India’s electric two-wheeler market is changing rapidly. In December 2024, Bajaj Auto achieved the milestone of becoming the largest electric two-wheeler company with 25% market share. Bajaj sold a total of 18,276 units in December, thereby overtaking long-time market leader Ola Electric.
December 2024 performance
1. Bajaj Auto:
- Total Sales: 18,276 units
- Market share: 25%
- Bajaj took the number 1 spot for the first time, overtaking Ola Electric.
2. TVS Motor:
- Total Sales: 17,212 units
- Market share: 23%
- TVS stood second on the success of its iQube scooter.
3. Ola Electric:
- Total Sales: 13,769 units
- Market share: 18.7%
- Ola slipped to third place in December.
4. Aether Energy:
- Total Sales: 10,400 units
- Market share: 14%
2024 annual performance
Although Ola Electric’s position remained weak in December, but if we talk about the entire year, the company maintained its 35% market share.
- Total sales in 2024:
- Ola Electric: 4,07,547 units (52% YoY growth).
- TVS Motor: Market share increased to 22.7%.
- Bajaj Auto: Recorded 22% market share and 120% annual growth till November.
- Total EV Two-Wheeler Market Growth:
- Sales are expected to increase by 34% to 11,48,415 units in 2024 from 8,60,400 units in 2023.
Challenges and strategies of Ola Electric
Decline in Sales:
- Ola’s sales in November stood at 29,191 units, which is 30% less than 41,775 units in October.
- Even on an annual basis, a decline of 2% was recorded in November.
Price cuts:
- In October, Ola launched ‘BOSS’ (Biggest Ola Season Sale).
- Ola S1 (2 kWh) scooter price reduced to ₹49,999 (earlier ₹74,999).
- Also launched ‘Ola Gig’ model specially designed for the gig economy.
Emerging dominance of TVS Motor and Bajaj Auto
TVS Motor:
- The popularity of the iQube scooter helped the company sell 26,971 units by November 2024.
- This is 41% more than 19,075 units in the same period of 2023.
Bajaj Auto:
- Bajaj sold 26,163 units in November 2024, marking a growth of 120% from 11,886 units last year.
- Bajaj rapidly increased its market share due to models like Chetak EV.
Ather Energy Performance
- Maintained 14% market share with sales of 10,400 units in December 2024.
- Although it lags behind Bajaj and TVS, Ather Energy’s steady growth reflects its strong market base.
Future of electric two-wheeler market
The competition between Bajaj, TVS, and Ola Electric is intensifying.
- New Models: Companies are regularly launching new models and offers to increase their sales.
- Price vs Quality Struggle: Price cuts and addition of better features continue to attract customers.
This conflict may increase further in 2025, leading to new records in the electric two-wheeler market.
