The Indian E2W market witnessed a significant shift in market leadership in December 2024, which reflected the changing consumer needs and fierce competition in the segment.
Once dominated by Ola Electric, the electric two-wheeler industry experienced a shift in market dynamics, with legacy players like Bajaj Auto and TVS Motors now leading the way.
In December 2024, Bajaj Auto led the E2W sales with 18,276 units, followed closely by TVS Motors with 17,212 units, surpassing Ola Electric, which had been the market leader for the longest time. This shift reflects an evolving customer preference for brands, which are fueled by reliability, better service, and affordable pricing.
Let’s look closer at the top 10 Original Equipment Manufacturers (OEMs) in the EV industry for December 2024
| EV Manufacturer | Nov | Dec | MoM Growth (%) | Market Share (%) |
| Ola Electric | 29,252 | 13,769 | -52.93 | 20.56 |
| TVS Motor Co | 27,208 | 17,212 | -36.74 | 25.7 |
| Bajaj Auto | 26,357 | 18,276 | -30.66 | 27.29 |
| Ather Energy | 12,909 | 10,421 | -19.27 | 15.56 |
| Hero MotoCorp | 7,344 | 1,020 | -86.11 | 1.52 |
| Greaves Electric Mobility | 4,470 | 2,795 | -37.47 | 4.17 |
| Bgauss Auto | 1,878 | 1,100 | -41.43 | 1.64 |
| Kinetic Green Energy | 1,096 | 601 | -45.16 | 0.9 |
| Wardwizard Innovations | 980 | 784 | -20 | 1.17 |
| Revolt Intellicorp | 2,001 | 994 | -50.32 | 1.48 |
In a surprising turn of events, Bajaj Auto surpassed Ola Electric and secured the top position in the Electric Two-Wheeler Market leaderboard in December 2024.
The company reported a decrease in retail sales, with sales figures falling to 18,276 units compared to 26,357 units in November. This decrease results in a month-over-month growth rate of -30.66%. However, Bajaj’s substantial market share increased to 27.29%.
TVS Motors also managed to surpass Ola Electric and retained the second position in December 2024.
The company sold 17,212 electric two-wheelers, a slight decrease from the 27,208 units sold in November. Its month-on-month growth stands at -36.74%, with a market share of 25.7%
Ola Electric, the longstanding E2W leader, slipped to the third position, losing it’s market leadership to Bajaj Auto in December 2024.
The company reported a substantial decrease in retail sales, with sales figures falling to 13,769 units compared to 29,252 units in November.
This decrease resulted in a month-over-month growth rate of -52.93%, reducing Ola’s substantial market share to 20.56%.
Ather Energy continued to maintain the fourth spot in the leaderboard with a sales figure of 10,421 units in December.
Ather recorded month-on-month growth of -19.27% and holds a market share of 15.56%.
Greaves Electric jumped up a position in the leader board, securing the 5th position in December 2024.
It reported a sales of 2,795 units, representing a reduction in month-on-month growth by -37.47% and its market share currently stands at 4.17%.
Bgauss Auto jumped up to the 6th position in December, with sales of 1,100 electric two-wheelers, a decrease from 1,878 units sold in November 2024.
This reflects a month-on-month decrease of -41.43%. However, Bgauss Auto maintains a market share of only 1.64% this month.
Hero MotoCorp slipped to the 7th position in December, with a sales of 1,020 electric two-wheelers, a substantial decrease from 7,344 units sold in November 2024.
This represents a reduction in month-on-month growth by -86.11% and its market share currently stands at 1.52%.
Revolt Intellicorp slipped down a position in the leader board and secured the 8th position in December. In terms of sales, it recorded a sales figure of 994 units, down from 2,001 units sold in November.
This resulted in a month-on-month growth of -50.32% leading to a market share of only 1.48%.
Wardwizard Innovations made it to the leader board, however it secured the 9th position in December 2024. The company sold 784 units of its electric two wheelers, down from the 980 units sold in November.
This fall resulted in a month-on-month growth of -20%, contributing to a market share of just 1.17% for December.
Kinetic Green Energy slipped down the leader board and secured the last position in December 2024, recording sales of 601 electric scooters, a substantial decrease from 1096 units sold in November.
This reflects a negative month-on-month growth of -45.16% but with a market share of just 0.9%.
The electric two-wheeler market witnessed a fierce contest in December, with Ola Electric’s market share falling to 20%, whilst TVS and Bajaj Auto battled ahead at 25% and 27%.
The December 2024 sales data for E2Ws reflects a competitive as well as an evolving market in India. It signifies that legacy automakers like Bajaj and TVS are making strong advancements in the segment, challenging newer brands with a potentially tighter fight in the coming months.
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