E2W Sales Up 20% YoY, Ola Electric Loses Market Share

06 Oct 2023 CW Team

According to the BNP Paribas India EV report for October 2023, Bajaj Auto gained the most market share with a 11.1% increase, while Ola experienced the largest loss, followed by Okinawa.

Among the top five original equipment manufacturers (OEMs), Bajaj Auto saw the highest increase in monthly sales volume, while Okinawa had the largest decline.

The report also noted that among the states monitored, there was mixed growth in month-on-month sales volume, with Bihar recording the highest growth at 27%. The state with the most significant improvement in penetration was Karnataka, increasing from 9.5% in August to 9.9%.

In the electric passenger vehicle (EPV) category, sales volume grew by 71% compared to the previous year but declined by 9% compared to the previous month. This marked the third consecutive monthly decline and a 23% decrease from its peak in March of this year. The report also mentioned that EV penetration in passenger vehicles (PVs) dropped slightly from 1.7% to 1.5% on a monthly basis.

As of FYTD24, EPV penetration stood at 1.8%. Kerala saw the highest decline in penetration, dropping from 4% in August to 3.7%. Tata Motors' EV mix also decreased from 11% in August to 10% on a monthly basis.

The report highlighted that the introduction of new models at attractive prices would continue to boost E2W sales and enhance EV penetration. However, PV electrification faced challenges, with penetration and volume declining in recent months. The report anticipated that new model launches would remain a key driver for PV penetration, especially in the absence of any new launches in the near future.

In September of this year, the sales volume of electric two-wheelers (E2W) increased by 20% compared to the same period last year and by 2% compared to the previous month. Despite being the leader in terms of sales volume in this segment, Ola Electric (Ola) continued to lose market share on a monthly basis, dropping to 29%, a decrease of 66 basis points, as reported in a new study released on Thursday. According to the BNP Paribas India EV report for October 2023, Bajaj Auto gained the most market share with a 11.1% increase, while Ola experienced the largest loss, followed by Okinawa. Among the top five original equipment manufacturers (OEMs), Bajaj Auto saw the highest increase in monthly sales volume, while Okinawa had the largest decline. The report also noted that among the states monitored, there was mixed growth in month-on-month sales volume, with Bihar recording the highest growth at 27%. The state with the most significant improvement in penetration was Karnataka, increasing from 9.5% in August to 9.9%. In the electric passenger vehicle (EPV) category, sales volume grew by 71% compared to the previous year but declined by 9% compared to the previous month. This marked the third consecutive monthly decline and a 23% decrease from its peak in March of this year. The report also mentioned that EV penetration in passenger vehicles (PVs) dropped slightly from 1.7% to 1.5% on a monthly basis. As of FYTD24, EPV penetration stood at 1.8%. Kerala saw the highest decline in penetration, dropping from 4% in August to 3.7%. Tata Motors' EV mix also decreased from 11% in August to 10% on a monthly basis. The report highlighted that the introduction of new models at attractive prices would continue to boost E2W sales and enhance EV penetration. However, PV electrification faced challenges, with penetration and volume declining in recent months. The report anticipated that new model launches would remain a key driver for PV penetration, especially in the absence of any new launches in the near future.

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