A big change has been seen in India’s electric two-wheeler market. In the month of December, Bajaj Auto became the largest electric two-wheeler company by achieving 25 percent market share. It sold a total of 18,276 units in December. After this, TVS Motor was at second place, which sold 17,212 units and achieved 23 percent market share. For the first time, Bajaj Auto has overtaken Ola Electric, which had been the market leader for months.
According to data available on the government’s vehicle platform, Ola Electric sold 13,769 units till December 30 and its market share was 18.7 percent. However, if we talk about the entire year 2024, Ola Electric retained its first position with 35 percent market share. Ola Electric made a total of retail sales of 4,07,547 units in the year 2024, which shows a growth of 52 percent as compared to the previous year.
On the other hand, TVS Motor increased its market share to 22.7 percent by November 2024 on the back of its best-selling model iQube scooters. This figure was very close to Ola Electric’s 24 percent stake. Meanwhile, Bajaj Auto was at third position, with 22 percent market share.
TVS Motor sold 26,971 units in November 2024, up 41 percent from 19,075 units last year. At the same time, Bajaj sold 26,163 units this year as compared to 11,886 units in November 2023, which shows a growth of 120 percent on an annual basis.
Meanwhile, Ather Energy stood at the fourth position, selling around 10,400 units in December 2024 and maintaining 14 percent market share.
Although Ola Electric led with 24.5 percent market share by November 2024, its retail sales declined. Ola’s sales declined from 41,775 units in October to 29,191 units in November, showing a decline of 30 per cent month-on-month and 2 per cent year-on-year.
Talking about the full year of 2024, total EV two-wheeler sales increased by 34 percent to 11,48,415 units, compared to 8,60,400 units last year.
This decline for Ola Electric came when it had announced price cuts of many of its models. In the first week of October, Ola had launched its ‘BOSS’ (Biggest Ola Season Sale) scheme, in which it launched the 2 kWh Ola S1 scooter at a special offer of Rs 49,999, which usually sells for ₹74,999. Additionally, the company launched a new model called ‘Ola Gig’, which was specifically designed for the gig economy.
It is clear from all these figures that competition is becoming tough in the electric two-wheeler market. This conflict between Bajaj Auto, TVS Motor and Ola Electric may intensify in the coming times, especially when all the companies are making new efforts to increase their sales.
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