SUMMARY
Two-wheeler EV registrations rose 42% MoM to 75,294 units in October, as per Vahan data
A total of 16,129 escooters of Ola Electric were registered in October, a growth of 63.3% from 9,875 units in September
Okinawa Autotech took the second position for the second consecutive month with registration of 14,121 units
Electric two-wheeler registrations in India grew for the fifth consecutive month, crossing the 70,000 mark for the first time in October. As per data from government portal Vahan on November 1, two-wheeler electric vehicle (EV) registrations rose 42% month-on-month (MoM) to 75,294 units in October.
The total two-wheeler EV registrations in the country stood at 52,975 units in September.
The biggest individual contributor to the October vehicle registration numbers was Ola Electric. After witnessing a significant slump earlier this year, the Bhavish Aggarwal-led EV manufacturer saw the highest number of two-wheeler registrations for the second straight month.
A total of 16,129 escooters of Ola Electric were registered in October, which was a 63.3% rise from 9,875 units in September this year. The EV original equipment manufacturer (OEM) also posted its highest ever monthly registration number during the month, surpassing the previous record of 12,707 units in April this year.
The demand for Ola Electric’s escooters rebounded significantly from September after the startup launched a more affordable version of its Ola S1 Pro scooter in August. The startup has also announced plans to foray into Nepal with Ola S1 and S1 Pro scooters.
In a statement, Ola Electric said it saw the highest number of sales during the festive month of October at 20,000 units.
“Ola Electric registered a strong performance during the festive season, recording a 4x growth over its daily run rate during Navratras, and 10x on Vijayadashami,” the company said.
Last month, Ola Electric launched its third and more affordable escooter Ola S1 Air to further increase its share in the two-wheeler EV market.
Meanwhile, Okinawa Autotech took the second position for the second consecutive month in October in terms of two-wheeler EV registrations. Okinawa Autotech’s total vehicle registrations stood at 14,121 units in October as against 8,494 units in September this year. The company registered a 66.2% MoM increase in registrations, as per Vahan data.
In a statement, Okinawa Autotech said it sold a record 17,531 escooters in October. The demand for its Praisepro, IPraise+, Okhi-90, Ridge+, LITE, R30, and Dual escooter models led to the strong sales during the month, it said.
It is pertinent to note that the company had announced recall of 3,215 units of Praisepro scooters earlier this year after a scooter of the model was involved in a fire incident.
Ampere Vehicles saw a 52.8% MoM rise in its two-wheeler EV registrations to 9,878 units in October.
On the other hand, after witnessing a surge in its EV demand in the previous month, the growth in Hero Electric’s vehicle registrations slowed down to 6.7% MoM. Its vehicle registrations stood at 8,753 units in October as against 8,199 units in September.
This was also a 17% decline from the registration of 10,600 units in August.
Bengaluru-based Ather Energy, another major player in the segment, saw another month of steady growth in demand. Its vehicle registrations rose 15.9% MoM to 7,276 units in October.
Overall EV Demand Growing
The overall EV demand in the country is showing a steeply rising trend. The total number of EV registrations in India, across segments, stood at 1,14,001 units in October. This was a 22.8% increase from September and about a 47% rise from August.
In fact, the total EV registrations in the country had more than doubled in September from 49,103 units in January this year.
While EV sales, particularly in the two-wheeler segment, were adversely impacted due to multiple fire and other safety-related incidents reported from various parts of the country earlier this year, the steadily increasing demand shows that those concerns have taken a backseat now.
Decline in EV costs has the potential to further drive up the demand. Besides, the government’s increased focus on strengthening the overall EV charging and swapping infrastructure, along with its plans to provide better access to those, can also boost the demand for EVs.
According to global consultancy firm McKinsey & Company, the share of EVs in new two-wheeler vehicle sales in India is expected to rise to 50% by 2030.
