Electric Two-Wheeler Market in India Sees Tightening Competition

India’s electric two-wheeler market has witnessed significant growth, as November 2024 marked another milestone with registrations crossing 110,000 units for the second consecutive month. This impressive achievement pushes the total sales for the year past the 1 million mark.

While Ola Electric continues to lead, the competition is becoming fiercer, with Bajaj Auto and TVS Motor significantly narrowing the gap. The market dynamics are shifting, as these companies aim to claim a larger share of the rapidly expanding sector.

Bajaj and TVS Close the Gap On Ola Electric

Ola Electric maintained its leadership position in November with 27,746 registrations, securing 25.09% of the market. However, Bajaj and TVS are closing in, with TVS registering 26,036 units (23.55% market share) and Bajaj selling 24,978 units (22.59% market share). This narrowing gap highlights the growing competition among the top players in the electric two-wheeler space.

Year-to-date, Ola Electric remains the leader with 392,176 units sold, accounting for 37% of the market. TVS follows with a 19.5% share (201,966 units), and Bajaj holds 16.6% (173,721 units). Ather Energy, with 1 lakh units sold, maintains a significant presence in the market.

Market Dynamics In November 2024

Ola Electric’s market share has fluctuated throughout 2024. From a peak of 49.8% in May, it dropped to 28.6% in September, before recovering slightly to 31% in October, aided by festival discounts. However, November’s figures show a tightening race, with Bajaj and TVS continuing to show stable sales performance, further closing the gap with the market leader.

Conclusion:
In November 2024, Ola Electric continued to lead the market, with Bajaj and TVS narrowing the gap in terms of market share. The total sales for the month and year-to-date figures reflect a shift in the competitive landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.