In the Race for Electric Two-Wheelers, Bajaj Auto has Surpassed Ola Electric

Nitin Konde, Varun Bhardwaj

Jan 3, 2025 — 3 min read

Bajaj Auto Beats Ola Electric in E-Scooter Sales Race

There has been a dramatic change in the competitive landscape of India's two-wheeler electric vehicle (EV) market, with Bajaj Auto surpassing Ola Electric in December 2024 to become the dominant competitor. The government's Vahan portal reports that Bajaj Auto's market share in the two-wheeler electric vehicle segment increased by 3% in December 2024, hitting 25% from 22% in November. The market share of Ola Electric, on the other hand, dropped 5% from 24% to 19% in the past month.

Sales for Ola Electric fell from 29,196 units in November to 13,769 units in December, resulting in a decrease in market share from 24.7% to 18.78%. Regardless, the company maintained its position as the leader in annual sales, capturing 35.5% of the market for the year thanks to robust sales in March and July. Total sales for the corporation fell from 119,654 units in November to 73,316 units in December, marking a decrease from the previous month.

Other Players’s Performance in this Sector

Ather Energy's market share increased by 3% in December from 11% in November, following Bajaj's 3% gain. The market share of Hero MotoCorp fell sharply by 5% in December, from 6% in November, while that of TVS Auto was steady at 23%. The two-wheeler electric scooter market is seeing greater competition as businesses like TVS and Bajaj introduce more inexpensive and sophisticated models, putting Bhavish Aggarwal's Ola Electric to the test. To tackle the severe competition, Ola Electric has planned that by April of 2025, it will be launching its own electric scooter batteries.

Every Player Floating New Ideas to Expand their Growth

Bajaj Auto has unveiled a new platform that boasts cutting-edge tech features and a 45% reduction in costs, both of which are projected to boost the company's profit margins. With the I-Qube electric scooter, TVS Auto has increased its reach from 250 to 4,000 retailers, thereby expanding its reach. Important EV markets in North India, including Gujarat and Maharashtra, have been driving growth for Ather Energy.

Ola Reaches a Milestone of 4,000 Stores

Ola Electric announced on 26 December that it now has 4,000 stores nationwide, a four-fold increase from the 800 stores that were previously disclosed on December 2 of this month. In less than a month, the firm reported adding 3,200 additional stores to its current network.

The corporation stated that it was dedicated to promoting widespread EV adoption, which would allow for wider penetration into practically every town and tehsil in India, going beyond tier-1 and tier-2 cities. The business has now fulfilled its promise. Bhavish Aggarwal, chairman and managing director of Ola Electric, stated that this is a major turning point in India's EV journey as the company extends its network to every city, town, and taluk.

Aggarwal added that Ola has entirely redesigned the EV buying and ownership experience with its recently launched stores that are also service centres, setting new standards with its "SavingsWalaScooter" campaign.