Top 10 Electric Two-Wheelers Companies of 2023

India has become an active participant in the global movement towards green energy and reducing carbon emissions. The country is making significant progress in achieving its net-zero emission targets, as seen in the impressive growth of electric vehicle (EV) adoption. In fact, the number of EVs has increased by around 50% in 2023. Interestingly, electric two-wheelers have taken the lead in the EV sector, with registrations experiencing a 34% year-on-year increase, reaching 8.49 lakh units in 2023. This positive trend continues despite the controversies surrounding the FAME-II program and the government’s fines on OEMs, involving numerous companies in the two-wheeler EV category.

Electric Two-Wheelers Companies Sales Data 2023

Sr. no. Company  2022
(Units)
2023
(Units)
YOY Growth  Market Share
1 OLA ELECTRIC 109382 265995 143 31
2 TVS MOTOR 47185 166287 252 19
3 ATHER ENERGY 51773 104336 102 12
4 BAJAJ AUTO 25315 76627 203 9
5 AMPERE VEHICLES 81942 67041 -18 8
6 OKINAWA AUTOTECH 103549 31613 -69 4
7 HERO ELECTRIC 98939 29800 -70 3
8 OKAYA EV 8913 15786 77 2
9 BGAUSS AUTO 1983 11424 476 1
10 HERO MOTOCORP 182 11061 5977 1

Let’s examine the performance of the leading electric two-wheelers companies in 2023, including their year-on-year growth and market share for that year..

1] OLA ELECTRIC Two Wheelers

Ola Electric two-wheelers, in 2023, emerged as the frontrunner in electric vehicle sales, continuing to dominate the market. The company achieved an impressive sales milestone of 265,995 units, demonstrating substantial growth compared to the 109,282 units sold in 2022. With a remarkable year-on-year growth of 413%, Ola Electric has made significant progress in the electric vehicle industry. Moreover, the company secured a notable market share of 31% in 2023, solidifying its position as a major player in the ever-evolving realm of sustainable transportation solutions.

2] TVS MOTOR Two Wheelers

In the year 2023, TVS Motor Company Ltd. achieved an impressive feat by securing the second position with a remarkable annual sale of 1,66,287 units. This marked a significant growth from the 47,185 units sold in the previous year, 2022. The company experienced an outstanding year-on-year increase of 252%, showcasing its substantial advancements in the electric two-wheelers’ vehicle market. Moreover, TVS Motor Company proudly claimed a commendable market share of 19% in 2023, solidifying its position as a prominent player in the ever-evolving electric mobility landscape.

3] ATHER ENERGY Two Wheelers

Ather Energy had an impressive year in 2023, securing the third position with outstanding sales performance. They sold a remarkable 1,04,336 units, which is more than double the 51,773 units sold in the previous year. This represents a substantial and commendable growth of 102% for Ather Energy. Their success highlights their positive trajectory in the electric two-wheelers vehicle market. Additionally, Ather Energy achieved a market share of 12%, emphasizing their significance and contribution to the ever-evolving landscape of sustainable transportation solutions.

4] BAJAJ AUTO  Two Wheelers

Bajaj Auto showcased an impressive performance in 2023, securing the fourth spot in the top 10. Their sales skyrocketed from 25,315 units in the previous year to a remarkable 76,627 units, indicating substantial growth. The company’s year-on-year growth reached an impressive 203%, highlighting their remarkable progress in the electric two-wheelers vehicle market. With a modest yet significant market share of 9%, Bajaj Auto remains a key player in promoting sustainable mobility solutions.

5] AMPERE VEHICLES Two Wheelers

Ampere Vehicles achieved the fifth spot in 2023 by selling 67,041 units, which was lower than the 81,942 units sold in 2022. The year-on-year growth for Ampere Vehicles in 2023 stood at -18%, indicating a decrease in sales. With a market share of 8% in 2023, the company recognizes the importance of revising its marketing strategies to boost sales.

6] OKINAWA AUTOTECH Two Wheelers

Okinawa Autotech, securing the sixth position, recorded sales of 31,613 units, which is a substantial drop from the 1,03,549 units sold in the previous year. This translates to a year-on-year growth of -69%, indicating a significant decline in sales. With a modest market share of 4% in 2023, it is evident that Okinawa Autotech is facing challenges in a competitive electric two-wheelers vehicle market. To enhance its position, the company may need to reevaluate its marketing strategies, focus on product innovation, engage with customers, and potentially expand its product range to meet the changing needs of consumers.

7] HERO ELECTRIC Two Wheelers

Hero Electric Vehicles Private Limited, securing the seventh position, has reported a significant decrease in sales. With only 29,800 units sold, compared to the previous year’s 98,939 units, this marks a year-on-year growth of -70%. Clearly, there has been a decline in sales units. With a market share of just 3% in 2023, Hero Electric two-wheelers Vehicles must take immediate action to turn things around. To reverse this trend, the company needs to revamp its vehicle launch plans, strategic approach, and overall business strategy. By doing so, they can exceed sales expectations and regain competitiveness in the dynamic electric vehicle industry.

8] OKAYA EV Two Wheelers  

Okaya EV Pvt Ltd secured the eighth position with sales of 15,786 units, which shows a slight improvement compared to the 8,913 units sold in 2022. This translates to a year-on-year growth of 77% for Okaya, driven by the modest increase in sales. However, with a market share of only 2% in 2023, Okaya EV should proactively take measures to strengthen its position. The company may need to implement strategies to achieve more substantial sales growth, expand its range of products, and explore opportunities to increase its market share in the ever-changing landscape of electric two-wheelers mobility.

9] BGUASS AUTO Two Wheelers  

Bgauss Auto Private Limited has secured the ninth spot by selling 11,424 units in 2023, which is a remarkable improvement from the 1,983 units sold in 2022. This noteworthy contrast highlights the significant progress made by Bgauss Auto in comparison to other companies. With a remarkable year-on-year growth of 476% in 2023, Bgauss Auto is demonstrating steady advancement in the electric two-wheelers vehicle market. However, the company’s market share currently stands at just 1%, indicating the necessity for a revamped business strategy to achieve even more impressive sales figures in the future.

10] HERO MOTORCORP Two Wheelers 

Hero Motorcorp Pvt Ltd recorded a remarkable growth in sales in 2023, with 11,082 units sold, compared to a mere 182 vehicles in 2022. This represents an impressive year-on-year growth of 5977%, highlighting the company’s dedicated efforts to boost sales. Despite this achievement, Hero Motorcorp holds only a 1% market share, similar to Bgauss. While the company has made commendable progress, implementing more proactive measures could enhance its position and lead to even higher sales figures in the coming years.

CONCLUSION

To sum up, the electric two-wheeler market in 2023 showed significant progress, with familiar players maintaining their positions. Ola Electric remained at the forefront, experiencing impressive sales growth and dominating the market. Other companies like TVS Motor Company, Ather Energy, and Bajaj Auto also made commendable strides, indicating positive trends in sales, market share, and year-on-year growth. However, Ampere Vehicles and Okinawa Autotech faced challenges, highlighting the dynamic nature of the industry. As we enter 2024, there is great anticipation regarding how these companies will continue to innovate, adapt their strategies, and foster healthy competition to meet the evolving expectations of their valued customers.