Market Share of Electric 2-Wheelers in February 2023: Ola, Ather, TVS, and Hero Electric

Discover the Prominent OEM Companies in India's Two-Wheeler Industry, Including Their Market Share - with Ola Emerging as the Leader in February 2023.

According to a recent research report, electric two-wheeler industry is expected to make up for over 80% of the overall two-wheeler market by the year 2030. The usage of electric vehicles is a crucial step towards achieving a sustainable future in India. It will not only reduce carbon emissions but also lower the transportation cost. As people become more aware of this, the demand for electric two-wheelers is expected to grow even more in the coming years.

"Ola Emerges as the Champion of the Race"

When it comes to the top competitors in the two-wheeler market, Ola Electric is currently in first place with 26.9% of the market share in India. This indicates that every fourth electric two-wheeler that is purchased, is manufactured by Ola Electric.

TVS has already become a widely favored option in the IC two-wheeler category. This is also true for its range of electric vehicles, where it currently holds second place with a 19.2% share in India. However, TVS has even greater ambitions when it comes to expanding its market share and going head-to-head with other original equipment manufacturers.

Ather, a start-up headquartered in Bangalore, has garnered a lot of attention for its luxurious and fully-equipped scooters, resulting in a significant 15.2% share of the market in this category. To improve sales, the company is introducing a charging infrastructure known as "Ather-Grid". The Ather 450x is the main factor driving sales.

Electric Scooters: Two Great Options for Sustainable Transportation

Hero is a well-known brand in India that has earned the trust of its customers by offering a complete range of two-wheeler vehicles. However, when it comes to electric two-wheelers, Hero is not leading the pack. In fact, they are trailing behind other competitors like Ola, Ather, and TVS Electric. Currently, Hero's market share in the electric two-wheeler market is only 8.9%. Meanwhile, Ampere, another player in this category, has captured 8.8% of the market.

Okinawa and other Original Equipment Manufacturers (OEMs)

Okinawa is a company based in Gurgaon that started in 2015. They provide various electric two-wheeler choices such as the iPraise+ and OKHI-90, and currently, they have a 5.8% market share.

Ultimately, there exist multiple lesser-known and obscure competitors within the industry that comprise less than 15.2% of the market in India.