Indian Electric Scooter and Motorcycles Is Booming (+35.7%) in 2023

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Indian Electric Scooter and Motorcycles Market accelerated in 2023. Thanks to the strong FAME II subsidies and the start up of several ambitious companies, in 2023 the EV market hit the new record with  866.853 sales (+33.5%).

 

Indian 2-Wheeler EVs Market Trends and Data

In 2023 the EV market in India keeps growing posting the new record with 866.853 sales (+33.5%).

Sales are sustained by strong government incentives for vehicles locally produced and utilizing components made in India.

Looking at the competitive arena, with over 25% segment share, the market leader is Ola Electric which ended the year with a December record of over 30.000 sales and with annual figures at 228.700 ( (+110.4%).

In second place TVS Motor thanks to the best selling EV model in the market, the iQube. TVS sold 183.543 units (+210.2%).

In third place Ather with 119.318 sales (+116.2%) followed by Bajaj Auto (+202.9%), Hero Electric (-53.4%), Ampere (-29.6%) and Okinawa (-71.0%).

Ola S1 Pro
Ola S1 Pro