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Bajaj and TVS Motors Overtook Ola Electric in sales in Early December 2024
- Ola Electric, which initially held over 50% market share in the Indian electric two-wheeler market, is losing ground to legacy brands like Bajaj Chetak and TVS Motors.
- Bajaj Auto sold 9,513 units, while TVS iQube recorded sales of 7,567 units, placing Ola Electric in third with 6,387 units sold as of December 14.
- Bajaj Auto achieved a 27% market share in December, making it the new leader in the electric two-wheeler segment, followed by TVS and Ola Electric with 22% and 18% shares, respectively.
- The updated version of Bajaj's Chetak electric scooter is set to be released on December 20, and is expected to become India's best-selling electric scooter.
- The EV market in India has become increasingly competitive, with Bajaj and TVS successfully capitalizing on customer trust and reliability.
- Ola Electric may respond with year-end discounts to address its declining sales, but strong marketing and addressing quality concerns will be key to the company's recovery.
- The Indian EV market in 2024 has witnessed a remarkable shift in dynamics as the traditional players adapt to the EV revolution, while new players like Ola Electric struggle with quality concerns.
- The competition is set to get even more intense with the anticipated launch of the Honda Activa Electric in 2025.
- Consumers will benefit from the competition in the market, as every brand aims to shape the future of sustainable mobility in India.
- Bajaj and TVS Motors overtook Ola Electric in sales in early December 2024, signaling a significant change in the Indian electric two-wheeler market.
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