Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain

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

The Indian electric two-wheeler market has reported subdued sales in September 2024, with 88,156 electric two-wheelers sold during the month, slightly up from 87,256 electric scooters sold in August 2024.

While this is considerably lower than the 1,07,472 electric scooters sold in July 2024, there has been a 40% year-on-year growth when compared to the 63,184 electric scooters sold in September 2023.

Electric two-wheelers continue to form the bulk of electric vehicle (EV) sales in India, with EV two-wheelers making up nearly 60% of Indian EV sales in September 2024 in terms of numbers.

Ola Electric leads but with a lower share

Bhavish Aggarwal-led Ola Electric continued to lead the Indian electric two-wheeler market with a 27% market share, which is considerably lower than the 39% share it enjoyed in July 2024. In August 2024, the company reported a 31% market share.

The company sold 23,965 electric scooters in September 2024, up from 18,536 scooters sold in September 2023. However, this is lower than the 26,928 scooters the company sold in August 2024.

Ola Electric has been plagued by customer complaints, with reports suggesting a surge in issues with its scooters.

Legacy brands power through

Bajaj Auto and TVS Motor, legacy two-wheeler brands have started inching closer towards Ola Electric, which once dominated the Indian electric two-wheeler market.

Bajaj Auto, with its Chetak Electric scooter, has occupied the second spot for the first time, beating TVS Motor. The company recorded its highest-ever sales in September 2024 with 18,933 scooters sold, up from 7,107 scooters sold in September 2023, recording a 166% year-on-year growth.

With this, the company now enjoys a 21.5% market share.

TVS Motor on the other hand sold 17,865 electric scooters in September 2024, up from 15,523 scooters sold in September 2023, recording a 15% year-on-year growth. With this, the company reported a 20.3% market share in September 2024.

Ather Energy, which is expected to soon raise funds through an initial public offering (IPO) sold 12,579 electric scooters in September 2024, up from 7,169 scooters sold in September 2023, recording a 75% year-on-year growth.


Ather Energy, which had a headstart in the Indian electric two-wheeler market has now been pushed to the fourth spot, with a market share of 14%.

The next on the list is Hero MotoCorp, which is a major investor in Ather Energy. The company sold 4,174 electric scooters in September 2024, up from 533 scooters sold in September 2023, registering a 684% year-on-year growth. Despite its late entry into the EV segment, Hero MotoCorp already enjoys a 5% market share.

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