 "Ola, Bajaj, TVS in head-to-head battle for electric 2W registrations in Nov")
India’s top three electric two-wheeler makers- Ola Electric, Bajaj Auto and TVS- have been in a head-to-head battle for registrations for their automobiles in November, when the overall sales have crossed the 100,000 mark for the second consecutive month.
Till the evening of November 30, a total of 110,549 electric two-wheelers have been registered, according to VAHAN data.
Ola Electric has a thin lead over its rivals, with a registration of 27,746 vehicles, accounting for 25.09 per cent share of the total registrations. Close behind with 1,710 vehicles less from Ola was TVS with a market share of 23.55 per cent. Bajaj with a market share of 22.59 per cent had registrations of 24,978 vehicles in November, according to the data.
For the first time in a calendar year, electric two-wheeler sales have crossed the 1 million mark- till November-end registrations have already crossed 1.03 million.
Despite rivals pushing the pedal, Ola Electric remains on the top in CY 2024. Till November 30, it’s registration share was at 37 per cent with over 392, 176 vehicles sold and pretty close to crossing the 4 lakh mark.
The number two is TVS in the same period with a market share of 19.5 per cent with 201,966 vehicles sold. However, its gap with Ola is still huge. Bajaj Auto, which pushed sales only in the second half of the year, with 173,721 vehicles is in the third spot with a share of 16.6 per cent.
While Ather Energy also has comfortably crossed the 1 lakh mark during the year and has an over 11 per cent share in CY 2024 till date, its largest shareholder Hero Motocorp has also upped the ante, ending 11 months on CY 2024 with 42,549 vehicles.
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What is interesting is whether the market will now see a close fight between the three majors month-on-month in the next year.
Even though Ola’s shares went down to 28.6 per cent in September from as high as 49. 8 per cent in May, they recovered to 31 per cent in October after it led the festival season with heavy discounts. However, its overall registrations has fallen sharply in November by over 40 per cent from 41,756 vehicles sold in October.
Both TVS and Bajaj too saw their numbers fall from the festival season push in sales. However, the fall was much slower. TVS registrations in November fell by 13.4 per cent over October, while that of Bajaj was down by 12 per cent.
As a result, the total registrations in November are also down by 18 per cent, even though it was the third highest registration for a month in this calendar year.