Executive Summary

Torch bearer of EV revolution in India, the Electric two wheeler industry accounted for 55% of the total EV sales in FY2022 alone.

  • The overall Eelectric two wheeler (E2W) sales in India during the first half (H1) of FY2023 was about 4.56 lakh units which is double the sales of H1 of FY2022. During the same period, the sales of high-speed (HS) E2W was more than 65% of the overall E2W sales.
  • During H1 FY2023, Maharashtra recorded the highest HS-E2W sales at 53,043 units followed by Karnataka (42,371 units) and Gujarat (32,414 units).
  • Considering the H1 FY2023 sales in E2W-HS segment, Okinawa emerged as the leader with sales of 53,550 units followed by Hero Electric (49,484 units) and Ola Electric (48,015 units). The combined HS sales of the top 10 OEMs in H1 FY2023 have already surpassed their sales in FY2022.
  • During the 18-month period between April 2021 and September 2022, as per JMK Research estimates, more than 4.6 lakh units of lowspeed (LS) E2W were sold pan-India.
  • As per JMK Research estimates, the next half of FY2023 i.e., H2 FY2023, will witness overall E2W sales of ~7.3 lakh units.
  • Furthermore, we expect the overall E2W market to reach 67.14 lakh vehicles by FY2027.
  • An analysis of new products launched indicates that 54 new lithium-ion battery-based E2W models were launched in India from January to October 2022. Of this, 44 were HS models.
  • 12 E-bikes were launched between January 2022 and October 2022. Their top speeds range from 65-180 kmph whereas the maximum battery range of these E-bikes vary between 100 km and 200 km.
  • 5 new-entrant brands/OEMs launched 10 new models in 2022 year-to-date (YTD).
  • E2Ws account for about 90% i.e., ~4.2 lakh units of the FAME3-2 subsidized EVs sold until 11th July 2022, signifying a gap of 58% from the FAME 2 sales target (10 lakh units).
  • 20 OEMs/brands have E2W models with active FAME 2 certification. The L1 category (i.e., 2Ws with top speed not exceeding 45 kmph) includes 29 models across 12 OEMs.
  • The L2 category (i.e. 2Ws with top speed over 45 kmph) includes 15 models across 8 OEMs.
  • Also, over the course of last one year, the government undertook new initiatives bearing an impact on the E2W market as well. These include the Production-linked Incentive (PLI) Scheme for automotive sector (INR25,938 crore) and the PLI scheme for Advanced Chemistry Cell (ACC) (INR18,100 crore). Furthermore, the central government issued critical notifications vis-à-vis new guidelines for battery swapping and battery safety norms.
  • So far, 25 states or union territories (UTs) have either issued draft or implemented their own EV policy.
  • The total volume of investments made in the Indian E2W market so far have been ~INR14,000 Crore. In H1 FY2023 (April to September 2022) alone, investments to the tune of ~INR3,844 Crore were injected into the E2W market.
  • The Indian E2W market, though anticipated to ride high over the long-term, still needs to overcome several challenges in terms of the inadequacies and/or inefficiencies of different support systems required in the EV ecosystem viz. retail financing, supply chain, and timely disbursal of government subsidy.

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