NEW DELHI: India’s largest two-wheeler maker Hero Electric said its sales grew by 100% year-on-year during the recently concluded 45-day festive season period. The company sold 24,000 units between October 1 and November 15, 2021 compared to 11,339 units sold in the same period last year.
The recent amendment in FAME II policy and rising fuel prices are considered to have propelled the demand for EVs. Sohinder Gill (In picture), CEO, Hero Electric, said, “A significant percentage of customers chose Hero E-bikes over the Petrol bikes and many factored environment and sustainability as influencing factors in their purchase. This is a good indicator for Hero and the E2W industry to step into exponential growth and bring around an EV revolution.”
Not only Hero Electric, other electric players also witnessed manifold growth in sales in recent months. Bengaluru-based Ather Energy earlier in the month had announced that it has registered a 12-fold increase in sales in October. Ather, which sells electric scooters 450X and 450 Plus, had sold about 3,500 units last month.
Even though the current market size of e-2Ws are negligible when compared with the petrol-run 2Ws, its growth is coming at a time when demand for the latter is witnessing a continuous decline. According to data by dealers body Fada, two-wheeler sales during this year’s festive season had plunged by 18% to 15,79,642 units this year as against 19,38,066 units in 2020. The growing tilt of consumers towards EVs is now forcing conventional manufacturers, who have limited presence in the electric mobility segment, to increase their presence.
Rs 24,000 Units sold from Oct 1-Nov 15, 2021
Rs 11,339 Units sold from Oct 1-Nov 15, 2020