New Delhi, Jan 1 The New Year welcomed a new two-wheeler (2W) EV leader in India as Bajaj Auto overtook Ola Electric in the month of December in terms of market share.
According to the data from the government’s Vahan portal, Bajaj Auto's market share in the two-wheeler EV segment increased by 3 per cent to 25 per cent in December 2024, which was 22 per cent in November.
At the same time, Ola Electric's market share declined by 5 per cent on a MoM (month-on-month) basis to 19 per cent in December. It was 24 per cent in November.
Along with Bajaj, Ather Energy's market share in the two-wheeler EV segment increased by 3 per cent to 14 per cent in December, from 11 percent in November.
TVS Auto's market share remained at 23 per cent last month. Hero MotoCorp's market share fell by 5 per cent to just one per cent in December from 6 per cent in November.
Bhavish Aggarwal-led Ola Electric is facing tough competition in the two-wheeler EV segment as companies like Bajaj and TVS launch cheaper and better versions of their EV scooters.
Ola Electric has also unveiled new vehicles, keeping in mind the increasing competition. It increased number of its stores from 800 to 4,000, and plans to use its batteries in its electric scooters from April 2025.
At the same time, Bajaj Auto's new platform not only includes the latest features, but the company has claimed that it will save 45 per cent, which will increase margins.
TVS is also continuously increasing touchpoints for its electric scooter I-Qube.
Apart from 250 EV outlets, the company has increased its touchpoints to around 4000 stores. Ather Energy is also increasing touchpoints in North India and has seen demand from strong EV markets like Gujarat and Maharashtra.
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