Electric 2 wheelers are selling like hotcakes in India and guess who is the new market leader? Bajaj Auto
Bajaj Auto has become the top player in india’s electric vehicle market in terms of monthly sales volumes, across all categories, with over 25,000 sales and registrations for the month of Spetember 2024.
Retail sales data from the government of india’s Vahan website for the period from September 1 to 29, reveals that Bajaj Auto sold 17,507 electric 2-wheelers, 4575 3-wheeleres and 3000 yulu low-speed electric bikes.
Ola Electric sold 22,917 e-scooters, while TVS Motor Company, sold 16,351 electric 2-wheelers
This marks the first time Bajaj has overtaken TVS in monthly sales, solidifying its position as a key player in the electric two-wheeler market.
Bajaj Autois slowly catching up to Ola and is now the second-best-selling EV two-wheeler maker, holding a 21.4% market share.
Bajaj Auto’s rise to the second spot is being attributed to its competitive pricing strategy and revised distribution model.
Launched just before the pandemic struck, Bajaj Auto’s first electric scooter -the bajaj chetak - took four years to cross the 100,000 mark in sales. The next 100,000-unit dispatches though have come in a just eight months as a result of new variants and an expanded retail sales network.
In the January-September 2024 period, Bajaj Auto’s total retails of 119,759 Chetaks are an additional 79,157 units more than the 40,602 units it sold in the year-ago period, up 195% YoY.
On the other hand... Ola Electric, once the dominant force in the sector, has seen its market share shrink significantly. It isnow down to 28%from 49% in August.
Ola Electric is having a torrid time, particularly in the past two months. The company and market leader, which averaged monthly sales of 37,695 units for the first seven months of this year, saw demand fall sharply month on month in August and September. This has seen the company’s YoY growth slow down substantially from 105% in June and 112% in July, to 46% in August and 29% in September.
What’s more, Ola’s September 2024 retails are its lowest monthly sales in 11 months after October 2023’s 23,594 units.
The electric two-wheeler segment remains the biggest volume driver of the EV industry in India. In September, it accounted for 59% of total India EV sales volumes of 148,539 units.
September 2024 witnessed strong retail sales of 88,156 electric scooters, motorcycles and mopeds, up 40% when compared to september last year.
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