Ola Electric's market share dips below 20% in December; Bajaj Auto, TVS Motor take the lead

Ather Energy in December recorded sales of around 10,400 units retaining its fourth spot in the market with 14 percent market share.

In a significant shift in the electric two-wheeler market, Bajaj Auto took the top spot in December EV two-wheeler sales with a 25 percent market share, selling 18,276 units, followed closely by TVS Motor at 23 percent with 17,212 units sold, surpassing Ola Electric for the first time in months.

According to the Government's Vahan data as of December 30th, Ola Electric recorded a market share of 18.7 percent with 13,769 units sold. However, for 2024, Ola Electric retained its market leadership with a 35 percent market share. The firm recorded retail sales of 4,07,547 units up 52 percent year-on-year.

TVS Motor with its flagship iQube scooters, drove its market share to nearly 22.7 percent as of November, which was a very close second to Ola’s 24 percent. Similarly, Bajaj Auto has come in third spot with a 22 percent market share.

In November 2024, TVS Motor recorded sales of 26,971 units, up 41 percent year-on-year from 19,075 units. Bajaj, on the other hand, recorded retail sales of 26,163 units, up 120 percent year-on-year from 11,886 scooters in November 2023.

Ather Energy in December recorded sales of around 10,400 units retaining its fourth spot in the market with 14 percent market share.

Ola Electric has been leading the market till November of 2024 with a 24.5 percent share even though their retail sales decreased by 30% month-on-month and 2 percent year-on-year. The firm recorded sales of nearly 29,191 scooters as of November as against 41,775 in October.

For the current year 2024, overall EV two-wheeler sales went up around 34 percent year-on-year to 11, 48,415 units as against 8,60,400 units.

The market share decline comes despite the firm's announcements on price cuts for consumers. In the first week of October, Ola Electric launched its BOSS – Biggest Ola Season Sale – campaign for the festive season wherein it was offering the 2 kWh Ola S1 for Rs 49,999 (which it sells at Rs 74,999. Adding to its portfolio Ola Electric also launched the Ola Gig, designed for the gig economy.