The New Year welcomed a new two-wheeler (2W) EV leader in India as Bajaj Auto overtook Ola Electric in the month of December in terms of market share.
According to data from government portal Vahan, Bajaj Auto’s market share in the two-wheeler EV segment has increased by 3 percent to 25 percent by December 2024, which was 22 percent in November.
At the same time, Ola Electric’s market share fell by 5 percent on a MoM (month-on-month) basis to 19 percent in December. It was 24 percent in November.
Along with Bajaj, Ather Energy’s market share in the two-wheeler EV segment increased by 3 percent to 14 percent in December, from 11 percent in November.
TVS Auto’s market share remained at 23 percent last month. Hero MotoCorp’s market share fell 5 percent to 1 percent in December from 6 percent in November.
Bhavish Aggarwal-led Ola Electric is facing tough competition in the two-wheeler EV segment as companies like Bajaj and TVS introduce cheaper and better versions of their EV scooters.
Ola Electric is also launching new vehicles, keeping in mind the increased competition. It has increased the number of its stores from 800 to 4,000, and plans to use its batteries in its electric scooters from April 2025.
At the same time, Bajaj Auto’s new platform not only includes the latest features, but the company says it will save 45 percent, which will increase margins.
TVS is also continuously expanding the touch points of the Qube electric scooter.
Apart from 250 EV stores, the company has increased its touch points to around 4000 stores.
Ather Energy is increasing touch points in North India and has seen demand in strong EV markets like Gujarat and Maharashtra.
