NEW DELHI: The race for the number 1 spot in India’s fast-growing electric two-wheeler market is heating up with two legacy players, with Bajaj Auto and TVS Motor Company catching up on the new-age company and market leader Ola Electric.
Bengaluru-based Ola had a total registration of 27,746 e-scooters and had a market share of a little over 25% in November 2024, as per Vahan data. This is the new low for Ola Electric when it comes to market share given it was commanding almost half of the market some months back. It held a 49.8% market share in May, which came down to 28.6% in September.
TVS Motor narrowed its sales gap with Ola with 26,036 registrations, accounting for a 23.55% market share. Pune-based Bajaj Auto was in the third spot with 24,798 registrations, representing a 22.59% market share. TVS and Bajaj have been competing fiercely against each other for the number 2 spot.
While sales of all the EV makers fell in November compared to the festive heavy month of October, it was steepest for Ola. Ola’s overall registrations in November declined by more than 40% - from 41,756 vehicles sold in October to 27,746 units in November. TVS registrations in October fell by 13.4% when compared to October registrations.
For Bajaj, the slump was about 12%. Bajaj Auto and TVS have managed to come this close to Ola despite limited offerings. While TVS Motors sells only iQube, Bajaj has the Chetak. The two offerings come with multiple battery capacities. Ola, on the other hand, continues to ramp up its line-up and offer hefty discounts.
Booming industry
TVS Motor narrowed sales gap with Ola with 26,036 registrations, 23.55% market share. Bajaj was in the third spot with 24,798 registrations
Ola EV sales fell most
While sales of all the EV makers fell in Nov compared to the festive heavy month of Oct, it was steepest for Ola. Ola’s overall registrations in November declined by more than 40%