Electric Two-Wheeler Sales Surge in November: A Close Examination

In November, sales of electric two-wheelers witnessed impressive growth, totaling just over 91,000 units. This marks a nearly 20% increase compared to the same month last year and a 22% rise from October. The uptick suggests a renewed demand for electric vehicles, bouncing back after a dip earlier in the year due to reduced subsidies.

Surprisingly, established players like Bajaj Auto and Hero MotoCorp are gaining momentum in the two-wheeler electric market. They are not only increasing production and distribution but also introducing new and revamped products. Year-to-date registration figures show a positive trend, with an average monthly run rate for November surpassing the FY23 average of 60,500 units, standing at 70,700 units.

Top Performers and Market Share

Ola Electric continues to dominate the market, securing the top spot with 29,764 units registered in November, commanding a 32.6% market share. TVS Motors follows closely with a 20.8% share, trailed by Bajaj Auto, Ather Energy, and Greaves Electric (formerly Ampere) at 12.8%, 10.1%, and 4.8%, respectively.

Examining month-on-month performance, Hero MotoCorp stands out with a 57% growth, while Ola Electric and Bajaj Auto also post impressive gains of 25% and 29%, respectively. In contrast, some players like TVS Motors and Ather Energy experienced more modest month-on-month growth, highlighting the dynamic nature of the sector in its relatively early stages. According to data from the Vahan database, sales of battery-powered scooters and motorcycles increased by 21.75% month-on-month, reaching 91,253 units in November.

Individual Company Performances

TVS Motor's stock has shown impressive growth, rising by 17% in the past month, 47% in the last six months, 87% in the past year, and an outstanding 251% over the past five years. This consistent upward trajectory reflects the company's strong performance, making it an appealing choice for investors.

Hero MotoCorp's stock has seen a 20% surge in the past month, a 32% increase over six months, and a 34% gain in the last year. Over a five-year span, investors have gained 23% return. These figures reflect the positive momentum and consistent growth in the stock's value.

Bajaj Auto's stock has surged 14% in the last month, 31% in the past six months, and an impressive 68% over the last year. Zooming out to a five-year span, investors have enjoyed a 121% return, highlighting the company's consistent and robust performance.

Final Words

The electric two-wheeler market is witnessing growth, with both established and newer players making strides. The positive trajectory in sales and market share indicates a promising future for electric mobility in the two-wheeler segment.