CHART OF THE WEEK 📈
The much awaited EV revolution has begun in India. There have been hiccups, and Ola has already become infamous for it. But EVs are selling like hot cakes, and some players have become early winners in the market.
Electric 2 wheelers have been storming the market, and sales of 2W EVs grew more than 5x in the last year alone.
Within 2 wheelers, 2 players have cornered more than 50% of the market - these are Hero Electric and Okinawa. The rest of the market is highly fragmented with over a dozen players trying to make a mark.
In 4 wheelers, there is only one undisputed leader at the moment, and that is Tata Motors. Tata Motors has a market share of 85% in the 4 wheeler EV market in India.
What's causing the shift?
Higher fuel prices
Concentrated push by the government
New product launches
Expanding charging infrastructure
Rising fuel prices in a price-sensitive market