NEW DELHI: Ola Electric’s market share in the electric two-wheeler space declined below the 20% mark in December 2024 and it has conceded its leadership position to Bajaj Auto.
According to the Vahan data, Bajaj Auto led the e-two-wheeler market with a nearly 25% share in December as its sales stood at 18,276 units.
Meanwhile, the total electric two-wheeler market fell to 73,316 units in December from 119,654 units in November.
The second spot was taken by Chennai-based TVS Motor whose share stood at 23.48% as it sold 17,212 units in December. Ola Electric held an 18.78% market share last month and its sales stood at 13,769 units.
Ola’s market share has been declining steadily over the past few months: from 49% in June 2024 to less than 19% in December.
The decline in sales for the Bengaluru-based electric vehicle maker comes despite it offering steep discounts. The company is also grappling with high-profile exits in recent times.
Despite the dip, Ola Electric had the highest market share of 35.5% for the entire calendar year 2024. Total electric vehicle sales stood at 11.4 lakh units in calendar year 2024.