After record festival season sales in October, electric two-wheeler registrations skid 21 per cent to 110,761 units in November, even as a new phase of competition begins with global brands entering the market. They face stiff resistance from domestic players, who themselves are seeing rapid churn in their rankings.
November registrations were also lower than the 116,437 vehicles registered in the same month last year.
Once the market leader, Ola Electric saw registrations fall below the 10,000-a-month mark, down to 8,254 units, almost half of what it posted in October, according to Vahan data. As a result, its market share also slipped below double digits to just 7.4 per cent.
In November, Hero Motocorp has pushed Ola down to the fifth place in the market-share rankings.
Despite a slow start, Hero has overtaken Ola to take the fourth position behind only TVS Motor Company, Bajaj Auto, and Ather Energy, in which it holds a roughly 30 per cent stake.
Hero's cautious electric vehicle (EV) strategy -- building its Vida brand while backing Ather -- appears to be paying off.
Based on Vahan data, Hero registered 11,795 Vida electric scooters (e-scooters) in November, giving it a market share of 10.6 per cent.
Together, Ather and Hero registered 31,814 units, and command nearly 29 per cent of the market -- ahead of Bajaj (25,086) and just shy of TVS (29,756), which remains the leader.
Honda Motorcycle & Scooter India, the first Japanese brand to enter the EV space, has had a patchy launch despite expectations that it would disrupt the segment as it once did with the Activa.
Since launching its EVs in February, Honda has registered just 3,177 scooters, peaking at 411 units in June. In November, only 379 units were registered.
Yamaha, which has also announced its EV entry, is taking a different approach -- investing around $40 million in River Mobility as part of its Series B round in 2024. The two are co-developing an e-scooter for India and overseas markets, with production scheduled at River Mobilitys plant.
Bengaluru-based River Mobility has already sold 13,125 scooters since January. After building its presence in the South, it has recently entered North India with a Delhi outlet and aims to reach 80 retail stores by the end of the financial year.
Suzuki is preparing to launch its e-Access scooter, offering a 95-kilometre range and a 51.2-volt battery. Production began in May, but a launch date is yet to be announced.
-- Surajeet Das Gupta, Business Standard
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