Highlights
Overview of the Electric Two-Wheeler Market in India
The electric two-wheeler sector in India experienced a decline in sales, dropping to 73,316 units in December from 1,19,654 units in November. Despite this downturn, competition in the market remains robust as manufacturers aim to secure their positions in the burgeoning electric vehicle (EV) landscape.
Market Leaders
According to Vahan data, Bajaj Auto is at the forefront of the market, capturing 24.93% of total sales with 18,276 units sold. This success can be attributed to the widespread popularity of the Chetak series.
- TVS Motor follows closely with a market share of 23.48%, having sold 17,212 units in December.
- For the first time in a considerable period, Bajaj and TVS have outperformed Ola Electric in monthly sales.
Ola Electric’s Performance
Ola Electric accounted for 18.78% of the market with 13,769 units sold in December, showcasing a significant drop from the previous month. In November, Ola Electric held a market share of 24.54%.
Under the leadership of Bhavish Aggarwal, the company’s market share has fluctuated significantly over the past six months:
- 30% in October (up from 27% in September)
- 32% in August
- 39% in July
- A peak of 49% in June
Despite this decline, Ola Electric maintained the highest overall market share of 35.5% for the entire calendar year 2024. The company made history as the first new-age technology firm from India to go public. Currently, its shares are trading at Rs 85.94, following a peak of Rs 157 on August 20, 2024.
Other Key Players
- Ather Energy, which recently received regulatory approval for its initial public offering (IPO), held a market share of 14.2% and sold 10,421 units.
- Hero MotoCorp captured 1.4% of the market with 1,020 units sold.
- Greaves Electric Mobility, which produces Ampere scooters, accounted for 3.8% of the market with 2,795 units sold. The company has recently submitted a draft red herring prospectus (DRHP) for its Rs 1,000 crore IPO.