TVS Motor Leads Electric Two-Wheeler Market in September

TVS Motor dominates the electric two-wheeler (E2W) segment in September by securing a 21.6% market share. In contrast, Ola Electric, which had recently ascended to second place by outpacing Bajaj, has now dropped to the fourth position. Based on Vahan data, TVS Motor held its lead in September, even with a month-on-month decline of 7.41%, recording a total of 22,481 registrations. Overall, electric two-wheeler registrations remained stable, standing at 104,056 units during the month.

Bajaj Rises to Second Position

Bajaj made a notable comeback in September, regaining the second position with 19,519 registrations, equivalent to an 18.76% market share. This recovery follows a substantial 40% drop in the previous month, as the company demonstrated a remarkable 65.11% increase month-on-month.

Ather Energy Surpasses Ola Electric

Ather Energy has taken the lead over Ola Electric concerning sales and market share, achieving 18,109 units sold and a 17.40% market share. However, Ather’s sales figures remained stable compared to the previous month. As the second electric vehicle startup to be listed on the Indian stock exchange after Ola Electric, Ather is currently trading at Rs 585.2, representing a rise of over 23% since last month, with a market capitalization of Rs 22,279.39 crore (approximately $2.53 billion).

Ola Electric Experiences Decline

In September, Ola Electric reported sales of 13,371 units, marking nearly a 30% drop month-on-month. Its market share has also decreased to 12.85% from 18.19% in the previous month. The company’s shares are currently priced around Rs 56.7, leading to a market capitalization of Rs 25,022.64 crore (about $2.8 billion) as of 11:55 AM.

Hero MotoCorp’s Position Drops

Hero MotoCorp fell to fifth place in September, capturing a 12.24% market share with 12,736 units sold. This shows a decline of 4.74% from the prior month. Greaves Electric Mobility retained the sixth position, holding a 4.1% market share, while BGAUSS experienced strong demand for its electric vehicles, moving up one spot with nearly 32% month-on-month growth during September.

Top 10 Ranked Companies

IPO-bound Pure EV, River Mobility, and Kinetic Green completed the top ten, with Kinetic Green achieving a growth of 28.4% in the last month.