Okinawa takes the lead in high speed E2W market with a 36% share

In FY2020, in high speed (>25 kmph speed) E2W market, Okinawa is the biggest player selling more than 10,000 units with 36% market share, followed by Hero Electric with about 27% share (7.400 units sold) and Ather with 10% share (>2,900 units sold). Together these three players contributed more than 70% sales of high speed E2W market. Ampere which is the oldest player in this segment has sold about 2,500 units of high range E2W in FY2020. While a completely new entrant Revolt is able to clock sales of more than 1,000 units in just six months of its product launch. Other players which are active in this space are Avon Cycles, NDS Eco Motors, Avan Motors and Electrotherm (Yobikes).

electric two wheeler market share

Source: Ministry of Road Transport & Highways (MoRTH), JMK Research
Note: Sales figure are for only high speed E2W models with >25kmph speed. As per SMEV, high speed vehicles market in FY2020 is only 15,200 units as SMEV has considered high speed vehicles of >40 kmph speed instead of 25 kmph speed. This is in accordance with the FAME 2 guidelines.
**We have assumed that ‘Others’ is just 10% of the total high speed E2W sales, top 10 players contribute 90% of the market

On comparing last three years sales trend in the high speed (>25 kmph) E2W space, it is seen that in FY2020, sales have dropped significantly for all players except Ather. Hero Electric has seen a fall of about 42%, while Okinawa sales have observed a 4% YOY drop. This is mainly the impact of FAME II scheme under which 50% localization criteria needs to be met to avail subsidy benefit. Okinawa and Ather are the first two companies to meet this criterion and were able to claim subsidy benefit for their E2W.

Year-wise sales trend of high speed (>25 kmph) E2W

Source: Ministry of Road Transport & Highways (MoRTH), JMK Research

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