Bajaj Auto’s performance in September challenges Ola Electric’s EV market dominance as its share falls below 30% this year for the first time.
It can be seen that Ola Electric is losing its market share to the old and renowned automaker Bajaj Auto India’s largest two-wheeler manufacturer. Bajaj has registered a growth of 192% year-on-year in the Indian electric two-wheeler market.
Bajaj Auto is currently the second largest Electric two-wheeler manufacturer in the EV industry, slowly catching up to Ola electric the No. 1 spot in electric two companies in India.
Ola Electric is going through a rough patch, particularly in the last two months. It experienced its lowest monthly sales of the year in September 2024.
Ola’s market share of electric two-wheelers in September was 27%, which is down by 4 and 11 percent which it recorded in August and July 2024 respectively.Â
This tremendous reduction in sales has impacted its market share substantially.Â
On the other hand, Bajaj Auto is witnessing steady growth MoM, solidifying its position as a key player in the EV market.
This September, Bajaj Auto moved up on the leaderboard, paving its way to the forefront, surpassing TVS Motors and edging closer to Ola Electric for the number 1 spot in the electric two-wheeler industry. Â
Their competitive pricing approach and updated distribution model have contributed to the rise in the EV market.
Statistics show that it registered 18,933 EVs last month, up from 16,650 units in August. Additionally, its market share also grew from 19% in August to more than 21% last month.
Reasons for Ola Electric’s declining market share
One of the major drawbacks of Ola Electric is that it is slowly losing customer’s trust, the company has been facing criticism for its customer service, which includes long wait times for repairs and limited after-sales support.
According to some reports, the number of complaints lodged by customers has reached 80,000 every month. This has had a negative impact on customer satisfaction and brand loyalty.
To deal with this issue and move forward, Ola Electric has done a good job, as can be seen in the recent actions taken by the company. The CEO has announced Hyperservice to provide instant after-sales services. The company plans to double its company-owned service network to 1,000 centers by December 2024 with Hyperservice.
To increase the sales number, the company has also announced its biggest Diwali sale discount “Boss Sale” on Ola S1. In this, the price of the Ola S1 scooter starts at just ₹ 49,999/-, which is a great deal for people looking to buy a great performance electric scooter at an affordable price in India.
Final ThoughtsÂ
The intense competition between Bajaj Auto and Ola Electric has significantly reshaped the electric two-wheeler market. Bajaj Auto’s strategic moves, including competitive pricing and a strong distribution network, have propelled it to a leading position.
one thing is sure, this ongoing battle between Bajaj Auto vs Ola Electric is a win-win situation for consumers. It not only drives innovation and competition but also benefits customers by offering better products, services, and value.
