Bajaj Auto Emerges on Top of the Electric Two-Wheeler Market in 2024 Bajaj Auto's platform, which integrates premium features while reducing production costs by 45 per cent, promises to further strengthen its margins. TVS, too, has enhanced its market presence, increasing its touchpoints to nearly 4,000 outlets alongside its 250 EV-specific stores.
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As competition charges up in the electric two-wheeler market, 2025 promises to be a decisive year, with legacy players and new entrants vying for dominance in this electrifying race. As per retail sales data from the VAHAN portal, Bajaj Auto has dethroned Ola Electric to claim the top spot in December 2024 with a 25 per cent market share. This represents a 3 per cent jump from November, marking an achievement for the Rajiv Bajaj-led company.
For Ola Electric, led by Bhavish Aggarwal, the picture looks starkly different. The company's market share slid 5 per cent to 19 per cent, relinquishing its lead as competition stiffened. Meanwhile, TVS Motors retained its position as the second-largest player with a 23 per cent market share.
Ola Electric began FY25 on a high-horse, especially after subsidy reductions on March 31, 2024, shifted consumer focus to affordability. However, the company's early momentum seems to be waning as Bajaj Auto and TVS introduced more cost-effective and feature-rich products. Bajaj's launch of cheaper variants and its new 35-series platform has paid off handsomely, attracting a larger share of cost-conscious buyers.
Similarly, TVS Motors has benefitted from offering flexibility through multiple battery configurations ranging from 2 to 4 kW/h, catering to diverse consumer needs. Its I-Qube electric scooter has continued to build a loyal customer base, bolstered by an expanding retail footprint.
Ather Energy is another notable gainer. The Bengaluru-based company has made a comeback with the launch of its family-oriented scooter, Rizta, which has gained traction in key EV markets like Gujarat and Maharashtra.
Ola Electric, however, is not resting on its laurels. The company launched a swappable battery version of its S1 scooter at an aggressive price of INR 59,999. Additionally, Ola expanded its retail network from 800 to 4,000 stores as of December 2024, and plans to introduce in-house batteries in April 2025. Despite these initiatives, the results have yet to translate meaningfully into sales growth. Read more
Bajaj Auto's platform, which integrates premium features while reducing production costs by 45 per cent, promises to further strengthen its margins. TVS, too, has enhanced its market presence, increasing its touchpoints to nearly 4,000 outlets alongside its 250 EV-specific stores.
