Who Won The EV Two-Wheeler Game In 2023?

SUMMARY

The registrations of two-wheeler EVs in the country grew 34% YoY to 8.49 Lakh units in 2023 compared to 300% YoY in 2022 and over 400% in 2021

Ola Electric witnessed around a 140% surge in vehicle registrations in 2023 to 2.62 Lakh units, while Ather Energy saw an over twofold rise in vehicle registrations to 1.04 Lakh units

According to industry sources, the Centre is unlikely to spend any more amount on the FAME-II or provide extension to it following the controversies this year

At a time when the entire world is focussed on the usage of green energy in a bid to reduce its carbon footprint, India, too, isn’t far behind. The country is seemingly doing everything in its power to meet its net zero emission goals. However, the most prominent players of 2022, including Okinawa Autotech, PureEV, Hero Electric, Ampere, and electric motorcycle manufacturer Revolt, lost much of their charm this year.For instance, Vinkesh Gulati, chairman research & academy, Federation of Automobile Dealers Associations (FADA), had told us earlier this year that in a country like India, which is largely dependent on imports of batteries and cells for EVs due to scarcity of resources, raw materials, and infrastructure, adhering to localisation norms is very difficult.These controversies also resulted in significant volatility in two-wheeler registrations throughout 2023. Starting with 64,693 units of registrations in January, the volume peaked at over 1 Lakh in May but slumped again and remained volatile. After rising more than 22% month-on-month (MoM) to 91,718 units in November, two-wheeler EV registrations fell over 23% to 70,206 units in the last month of 2023.“Also, the most important thing is the matter is now in the court. The MHI has erred in many ways, it has been withholding money that it had promised to give the OEMs… and just squeezed out some OEMs for no reason. I doubt the government would add money to the coffers of any ministries’ activity unless it’s clear which way the court decides,” said the person. “The motorcycle market is where consumers have been desperately waiting for the supply of a product which is affordable, has a decent range and performance… without these aspects, you will not see enough growth in the electric motorcycle segment. It’s honestly because of the lack of options that consumers are sticking either to ICE or other options,” he said, adding that it is the largest untapped market as far as the two-wheeler EV space is concerned.

The endeavour is visible in the fact that the electric vehicle (EV) adoption in the country has grown about 50% this year. According to Vahan data as of December 29, the registrations of EVs in the country rose to 15.13 Lakh units in 2023 from 10.25 Lakh units in the previous year.

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