Hero Electric is India's highest-selling EV brand with 36% market share, shows study

Despite the economic slowdown in the market due to the COVID-19 pandemic, two-wheeler company Hero Electric maintained its position at the top of the electric two-wheeler market with over 4 lakh electric vehicles (EVs) on road and almost 36% market share in the Indian EV segment, said a report by consultancy firm JMK Research & Analytics.

Hero Electric, in a statement, said that it has sold maximum EV two-wheelers across the country in the year 2021. “Riding on the conducive policies by the Central and state governments, apart from rising fuel prices, the company sold over 65,000 scooters in the year starting January 2021. With a robust charging infrastructure with over 2000 charging stations and over 20,000 in the pipeline, the company had recently announced the expansion of its manufacturing facilities to manufacture over 1 million EVs by 2025,” it added.

Naveen Munjal, Managing Director, Hero Electric, said, “Consumers are becoming more aware to make greener choices that motivate us further to drive the mobility shift. There is an increased demand for EVs over the last few years that has helped us to stay India’s largest EV brand. With our varied product offerings and support from the Government, we are leading the change to transform the automotive two-wheeler market and stand at the forefront of this dynamic sector.”

Earlier this year, Munjal has also called for the nation to end sales of gasoline-powered two-wheelers by 2027 and speed up a switch to clean vehicles that have fallen behind other countries like China. In China, electric two-wheelers account for 97 per cent of the world’s e-scooter fleet; but in India, they make up for less than 1 per cent of total sales, according to a Bloomberg report.

“2027 would be a good time for new sales to be 100% electric,” said Munjal. “If we leave it to market forces then things come along at their own pace and the transition will be much slower than what it could be.”

India’s shift to EVs has been slowed because of the lack of charging infrastructure and high prices. Replacing gasoline two-wheelers is also key to tackling some of the world’s air pollution. The company, in order to further create awareness about the EVs, will also be hosting initiatives and campaigns that would focus on the innovation that led to catalysing the electrification of the two-wheeler space in India.

Sohinder Gill, CEO, Hero Electric, while speaking on the campaign, said, “It’s the time to thank our customers who reposed trust in our products and the brand Hero in our journey to the top… As a leader we will continue to strive for the growth of an eco-system that supports easy and faster transition to electric mobility. India in on the cusp of a major revolution in the sustainable and zero-carbon transport and we would very much like to be a significant contributor in making our world a better place to live and breathe.”

In addition to this, Hero Electric also is planning to invest Rs 7 billion to expand its capacity fivefold to 500,000 units annually. The company is installing charging stations across the nation to improve the EV ecosystem. Currently, Hero Electric has over  400,000 customers and 700 dealerships across the country.