Market share of top 2 OEMs in E2W segment grew by 12% in CY2023 India has shown ~5% E2W adoption in overall 2W segment in CY2023. The segment has shown a 35% year-on-year sales growth in the country. The overall E2W market is fragmented with more than 150 players in the category. However, the top 2 E2W players captured more than 50% of the market share in CY2023. Fig 1: Market share analysis of E2W OEM’s in India Source: Vahan…
6.5% of total vehicles sold in India in 2023 were EVs The electric vehicle market in India is witnessing rapid growth with a year-on-year (y-o-y) surge of ~50% in CY2023. EVs accounted for 6.5% of total vehicle sales during the last calendar year. This growth reflects the rising electric vehicle market share in India, with the E2W segment leading at 56% of total EV sales in CY2023. In terms of y-o-y sales growth, the electric car segment saw the highest…
VIBRANT GUJARAT SUMMIT 2024 HIGHLIGHTS: Investments of More Than INR 9000 Crore Announced in Electric Vehicle Sector The Vibrant Gujarat Summit is organised by Government of Gujarat from 10th -12th January 2024 to understand and explore business opportunities in Gujarat. The summit’s primary objective is to promote Gujarat as an attractive investment destination and to facilitate partnerships and collaborations across different sectors including automotive sector. The 3-day summit saw MOUs, partnerships, and investment from different foreign and domestic companies in…
FAME II Revision: 21% average price hike by E2W OEMs and over 55% decline in sales in June 2023 On May 19, 2023, the government announced reduction in FAME-2 subsidy on electric two wheelers registered on or after June 1, 2023. For electric two wheelers, the demand incentive is now INR 10,000/kWh which was earlier INR 15,000/kWh. Furthermore, the incentive cap has been scaled down from 40% (before June 1, 2023) of the E2W’s ex-factory price to 15%. Table 1:…