--- title: "War anxiety boosts E2W sales, penetration at 9.7%: Ather CBO Phokela" type: "News" locale: "en" url: "https://longbridge.com/en/news/281024249.md" description: "Rising consumer anxiety over fuel prices due to the West Asia conflict has led to a significant increase in electric two-wheeler (E2W) adoption in India, with penetration rising to 9.7% in March from 6.5-7% in previous months, according to Ather Energy's CBO, Ravneet S Phokela. The conflict has shifted consumer sentiment, pushing undecided buyers towards E2Ws. However, this surge is straining supply chains, with dealer inventory expected to drop significantly next month. Phokela noted that while demand momentum typically persists, ongoing conflict could pose production risks." datetime: "2026-03-30T04:53:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281024249.md) - [en](https://longbridge.com/en/news/281024249.md) - [zh-HK](https://longbridge.com/zh-HK/news/281024249.md) --- # War anxiety boosts E2W sales, penetration at 9.7%: Ather CBO Phokela Rising consumer anxiety over fuel prices amid the ongoing West Asia conflict has sharply accelerated the adoption of electric two-wheelers (E2W) in India, with penetration levels jumping to 9.7 per cent in March from around 6.5–7 per cent in preceding months, said Ravneet S Phokela, chief business officer at Ather Energy. He was speaking at a media roundtable on Monday after the launch of the Light Electric-Vehicle Acceleration Forum (LEAF), an industry-led consortium focused on standardising and expanding EV charging infrastructure for electric two- and three-wheelers. He said the conflict in West Asia has provided a "fillip to the entire E2W industry", as customers wary of petrol price volatility increasingly shift towards electric options. “I have a clear view on E2W... If you look at penetration, it's been about 6.5–7% for the last many months. This month, on a MTD (month-to-date) basis, the penetration of E2W in total two-wheeler sales is 9.7 per cent. This is today's morning data from Vahan,” he said, referring to the government’s vehicle registration database. In March so far, he said, about 1,62,000 electric two-wheelers have been registered on the Vahan portal, with two days still remaining in the month. This compares with roughly 1,12,000 units in February, indicating a sharp sequential rise. Phokela attributed the spike primarily to shifting consumer sentiment rather than seasonal factors. “You can argue that it was a festive month… but that helped the entire industry. Why is it just the E2W segment that is seeing its penetration in overall two-wheelers going up?” he said, adding, “If you start isolating, I can't see any other reason why except this (worries over petrol).” The executive pointed to behavioural shifts among so-called “fence-sitters” — customers who were undecided between internal combustion engine vehicles and electric alternatives. “The fence-sitters are sort of tipping over on the other side — that is our hypothesis,” he said. Israel and the US conducted military strikes on Iran on February 28, triggering a fresh conflict in West Asia. Iran retaliated with attacks on US military bases in the region and moved to restrict traffic through the Strait of Hormuz, a key global oil transit route. This has disrupted supplies and pushed up global crude oil prices, raising petrol cost concerns among Indian consumers. Phokela said the impact is visible not just in data but also in on-ground behaviour. “You also see anecdotally that there are long lines at petrol stations. There's no shortage of petrol. It's just nervousness,” he said, adding that such anxiety is nudging buyers towards E2W. He was categorical about the role of the conflict in driving demand. “If footfalls go up, and nothing else has changed, then it's difficult to attribute it to anything else. So, war has accelerated sales,” he said. On whether the trend is sustainable, Phokela said much depends on how the conflict evolves but added that demand momentum typically persists. “Usually we've seen that momentum doesn't reverse… I would put my money on it carrying on,” he said. However, the demand surge is beginning to strain supply chains and inventory levels. The company expects dealer stock to fall sharply next month as sales outpace production planning. “Normally, we work on a 20–25 day inventory cycle with our dealers, but I think we'll be much lower next month. Maybe 12–15 days. Retails have jumped sharply,” he said. He also flagged potential risks to production if the conflict persists and disrupts supply chains. While the company maintains buffers of critical raw materials, these are limited. “You don't keep buffers for one year… maybe a few days, a month, two months… If this continues, there will be a challenge,” he said. Ather Energy was the third-largest E2W maker in India in February, behind TVS Motor and Bajaj Auto. Industry data from the Federation of Automobile Dealers Associations (FADA) showed 111,729 electric two-wheeler retail sales in February, marking a 45 per cent year-on-year increase. ### Related Stocks - [CJET.US](https://longbridge.com/en/quote/CJET.US.md) - [CARZ.US](https://longbridge.com/en/quote/CARZ.US.md) ## Related News & Research - [Stellantis Plans Affordable Mini EV Built For Europe's Streets](https://longbridge.com/en/news/286926556.md) - [Stellantis to produce small E-Car in Italy's Pomigliano from 2028](https://longbridge.com/en/news/286867854.md) - [Zeekr remains Malaysia’s top premium EV brand in Jan-Apr 2026](https://longbridge.com/en/news/286881998.md) - [Stellantis joins race to build mini-EVs for Europe](https://longbridge.com/en/news/286873737.md) - [BOE policymaker Breeden says no need to rush in taking next policy step](https://longbridge.com/en/news/286713791.md)