Electric two-wheeler (E2W) sales volume in India increased 17 percent year on year in December, according to a study released on Wednesday.
Ola Electric (Ola) maintained the market leader in terms of volume and increased market share, reaching 40%.
According to the BNP Paribas India EV research, Ola acquired the greatest market share, followed by Bajaj Auto, while TVS Motor lost the most.
“Improvement in Ola’s market share was largely driven by the company’s aggressive marketing campaign ‘December to Remember’, under which it offered aggressive discounts to customers and also reduced prices of its products,” according to the research.
Ola has reduced the price of its S1X+ e-scooter by Rs 20,000, or 18%. Except for Delhi, West Bengal, and Uttar Pradesh, most states’ sales volume decreased month on month.
Penetration increased the greatest in Delhi, up to 19.8 percent from 6.9 percent in November, thanks almost exclusively to Ola.
“As a positive catalyst for EV adoption, we continue to see OEMs launching lower-priced models and offering aggressive discounts.” However, the discontinuation of FAME (if it occurs) could pose a near-term headwind,” according to the research.
In December, EV penetration increased for electric passenger vehicles, electric three-wheelers, and electric two-wheelers, with E3Ws hitting all-time highs and EPVs approaching all-time highs.
“Since its drop following the incentive reduction on E2Ws, penetration has consistently improved and is likely to have returned to pre-subsidy levels. The Bihar government unveiled a new electric vehicle policy for the next five years,” according to the article.
Electrical Vehicle (EV) technology is important in today’s world since it is ecologically friendly, has a cheap operating cost, and emits no emissions. EVs have the potential to decrease reliance on fossil-fuel-based Internal Combustion Engine (ICE) cars and provide an alternative mainstream transportation system in major nations.
India has the world’s biggest untapped EV market. A multitude of possible market hurdles limit the capacity of the EV company to thrive, necessitating complex charging infrastructure.
To expedite the adoption of EVs, a new business model that allows for high infrastructure utilization for both charging and swapping solutions must be developed. As a consequence of recent regulations, such as the battery swapping legislation, that were implemented to stimulate a move toward green energy production and decentralization of energy distribution, a well-established EV infrastructure is expected to be constructed throughout the country.
