The year 2024 brings significant changes to the Indian electric two-wheeler market. Ola Electric initially took the top spot with an impressive market share of over 50 percent by the year 2024. And Ola Electric has become the only company to sell over 4 lakh electric scooters in India till date.
However, frequent customer service complaints and product quality issues have thrown up challenges for the EV startup, creating opportunities for competitors to gain ground.
Now the dominance of legacy brands like Bajaj Chetak and TVS Motors has made a big change. There has been a very positive development in the market share and sales of Bajaj Chetak till the first half of December 2024.
Current sales records show that Ola Electric is losing its crown as the top leader in the electric two-wheeler industry to legacy brands like TVS Motors and Bajaj.
| Brand | Units Sold as of 14 Dec 2024 |
|---|---|
| Bajaj | 9,513 |
| TVS Motors | 7,567 |
| Ola Electric | 6,387 |
TVS and Bajaj Regain Momentum
As Ola struggled with unresolved concerns, brands like TVS and Bajaj took advantage of the situation and worked on their sales, market share, success plans, etc.
This shift saw Ola Electric’s market share decline significantly, dropping to just 24 percent. Meanwhile, TVS gained a 23 percent share, and Bajaj closely followed with 22 percent.
According to Vahaan sales data, Bajaj sold 9,513 units, while TVS iQube recorded sales of 7,567 units, placing Ola in third place with 6,387 units as of December 14.
Bajaj Leading the Market in December 2024
Building on its sales growth, Bajaj Auto achieved a significant milestone by attaining a 27 percent market share in December, making it the new leader in the electric two-wheeler segment. TVS followed with a 22 percent share, and Ola’s position dropped further to 18 percent.
This growth is particularly remarkable for Bajaj, as the Chetak electric scooter, launched in 2020, is on track to become India’s best-selling electric scooter for the first time.
The timing is crucial, with the new version of the Bajaj Chetak set to be introduced on December 20.
The next-gen Bajaj Chetak will feature a new chassis for improved practicality while keeping its classic retro design, including a round LED headlight and curvy body panels.
Spy shots suggest slight tweaks like reshaped taillamps but note the absence of features like a lockable glovebox and keyless start/stop.
The updated Chetak might include a repositioned battery, potentially increasing its range beyond the current 123 km and 137 km options.
With simplified features like a basic LCD, it is expected to be more affordable than the current ₹96,000–₹1.29 lakh price range.
The company is preparing to introduce a new brand dedicated to electric three-wheelers. Also, the company may launch an E- E-Rickshaw in Q1 Of FY26.
Production capacity is being expanded to achieve an ambitious EV sales target of 5 lakh units by FY26, according to sources. The company is targeting a run rate of 40,000 EVs per month in production and sales by the end of FY25.
Strong Competition in the E2W Market
The competitive environment in the electric two-wheeler space has never been more intense. Bajaj’s growing sales numbers demonstrate its ability to challenge Ola’s earlier dominance, while TVS is steadily strengthening its presence.
The market dynamics reflect how quickly consumer preferences can shift when new players and improved products enter the scene.
Potential Year-End Offers from Ola Electric
Given these developments, Ola Electric may respond with strategic measures such as year-end discounts to address its declining sales figures, as the company has done in the past. Whether Ola can regain the lost market share or maintain its position against the growing competition remains to be seen.
We believe a strong marketing strategy and addressing quality concerns will be key to the company’s recovery.
Final Thoughts
The Indian EV market in 2024 has witnessed a remarkable shift in dynamics. Legacy brands like Bajaj and TVS have successfully capitalized on customer trust and reliability, pushing ahead in sales while Ola Electric has struggled with service issues and quality concerns.
Bajaj Chetak’s rise to the top, even before the launch of its updated version, shows how traditional players are adapting to the EV revolution. Meanwhile, TVS has steadily grown, proving that consistent performance can compete with disruptive newcomers.
In the coming months, the market will likely get even more competitive with the anticipated launch of the Honda Activa Electric in 2025. Ola Electric still has a chance to bounce back if it prioritizes customer satisfaction and product quality.
For consumers, this fierce competition is a win, bringing better options and advancements. It’s an exciting time for EV enthusiasts, as every brand aims to shape the future of sustainable mobility in India.
