Hero Electric continues to lead as Two-wheeler EV registrations in Aug’22 go up

Electric Scooter

According to information on the Vahan portal run by the Ministry of Road Transport & Highways, the number of two-wheeler electric vehicle (EV) registrations in the nation surpassed the 50,000 milestone in August 2022. Two-wheeler EV registrations were up 13% from 44,599 units in July to 50,346 units as of September 1, 2022.

As a result, August registered the second-highest number of vehicles in 2022, just behind March’s 50,372 units.

After seeing a sharp decline in May due to many EV fires across the nation, August saw a four-month increase in two-wheeler EV registrations. The majority of the EV fires in India’s prime summer months involved two-wheelers, which undermined consumer confidence.

Hero Electric, with 10,476 two-wheeler EVs registered in August 2022, topped the list in terms of individual EV original equipment manufacturers (OEMs). Okinawa and Ampere finished third and fourth, respectively, with 8,554 and 6,396 units.

Interestingly, Ola Electric, which registered 3,421 two-wheeler EVs, fell to remain in seventh place. The Bhavish Agrawal-led EV unicorn is going through a difficult time. The number of registrations for Ola Electric decreased 73% in August compared to April 2022, despite the company announcing a new two-wheeler EV model.

But at the same time, Hero Electric has seen a sort of revival. In contrast to the company’s significant fall in May 2022, its registrations increased 268% in August.

However, Ather Energy saw the largest boost in August 2022, with a 4X increase in two-wheeler EV registrations reaching 5,239 units. TVS, which saw a 46% increase in August 2022, was the second-highest gainer for the month.

Most of the two-wheeler EV OEMs have recovered since the June quarter’s fall in registrations. New market leaders have, however, also emerged as a result of the paradigm shift.

On September 1, 2022, there were just under 3.5 lakh two-wheeler electric vehicle registrations in India. 2.45 lakh, or more than 72% of all two-wheeler electric vehicle registrations, were made by Okinawa, Hero Electric, Ola Electric, Ampere, and Ather Energy. Therefore, these five companies produce practically all of the two-wheeler electric vehicles (EVs) registered in India.

85,804 EVs were registered nationwide in total, an 11% increase from July.

Prime Minister Narendra Modi set a goal for India to achieve net-zero carbon emissions by 2070 during the COP26 summit earlier this year. The nation’s adoption of EVs has been encouraged by the government in order to accomplish the same goal.

At a recent Maruti Suzuki event, PM Modi said that EVs are bringing a ‘silent revolution’ to the country. “Be it two-wheelers or four-wheelers, they don’t make any noise. This silence is not only about its engineering, but also the beginning of a silent revolution in the country,” he said.

To encourage the adoption of EVs in the nation, the government has put forth a number of programmes.

In 2016, the FAME-II programme (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) scheme was first introduced. The programme has so far recorded 4.75 lakh sales from 58 OEMs.

For the manufacture of advanced cell chemistry in India, the government has also launched a production-linked incentive (PLI) scheme worth INR 18,100 Cr.

Ola Electric, Reliance New Energy, and Rajesh Exports agreed to participate in the project and commit to producing 98 GWh of battery capacity.

77 OEMs have currently completed at least one sale in India’s two-wheeler EV market. However, a Redseer report claims that consolidation will inevitably occur in the mid- to long-term. According to the report, two-wheeler EV sales in India will make up 78% of all two-wheeler sales by 2030.

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