EV Maker Wardwizard Reports Two Fold Growth in CY 2022

Electric two-wheeler maker WardWizard Innovations and Mobility Ltd has revealed that it reported a two-fold increase in sales at 43,914 units in 2022.

The company, sells e-two-wheelers under the 'Joy e-bike' brand, had sold 18,963 electric two-wheelers in 2021, while the numbers increased to 43,914 in 2022, it said in a statement. In December 2022, the company said its sales were at 5,400 units as against 3,860 units in the year-ago month, a growth of 39.89 per cent.

"The calendar year 2022 has been an important year in which the company achieved new sales milestones, entered into new segments and expanded its presence across global markets," WardWizard Innovations & Mobility Chairman & Managing Director Yatin Gupte said.

As the adoption of electric mobility is increasing, he said, "We are expecting new opportunities in the industry; overcome previous challenges, and observe strong growth momentum."

India’s two wheeler marketing is anticipated to grow at a Compound Annual Growth Rate of 9.88 per cent reaching USD 26,638.49 in 2028 from USD 16,007 Million in 2022.While Electric two-wheeler market will grow at a CAGR of 29.07 percent during the forecast period to reach USD1,028 million by 2028.

According to a research done by Blume Ventures in 2022, E-two wheeler sales were  projected to touch 17.69 million units by 2030. In 2022, the numbers were expected to reach a volume of 0.75 million in 2022.