infrastructure. Ather and Hero recently partnered with IPEC India to establish a nationwide interoperable charging network for electric vehicles.
