Ola Electric Is Numero Uno Electric Seller In 2023.

Society of Manufacturers of Electric Vehicle (SMEV) in its data for FY 2023-2024, revealed that Ola Electric has captured the largest market share of 33% in FY 23-24. It's an increase of 12% from 21% in 2023..  

Up till FY22, Hero electric held a market share of 27% which means that it share dropped by 10% as it currently stands at 12%.

Electric - two-wheeler sale in FY 23

Among other two-wheeler companies in the EV-two-wheeler market, TVS  has an impressive 20% market share and rising, and early mover ATHER with 11%, followed by BAJAJ with 10%, AMPERE, 7%, OKINAWA 3%, HERO ELECTRIC and OKAYA EV with 2%, and BGAUSS, BATTRE ELECTRIC, KINETIC GREEN, REVOLT captured 1% market.

Two-Wheeler Target Vs Actual Target

The report shared a comparative report on the actual sales of electric -Two – Wheel vehicle and NITI AYOG target. The report sheds light on the current gap between the target of 1.9 Lac per and the current target achieved in June 2023 of 37,770 Lac.

Comparing the overall market, the report finds a gap in the actual target met from the target set by Niti Ayog. While NITI AYOG set the target for 51,70,000 whereas, the target achieved les around 40,00,000. Which means that there les a gap of 11,70,000.

Two- Wheeler Industry Market Share

Moreover, the graph shows that there remains a significant gap between current IC wheeler vehicle in the market and the share of electric vehicles (EVs).

Two-Wheeler Industry in Lacs

The report shared an overall picture of the sales in Electric Vehicle (EVs) Vs Internal Combustion Vehicle (IC). It highlighted that there exists a gap between sale of Internal Combustion Vehicle (IC) sales that les at 1.3 Lac and the sales of Electric Vehicle (EV) that les at 7.3 Lac.