नवंबर में बाजार में नरमी आने के साथ ही टीवीएस और बजाज ऑटो ओला इलेक्ट्रिक के करीब पहुंच गए।

TVS and Bajaj Auto edge closer to Ola Electric as the market tightens in November.

In November, India’s electric two-wheeler market saw fierce competition for leadership, as registrations surpassed 100,000 units for the second consecutive month, reaching 110,549, according to VAHAN data. Ola Electric maintained its lead with 27,746 registrations, accounting for 25.09% of the market. However, its lead narrowed, with TVS close behind at 23.55% (26,036 registrations) and Bajaj Auto at 22.59% (24,978 registrations).

Overall registrations fell by 18% compared to October, reflecting a post-festival slowdown. Ola Electric's sales dropped significantly by over 40%, from 41,756 units in October to 27,746 in November. In contrast, TVS and Bajaj saw smaller declines of 13.4% and 12%, respectively, indicating greater stability. Year-to-date, Ola Electric remains the leader with 392,176 units sold and a 37% market share. TVS follows with 19.5% (201,966 units), while Bajaj Auto holds 16.6% (173,721 vehicles). Ather Energy also plays a key role, with over 100,000 units sold and an 11% market share.

Despite Ola's dominance in CY2024, its market share has fluctuated, dropping from 49.8% in May to 28.6% in September, but rebounding to 31% in October due to festival discounts. November’s results, however, signal growing competition from TVS and Bajaj, whose steadier performances suggest a potentially closer race in 2025.

With over 1.03 million electric two-wheelers sold by November’s end, this year marks the first time the industry has surpassed the 1 million milestone.

News Reference