Although the individual sales of iQbe & Ola S1 taken individually looks very tame (just 10% and less) in comparison to say Activa. But just 2 companies taken together adds up to stand 4th. This means that they have taken a small part of sales away from ICE scooter companies.

Scooter Sales of Sept 2023

1. Honda Activa – 2,35,056
2. TVS Jupiter – 83,130
3. Suzuka Access – 57,041
4. EVs (TVS iQube + Ola S1) – 38,923
5. TVS NTorq – 32,103

FAME2 saved ICE scooter makers than EV makers.

Fame2 which supported bigger battery packs, was a disaster for the startups.  All the new companies rushed out to make bigger & more powerful eScooters which resulted in at least each EV maker having at least 1 scooter up in flames.

Year 2022 was a setback year for companies like Okinawa, Hero Electric, Ampere & PureEV which were till then leading the EV race. While some makers went up in flames others were caught sourcing parts from China instead of sourcing them locally.

But still after all this they have managed to take away significant business away from ICE makers. These ICE soccer maker were giants growing YoY at 10% to 20%. Today most of their sales is in decline and in single digits. 

Personally we don’t like the look & exterior design of eScooters (Ather & Ola mainly) because both of them have been cut TOO aerodynamically… that it looks too narrow and weak/feeble from front & back. 

Therefore we believe that even after a decade Indian 2Wheeler market is still in its infancy as most of the eScooters available are a replica of the other in shape and identical in wheel size.

There is a good chance that more dynamic, rugged & robust looking eScooters with fat/taller wheels and chain drives could create a niche for themselves considering that scooters & bikes with approx 50kmpl are getting good sales… so the much talked about “kitna deti hai?” or Economy/ mileage is no longer a factor in 2 wheeler sales in India.

They also need to be available on easy finance/low EMI… now that is more of a factor than mileage or economy.