December 2022 Electric two-wheeler sales: How Ola Electric continue to rule the Indian EV market?

Overview 

Ola Electric, ride-hailing giant Ola’s electric vehicle (EV) arm, has retained its top position in the Indian EV market for the third consecutive quarter. According to data from industry research firm Freenet, Ola Electric held a market share of 40% in Q3 2022, with sales of 25,000 units. The company’s success can be attributed to several factors. We will discuss the same here:

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The Brand 

Firstly, Ola Electric has a strong brand and reputation thanks to its parent company’s dominance in the ride-hailing sector. This has helped it attract customers looking for a reliable and trusted EV brand.

A wide array of products/services

Secondly, Ola Electric offers a wide range of products, including electric cars, scooters, and bikes. This means that it can cater to the needs of a diverse customer base and offer something for everyone.

Obtained significant investments

Thirdly, the company has made significant investments in charging infrastructure, with plans to set up over 500,000 charging points across the country by 2025. This has helped to alleviate range anxiety, a common concern among EV owners, and has made it easier for customers to charge their vehicles on the go.

How has Ola Benefitted the Indian market?

In addition to these factors, Ola Electric has benefited from the Indian government’s push toward electrification. The government has set a target of electrifying 30% of the country’s vehicles by 2030 and has introduced several incentives and subsidies to encourage EV adoption. This has helped to create a more favorable market environment for Ola Electric and other EV companies.

Despite its strong market position, Ola Electric faces several challenges in the future. The most significant is the intense competition in the Indian EV market. The company is up against well-established global players such as Tesla, local rivals such as Mahindra Electric, and a host of start-ups.

Another challenge for Ola Electric is the high EV cost, which can still be a barrier for many potential customers. While the government’s incentives have helped to make EVs more affordable, they still need to be within reach for many people in India.

December 2022 Electric two-wheeler sales list:

1. OLA ELECTRIC TECHNOLOGIES PVT LTD – 17,279
2. TVS MOTOR COMPANY LTD – 9,317
3. HERO ELECTRIC VEHICLES PVT. LTD – 8,091
4. ATHER ENERGY PVT LTD – 7,645
5. OKINAWA AUTOTECH PVT LTD – 5,279
6. AMPERE VEHICLES PRIVATE LIMITED – 4,408
7. BAJAJ AUTO LTD – 3,207
8. OKAYA EV PVT LTD – 1,449
9. BEING INDIA ENERGY AND TECHNOLOGY PVT LTD – 966
10. PUR ENERGY PVT LTD – 780
11. KINETIC GREEN ENERGY & POWER SOLUTIONS LTD – 749
12. JITENDRA NEW EV-TECH PVT. LTD – 669
13. BGAUSS AUTO PRIVATE LIMITED – 592
14. TWENTY TWO MOTORS PVT LTD(BOUNCE INFINITY) – 590
15. GOREEN E-MOBILITY PVT LTD(GEMOPAI) – 367
16. KLB KOMAKI PVT LTD – 359
17. BATTRE ELECTRIC MOBLITY PVT LTD – 318
18. IVOOMI INNOVATION PVT LTD – 146
19. HERO MOTOCORP LTD(VIDA) – 129
20. TORK MOTORS PVT LTD – 58
21. REVOLT INTELLICORP PVT LTD – 37

OTHERS – 1,911

TOTAL – 64,346

Wrapping up 

Finally, Ola Electric will also need to address the issue of supply chain constraints as the demand for EVs in India continues to grow. The company will need to ensure that it has a steady supply of components and materials to meet this demand and will need to invest in its supply chain to ensure that it can continue to produce EVs at scale.

Source: electrikez.com