Electric two-wheeler sales grow in November 2024 – TVS and Bajaj fight for the second spot

• The Indian electric two-wheeler market has reported a year-on-year decline in sales.
• Ola Electric continues to lead the market but its market share has declined.
• TVS Motor and Bajaj Auto occupy the second and third spots respectively.

The Indian electric two-wheeler market recorded good growth in November 2024, recording the third-best month this year. The month of November was good for Indian electric two-wheeler makers, which comes as a treat after a record-breaking festive month of October 2024.

October 2024 emerged as the best month for automakers in 2024, with 1,39,783 electric two-wheelers sold during the month. In November 2024, 1,18,924 electric two-wheelers were sold in India, up from 92,116 electric two-wheelers sold in November 2023, recording a 29% year-on-year growth.

Electric two-wheelers continue to form the bulk of electric vehicle (EV) sales in India, with EV two-wheelers making up 62% of Indian EV sales in November 2024 in terms of numbers.

Ola Electric leads, but market share declines

Ola Electric continues to lead the Indian electric two-wheeler market with sales of 29,191 scooters in November 2024, down from 30,073 scooters sold in November 2023. The company’s market share continues to decline, with the company commanding a market share of 24.5% in November 2024, down from 33% in November 2023.

The company has been under the scanner for rising customer complaints and has also received a notice from the Central Consumer Protection Authority, the country’s consumer watchdog. While the company has said that it is rapidly expanding its service network, complaints on social media continue to pile up.

TVS Motor and Bajaj Auto fight for the second spot

India’s legacy automakers TVS Motor and Bajaj Auto continue to fight closely for the second spot.

TVS Motor recorded a sale of 26,971 electric scooters in November 2024, up from 19,155 scooters sold in November 2023, recording a growth of 40.8%. The company’s market share has increased from 21% in November 2023 to 23% in November 2024.

On the other hand, Bajaj Auto has emerged as a close third, with 26,163 electric scooters sold in November 2024, up from 11,843 electric scooters sold in November 2023, recording a 120.92% year-on-year growth. The company commands a 22% market share in November 2024, up from 20% in November 2023.

It's not just the second spot, TVS Motor and Bajaj Auto are now inching close to Ola Electric and if the trend continues, may even dethrone the Bhavish Aggarwal-led company in the coming months.

Ather Energy is in the fourth position, with 12,741 electric two-wheelers sold in November 2024, up from 9,342 scooters sold in November 2023, recording a 36.38% year-on-year growth. The company has slightly increased its market share from 10% in November 2023 to 11% in November 2024.

Hero MotoCorp takes the fifth spot with 7,309 electric scooters sold in November 2024, up from 3,047 scooters sold in August 2023, recording a 139.88% year-on-year growth.

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