In December 2024, Bajaj Auto dismissed Ola Electric as the top electric two-wheeler brand in India by claiming nearly 1/4th of the total market.
Bajaj Auto has recently dismissed Ola Electric as the mass leader, making it the highest-selling electric two-wheeler in India after December 2024. The company, Bajaj Auto, has taken over a 3% rise in its market share this November 2024 from the previous 22%. This makes 25% now, thus saying how hot the EV market has been with erstwhile popular brands bringing even start-ups to the running.
Ola Electric’s Drop
Once holding 49% of the market in June of 2024, Ola Electric continued to fall down to 19% in December from 24% in November. The company has seen a downside in its performance primarily resulting from the strong competition constituted by Bajaj and TVS Motor Company, which launched affordable alternatives to their electric scooters. Ola Electric managed to sell 29,196 units in November and dropped to 13,769 units in December, indicating the uphill task the company has been facing despite offering discounts and new model introductions.
Smart Moves by Bajaj
Bajaj Auto is on the rise because of intelligent product offerings and competitive pricing. The company has recently launched the new Chetak 35 series with three variants targeted at budget-conscious buyers. Based on modern features and the promise of consumers saving 45% over the previous models, the Chetak series created a wild effect. In December alone, Bajaj sold 18,276 units of this Chetak model, making it the best-selling electric scooter in India.
TVS Motors Success
This nearly completes the lovely presence of TVS Motor Company in the market with its much-hyped 23% contribution to the market share as well as 17,212 units in December. The iQube electric scooter did not just contribute to the sales, but over time, it keeps growing through the strength of its network of dealerships. TVS aims at widening its footprint of electrified vehicles with new dealerships and will also offer various battery options for the diverse needs of customers.
Growth of Ather Energy
Ather Energy is another player that has slowly but steadily raised its stake in the market, moving from the 11% share it registered in November to 14% in December with a total sale of nearly 10421 units. The company is expanding into Northern India and has recently announced its latest product, the Ather 450X, which has advanced battery technology and is competitively priced.
Challenges for Ola Electric
The Ola Electric market share is still falling, even with the launch of affordable versions designed for gig workers, such as the Gig and S1 Z series. Total dealerships have grown to 4,000 stores now; this was not meaningful with the growth of numbers as it related to sales. It could also be in line with some quality issues and negative press affecting the brand.
Looking Towards the Future
With the year 2025 coming closer, competition is likely to get tougher among electric two-wheeler makers. As Bajaj Auto has been winning honours for developing electric two-wheelers, it may motivate some more traditional manufacturers to develop their own EV strategies. Ev subsidies are falling thin and consumers are looking for cheaper alternatives hence innovation will have to be there for companies to survive.
The new models launched by Bajaj Auto and TVS Motor Company signify readiness for the competition. On the other hand, Ola Electric will have to make some serious course corrections if it wants to reclaim its one-time status as the leader in the Indian EV market.
Bajaj Auto and TVS Motor Company both are completing a very important milestone in terms of turning leadership in the electric two-wheeler segment in India as they change to the taste of the consumer and market dynamics. For more entries into the EV segment and existing players fine-tuning their game plans, competition can be expected to play a large role, giving wider options to consumers and, hopefully, through heightened competition, bringing down prices.
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