Bajaj Auto And TVS Catch Up To Ola Electric

The demand for electric two-wheelers in the country continues to see positive growth. A market that has many players, with Ola, Ather, TVS, and Bajaj, etc., being the main ones, has cumulatively recorded 1,00,000 plus registrations for the second consecutive month now. Although 20.48 per cent less than the 1,39,031 units it registered during the festive month of October, at 1,10,549 units, it was still the third highest registrations in 2024, reveals Vahan Data. 

The Bengaluru-based public company, Ola Electric, continues to lead the charge with 27,746 registrations. And even though that was a massive drop of 40 per cent in monthly registrations. It continues to hold the highest market share at 25.09 per cent. Legacy players closely followed it, TVS Motor Company and Bajaj Auto, with 23.55 per cent and 22.59 per cent sales share respectively . Both also registered a decline of 13.4 per cent and 12 per cent, respectively, but are still comparatively more stable than Ola.

Ola's drastic market share drop has become a trend this year. It held 49.8 per cent in May, which fell to 28.6 per cent in September. Even though the country's sole manufacturer of 3680 battery cells managed to improve to 31 per cent in October 2024, a bunch of heavy discounts largely contributed to the growth. The post-festive slowdown has hit the marque quite hard, and with a market share of just 25.09 per cent, it is even less than September 2024 sales. 

This inconsistency in sales performance can be attributed to the thousands of problems Ola’s customers faced with the brand’s S1s and S1 Pro electric scooters. Inadequate service has been one of the most major concerns with Ola, and that has led to several show cause notices against the company too. 

However, from a market point of view, Ola’s barrage of new product announcements has put it in a very favourable space. Coupled with the positive trend that electric scooters as a whole are registering, Ola seems well-armed for the future.