The new electric battery norms and the halting of FAME II will benefit Two-wheelers electric vehicle Original Equipment Manufacturers (OEM) including Ola, TVS Motors, Hero Electric, and Ather in increasing their market share.

According to a BNP Paribas report, the consolidated electric two-wheeler OEMs have over 65 per cent market share while the sales volume of TVS Motors grew by 15 per cent in December. Ola Electric remained the market leader in the electric two-wheeler segment and gained a 26.9 per cent share in December.

The amendment of the EV battery norms includes designing of battery packs and additional safety requirements for battery cells, chargers and battery management systems. Further, a few electric vehicle makers were under scrutiny of the Ministry of Heavy Industries which sent notices to make sure that vehicle components are procured locally to benefit from the FAME II scheme. 

Ampere’s market share dipped to 6.8 per cent on December m-o-m from 16.1 per cent in November, Okinawa shares also reduced to 8.2 per cent in December from 11.9 per cent in November while Revolt’s volume witnessed a 93 per cent dip in December according to BNP Paribas.

In December the market leaders in electric two-wheelers included Ola Electric, TVS Motor, and Hero Electric with 12.6 per cent whereas, in November Ola Electric, Ampere and Okinawa had the highest market shares.

Delhi witnessed the highest penetration with 17.6 per cent in electric two-wheelers followed by Karnataka with 10.2 per cent and Kerala with 10.1 per cent in December.

Further, electric two-wheeler sales fell in December by 16 per cent m-o-m but increased by 160 per cent y-o-y. The electric vehicle penetration increased to 5.7 per cent in December from 4.1 per cent in November.

Related Topics