Electric two wheeler sales in July goes up with graph

Sales figures for electric vehicles have seen impressive growth recently. Despite some decline in certain segments during the month of July, it was the category of electric two-wheelers and three-wheelers that kept driving demand forward. However, despite optimism among electric scooter manufacturers towards the coming months, it remains unclear how the slowdown in July will impact the overall market. This article provides insightful analysis based on data related to the sale of electric two-wheelers during July alone.

Electric two-wheeler sales for July month

The electric vehicle (EV) market surged ahead in July 2023, showcasing an impressive month-over-month surge of approximately 14%, propelling total sales to a robust 115,756 units. Notably, this achievement marked a substantial year-over-year upswing of 45% compared to EV sales in July 2022.

As illustrated in the graph below, the July 2023 EV registrations were once again dominated by electric two-wheelers and passenger-oriented electric three wheelers, jointly commanding a staggering 88.52% share of the total registrations for the month.

An outstanding revelation emerges from these figures, with electric two-wheelers reigning supreme by contributing a commanding 46.85% to the overall EV sales in July. This translates to a remarkable surge, signifying the sale of over 54,232 electric two-wheelers during this dynamic month.

This remarkable figure of 54,232 roughly showcase an 18% surge from June's 45,984 units and a notable 16% expansion compared to July 2022's tally of 46,607 units.

So, which state emerged as the reigning champion in electric two-wheeler sales for July?

In the states and union territories hierarchy, Uttar Pradesh clinched the top rank in EV registrations this month, nudging Maharashtra to the second spot. Karnataka confidently secured the third position, boasting a 9.93% market share.

Notably intriguing is the fierce competition between Bihar, Tamil Nadu, and Rajasthan, each staking their claim with an impressive market share exceeding 6%.

Electric two wheeler sales in July: Brand wise performance

Electric two wheelers have experienced a remarkable trajectory since their introduction to the market. The surging demand is undoubtedly a positive aspect for these vehicles, yet experts emphasize that the broader implications are equally significant. 

For example, the robust demand has spurred the rise of numerous EV OEMs within the country. This development aligns with the aspirations of Indian leadership, including Prime Minister and cabinet ministers like Nitin Gadkari and Ashwini Vaishnaw, who are fervently advocating for India to become a hub for EV exports.

Find out below the sales performance of electric two-wheeler original equipment manufacturers (OEMs) for the month of July.

According to Vahan, the government's premier EV portal, Ola remains at the forefront of EV two-wheeler sales. Despite facing more than 145 competitors in India, Ola Electric secures the top spot for July with impressive figures. Their total sales of 19,256 electric bikes mark a 9% upswing from June's 17,625 units, granting them a commanding 36 percent market share.

TVS Motors secures the second spot though numbers were dismal as per their May sales. TVS Motor Co sold a total of 10,338 iQubes e scooters, up 31% on June’s 7,857 units, and gets a 19% market share last month.

Formerly a leading choice in the two-wheeler market, Bajaj Auto now faces the imperative to enhance its sales performance. Bajaj secures the 4th position in the ranking, reporting total sales of merely 4,090 units in July.

Meanwhile, emerging electric scooter brand AMO Mobility Solutions, headquartered in Noida, continues its remarkable journey with sales surging by more than 15%. This noteworthy growth is particularly significant as the company targets both rural and urban areas with their range of low-speed and high-speed electric bikes.

Winding Up:

Although the figures for July surpass those of June, the market and traders maintain an optimistic outlook regarding sales performance. Anticipation is building for the upcoming festive season, which is expected to drive a surge in sales for original equipment manufacturers (OEMs), thereby propelling both company revenue and the country's economy.