Electric two-wheeler (E2W) sales volume rose 20 per cent (year-on-year) and 2 per cent (on-month) in September this year and despite leading the segment by volume, Ola Electric (Ola) continued to lose market share (month-on-month), dropping to 29 per cent (-66 bps), a new report showed on Thursday.
Bajaj Auto (11.1 per cent, +57 bp) gained the most market share, while Ola lost the most, followed by Okinawa, according to BNP Paribas India EV report–October 2023.
Among the top-five original equipment manufacturers (OEMs), monthly sales volume rose the most for Bajaj Auto, while it declined the most for Okinawa.
“Among the states we track, month-on-month sales volume growth was mixed, with Bihar recording the highest growth (27 per cent). Penetration improved the most in Karnataka at 9.9 per cent from August’s 9.5 per cent,” said Kumar Rakesh, analyst, IT and Auto.
Electric passenger vehicle (EPV) sales volume grew 71 per cent (year-on-year) but fell 9 per cent (on-month), the third consecutive decline on a monthly basis and down 23 per cent from its peak in March this year.
EV penetration in passenger vehicles (PVs) also deteriorated slightly to 1.5 per cent from 1.7 per cent (on-month), according to the report.
“As of FYTD24, EPV penetration was at 1.8 per cent. In terms of penetration, Kerala witnessed the highest decline, with penetration falling to 3.7 per cent from 4 per cent in August. Tata Motors’ EV mix deteriorated to 10 per cent from 11 per cent in August (on-month),” said Rakesh.
The report mentioned that new model launches at attractive prices would continue to catalyse E2W sales and structurally improve EV penetration.
“PV electrification, however, remains under pressure, with penetration and volume declining in recent months. For PVs, new model launches have been the key driver for penetration, and in the absence of any new model launches, we expect this trend to continue in the near term,” the report noted.