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The electric two-wheeler market, which had reached unprecedented heights in May, experienced a sharp decline in June. Month-by-month, sales of electric two-wheelers plummeted by 61%, primarily due to the reduction in the FAME II subsidy on electric vehicles by the Indian government.
May witnessed a surge in electric two-wheeler purchases, driving up sales figures for that month. However, this surge was followed by a significant decline in June.
The Ministry of Heavy Industries' decision to reduce the FAME-II subsidy has negatively impacted India's electric two-wheeler market growth. The abrupt decrease in registrations and sales can be directly attributed to the capped incentives, resulting in increased retail prices across the electric two-wheeler industry.
The FAME-II subsidy reduction has affected prominent two-wheeler companies in India, including Ola Electric, Hero Electric, Ather Energy, Ampere Electric, Bajaj Chetak, and more.
| Manufacturer | Units Sold in May | Units Sold in June | MoM Growth % |
| Ola Electric | 28,629 | 17,552 | -39% |
| TVS Motors | 20,398 | 7,791 | -62% |
| Ather Energy | 15,407 | 4,540 | -71% |
| Ampere Electric | 10,790 | 3,038 | -72% |
| Bajaj Chetak | 10,064 | 2,969 | -70% |
| Okinawa Autotech | 2,907 | 2,615 | -10% |
| Hero Electric | 2,857 | 1,595 | -24% |
| PUR Energy | 509 | 820 | 61% |
| Joy E-Bikes | 363 | 438 | 21% |
| Okaya EV | 3,876 | 425 | -89% |
Amidst the notable decline in sales for electric scooter manufacturers, certain electric bike companies such as Revolt, Ultraviolette, Kabira, and others have showcased resilience by maintaining strong performance, despite the reduction in subsidies.
| Brand Name | Units Sold in May | Units Sold in June | MoM Growth % |
| Revolt Motors | 571 | 711 | 25% |
| Tork Motors | 210 | 44 | -79% |
| Ultraviolette | 25 | 41 | 64% |
| Kabira Mobility | 12 | 14 | 17% |
| HOP Electric | 13 | 11 | -15% |
Although the recent price hikes in electric vehicles (EVs) may present a temporary challenge for India's electric two-wheeler industry, there is an expectation that customers will adapt to the increased prices and that retail sales will gradually recover.
The initial impact of price hikes on EVs may create a momentary slowdown, as customers need time to adjust to the new pricing structure. However, as the market matures and consumers become more familiar with the revised price points, it is anticipated that the demand for electric two-wheelers will regain momentum.
As customers become increasingly conscious of environmental concerns and the benefits of electric mobility, the long-term prospects for the electric two-wheeler industry remain positive. With a growing understanding of the advantages of EVs, including lower operational costs and reduced emissions, customers are likely to absorb the price hikes and demonstrate a renewed interest in purchasing electric two-wheelers.
Therefore, while the immediate impact of increased prices may be felt, the industry's resilience and the evolving consumer mindset are expected to contribute to a gradual recovery in retail sales in the electric two-wheeler segment.
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