Electric Scooter Sales In India- December 2023: Ola comes on top by a BIG margin

Electric Scooter Sales In India- December 2023: Ola comes on top by a BIG margin

Featured Stories by Team Drivio | 15 Jan 2024

Ola sold nearly 2.5 times the second scooter on the list 

  • At 30,219 units sold, Ola created waves in the EV space in December 2023
  • Next on the list is the TVS iQube which actually faced a nearly 36 percent decrease in sales
  • Even the Bajaj Chetak saw a big decrease in sales

In December 2023, the Indian electric two-wheeler market witnessed a blend of positive and negative trends across various companies. While some celebrated growth, others encountered unexpected downturns. The electric vehicle (EV) industry, shaped by customer needs and innovations, reflects its true outcomes in sales reports. 

This analysis delves into the specific sales data for the top 10 electric scooters and bikes in December 2023. The sales units include the popular likes of Ola S1 Pro, Ola Air, Ather 450X, Bajaj Chetak, TVS iQube, Ampere Magnus, Vida V1, BGauss D15 and others. 

Sales Data for the 10 Most Popular Electric Scooters:

Reviewing the overall sales reports for electric vehicles, the electric two-wheeler category continues to dominate the EV market, primarily owing to its affordability. With around 175 players in this segment, the collective sales reached 841,727 units in CY2023 (up to December 27), marking a notable 33% Year-over-Year (YoY) growth (CY2022: 631,463 units). 

This growth is particularly striking compared to the 156,368 units in CY2021, representing a substantial 438% increase in just over three years. This surge underscores the significant demand for electric two-wheelers, solidifying its position as the leading category in the EV market.

BrandNovember 2023 SalesDecember 2023 SalesGrowth
Ola29,90830,2191.03 %
TVS iQube19,07612,216-35.96 %
Bajaj Chetak11,81010,323-12.59 %
Ather Energy9,2566,481-29.98 %
Ampere4,4122,974-32.59 %
Hero Vida3,0431,592-47.68 %
Joy e-bikes1,1881,40718.43 %
BGauss1,6061,214-24.40 %
Okinawa1,258965-23.29 %
Lectrix1,297769-40.70 %

Despite the initial higher cost of electric scooters or motorcycles compared to their petrol-powered counterparts, an increasing number of riders are opting for electric vehicles due to their long-term cost-effectiveness. Furthermore, the continuous demand for last-mile deliveries in urban and rural areas is fueling the sales of electric cargo two-wheelers, with several EV manufacturers benefiting from bulk orders.

The electric scooter market witnessed intense competition in December, as companies vied for the top spot. Despite a decline, Ola Electric maintained its leadership position with a 1.03% Month-over-Month (MoM) growth, showcasing resilience in challenging times. TVS iQube and Bajaj Chetak faced setbacks, emphasizing that success is not always effortless but remains worthwhile. 

Ather Energy and Greaves Electric (Ampere) experienced steeper declines, yet their commitment to innovation and improvement serves as an inspiring example. These instances highlight that setbacks provide valuable learning opportunities, reinforcing the importance of persevering toward overarching goals.