54.5k high speed electric vehicles sold in H1-2020 in India
High-speed (HS) electric vehicles (Top speed – >25 kmph) have a longer gap to bridge with the minds of the Indian consumers than their Low-speed counterparts. The former constitute a minute share of total EV stock of India. As the country grapples with the socio-economic conundrum of an ailing economy and the ongoing cCOVID-19 crisis, the EV market, just like any other, is also facing the brunt of this enormous challenge. Yet, going forward, it is expected that greater government push (FAME 2 subsidies exclusive to HS segment) and advancements in EV technology (increasing quality and economic value of powertrain and battery technologies) would spur high growth in demand for HS EVs.
HS EVs registered a cumulative sales of 54,512 in H1-2020. Aggravating the burden of a slowing economy, the COVID-induced lockdown, further, forced a huge slump in the EV sales. The HS EV sales in April 2020 marked the lowest point for H1 2020, with sales dipping to 95% from January figure. Sales in June witnessed a sharp climb of almost 600% from the April-low, indicating a resurgence of the strong traction of the EV market.
High speed EV Sales in H1 2020
Source: Vahan Dashboard, JMK Research
Note: Sales figure are for only high range EV models with speed higher than 25kmph
Electric Two-Wheeler (E2W)
The sales representation below covers those OEMs that only deal in the Indian Electric Two Wheeler (E2W) market. In H1 2020, more than 9,200 E2Ws have been sold with speed >25 kmph. As can be seen, Hero Electric has taken the lead in the high-speed E2W sales for first half of 2020. Other top players in this segment include Okinawa, Ampere, Ather, and Revolt. Despite the sales hitting a major low at the start of Q2 2020, owing to COVID-19, the current growth trajectory looks to be on the path of normalization for the major E2W players.
Player-wise high-speed E2W sales in H1-2020
Source: Vahan Dashboard, JMK Research
Note: Sales figure are for only high range E2W models with speed higher than 25kmph
Electric Three-Wheeler (E3W)
The combined sales of cargo and passenger type high-speed Electric three Vehicles (E3W) for H1-2020 is 42,513. The passenger-type accounts for nearly 96% of the total high-speed E3W sales. Sales of these E3Ws is expected to rise steeply in the near future, driven by improving cost advantage over its IC-Engine counterparts.
H1-2020 Sales of high-speed cargo E3W and high-speed passenger E3W
Source: Vahan Dashboard, JMK Research
Note: Sales figure are for only high range E3W models with speed higher than 25kmph