Two-Wheeler EV Sales in 2024: Ola Retains Top Spot, But Bajaj and TVS Close In
The Indian electric two-wheeler market saw the strongest sales ever in 2024 with heavy sales and competitive environment among the top players. Although Ola Electric continued to be the market leader, traditional automakers such as Bajaj Auto and TVS Motor took Ola head-on, forcing it to relinquish its market share domination at the end of the year.
The total electric vehicle registrations accounts which was at 30% last year to the figures close to 20 million and the electric two-wheeler registrations increased by 33% yoY to 11.4 lakhs. 2024 was the turning point for India in terms of its Electric Vehicle (EV) industry. All the relevant aspects like the market trends and dynamics that were prevalent in 2024 and the expectations for 2025 have been covered in the article.
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2024: A Year of Growth and Competition
The Indian EV market experienced another uptrend in 2024 due to the better charging infrastructure, favorable policies, and the growing interest of customers.
Ola Electric: The Market Leader Under Pressure
Ola Electric was on a good run with 32,424 units getting sold in January 2024 and its total EV registrations shot up 52% YoY to 4.1 lakh units. Consequently, Ola’s market share in the electric two-wheeler field grew to 35% over the course of 2024, up from 31% in 2023.
Conversely, the company had a number of significant issues in recent months:
- December 2024 Sales Slump: Record sales in July 2024 were overwhelming with 42,000 units registered whereas, December registration fell to 13106 units from a peak of 42,000 a few months ago.
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- Customer Complaints: Rising concerns about Ola’s after-sales performance have caused damage to the company’s reputation, thus giving a competitive advantage.
- Aggressive Competition: Established brands like Bajaj and TVS grew due to lower prices and new product lines.
Bajaj Auto: A Stellar Year for the Chetak
Bajaj Auto took a step forward to emerge as a major adversary in 2024, with the Chetak e-scooter registering a 167% YoY gain in sales.
- 2024 Sales: Bajaj sold over 1.9 lakh units, an improvement from 71,942 units in 2023.
- December Surge: The monthly registration counter hit 17,000 units in December, shooting up from less than 11,000 units at the beginning of the year.
One of the reasons behind Bajaj’s success is the fact that it has followed a competitive pricing policy because it has a very good dealer network and Chetak attracting the attention of the consumers due to its quality and style as a reliable and stylish e-scooter.
TVS Motor: Steady Growth Amid Volatility
TVS Motor has been able to keep its second spot in the two-wheeler EV market despite experiencing monthly sales fluctuations.
- Festive Season Boost: The number of units booked crossed the 30,000 level in October 2024.
- December Dip: Sales reached up to 16,000 units, which means a decline by the end of the year.
However, TVS had a sort of positive growth experience over the year because a good level of its recognizable brand and a variety of its products kept it ahead of the rest, without that competitive position.
Hero MotoCorp: A Rising Challenger
Hero MotoCorp immensely progressed in 2024, and it saw a significant increase in its electric vehicle registration, which went up to 43,662 units from 11,142 units in 2023.
- Brand Strength: Hero has quickly advanced its market position by means of an extensive dealership network and a strong brand that already enjoys strong consumer awareness.
Ather Energy: Struggling to Keep Up
Even though the company had an early lead in the Indian EV market, Ather Energy was unable to maintain the pace in 2024.
- 2024 Sales: New vehicle registrations soared to 1.25 lakhs, marking a 20% decrease in sales from 1.05 lakh units in 2023.
- Market Share Decline: The market share of Ather slumped to 11% in 2024 from 12.2% in the previous year.
Being on the IPO stage by 2025, Ather must act more flexibly and find ways to recapture its market share.
Smaller Players and New Entrants: Mixed Results
While the four virtually unchallenged leaders accounted for over 82.5% of the market, the rest of the market saw gains, too. .
- River EV: The fledgling signed up 2,501 cars, marking a 2,600% leaps in 2024 from 92 cars of 2023.
- Oben Electric: They were able to register 1,100% YoY growth to 630 units in 2024.
- Revolt Motors: The 2023 days when Revolt was in trouble seem to be a thing of the past: (2024) Revolt 9,911 (2023) Revolt 7,000
Still, some of them failed:
- Hero Electric: Only 10% of registrations in 2024 approached the number of those for 2023.
- Okinawa Autotech: The company went through a remarkable 85% reduction in December 2024 sales, which vindicated the concerns early movers had for the industry.
Key Trends Driving the Market
- Consolidation Among Market Leaders: Leading companies race ahead leaving small ones either to innovate or go out of the market.
- Focus on Low-Speed E-Scooters: The sudden rise of instant deliveries has caused a helpless demand increase for slow e-scooters that are supposed to add yet another 2025 aggregate.
- Infrastructure Development: PM E-DRIVE’s program—totaling up to 2000 crores will be meant public charging development, thus expanding EV usage in a way that’s more convenient.
- New Product Launches: Ola Electric and Honda are 2025 models Association who are preparing to make a noise in racing by presenting new models.
What to Expect in 2025
A year with high expectations and many changes is about to start for the Indian two-wheeler EV market:
- Ola Electric’s New Launches: The introduction of anticipated scooters like the Gig and e-bikes from the company will be on the radar of potential buyers.
- Ather Energy’s IPO: Shareholders are more likely to keep an eye on the stock price of Ather in the secondary market.
- Honda’s Entry: Honda’s duet with the electric two-wheeler market can muddle the waters and pose serious problems for established companies.
- Charging Infrastructure Expansion: Collaborations such as Hero Electric’s partnership with BOLT to set up 50,000 charging stations by 2025 will form an integral portion by which deployment will be impacted.
A Competitive Road Ahead
India’s two-wheeler EV market is now moving into a stage of cutthroat competition and rapid growth, appearing to be the next major phase in its development cycle. While Ola Electric is the market leader among others, Bajaj Auto, TVS Motor, and Hero MotoCorp are also more likely to improve their positions in a transforming industry.
As the market consolidates and startups embark on their journey, companies will find that 2025 is make-or-break for them as it is for the incumbent market leaders. As needs of consumers keep on rising, more infrastructure improvement, and innovative product launches, the future of electric mobility in India is brighter than ever.
