Rivals press the accelerator as Ola Electric's e2W market share shrinks

TVS and Bajaj Auto are stirring up competition among India’s top electric two-wheeler players and are now locked in a neck-and-neck battle with Ola Electric, which saw a sharp decline in its market share last month.

 

The Bengaluru-based Ola Electric’s market share fell from a dominant 49.8 per cent in May to 31 per cent in October on the back of an aggressive discounting in the festival season. It dropped further to 25.3 per cent in November - the lowest this year - with 29,191 registrations. The registrations stood at 41,775 in October.

 

While Ola Electric continues to hold the highest market share at over 25 per cent, its rivals TVS and Bajaj Auto are closely behind with 23.3 per cent and 22.6 per cent, respectively. TVS and Bajaj’s numbers also fell during the festival season, but it was lower than that of Ola. 

   

Electric scooter registrations for the first time crossed the 1 million mark in a year in CY 2024  and stood at 1.03 million at the end of November. November’s overall registration was the third highest in the year at 115, 374 vehicles.

 

Despite the aggressive push from TVS and Bajaj Auto to ramp up volumes, Ola Electric was way ahead of its rivals  in the first eleven monts registrations in CY 2024 .  Its registration share has touched 38 per cent with over 3.93 lakh vehicles. TVS’ market share stood at 19.5 per cent with 202,905 vehicles during the same period, while Bajaj Auto, which pushed sales with 174,913 vehicles, was in the third spot with a market share of 16.8 per cent. 

 

Ather Energy also has comfortably crossed the 1 lakh mark in 2024 and its market share is over 11 per cent. Its largest shareholder Hero Motocorp has also upped the ante, ending the 11 months of 2024 with 42,549 vehicles.