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Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales

Economic TimesEconomic Times · 1y ago
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Medial

In FY24, Ola Electric, TVS Motors, and Bajaj captured larger market shares in the electric scooter market, according to government data. Ola Electric held a 35% share with 3,28,254 registrations, followed by TVS Motors (19%) and Bajaj Auto (12%). The overall non-transport electric two-wheeler market grew by 30% to 9,41,583 registrations. Okinawa and Hero Electric, however, lost market share and face potential legal action for not repaying subsidies. Despite a temporary decline due to reduced subsidies, the market rebounded. Ola Electric extended warranties and introduced plans to set up fast-charging points and expand service centers. Ola Electric's monthly sales reached a record high of 53,184 registrations in March.

Ola Electric registers 23,430 units in March, lagging far behind Bajaj and TVS

EntrackrEntrackr · 4m ago
Ola Electric registers 23,430 units in March, lagging far behind Bajaj and TVS
Medial

Ola Electric registers 23,430 units in March, lagging far behind Bajaj and TVS Two-wheeler electric vehicle manufacturer Ola Electric registered 23,430 units in March 2025, according to data published by the VAHAN portal. However, Ola Electric lagged behind Bajaj Auto and TVS, which sold 34,863 and 30,453 units, respectively, during the same period. With its best-ever monthly sales of 34,863 units in March 2025, Bajaj Auto has topped the e2W industry for consecutive months. In March, Bajaj reported a 26.76% market share, followed by TVS and Ola Electric with 23.3% and 17.9% market share, respectively. However, Ola Electric led in terms of market share for the last fiscal year (FY25), reporting a 30% share, while TVS and Bajaj recorded 21% and 20%, respectively. In a stock exchange filing, Ola Electric reported that the shift to in-house vehicle registrations in February caused temporary disruptions. However, daily registration volumes and backlog clearance are steadily improving as the transition progresses. “We have nearly cleared the February backlog and expect to complete the remaining February–March registrations in April 2025. To support this, we’re scaling up our registration operations and actively coordinating with all external stakeholders,” said Ola Electric. Recently, Ola Electric clarified that the mismatch was due to ongoing negotiations with its vehicle registration vendors. The Bhavish Aggarwal-led company also settled a legal issue involving its subsidiary, Ola Electric Technologies Private Limited, and its vehicle registration service provider, Rosmerta Digital Services Ltd. Among the top five EV two-wheelers, Ather Energy is also catching up quickly, with 15,446 units sold in March, whereas Hero MotoCorp sold 7,977 units during the same period. Greaves, the next major player, sold 5,641 units in the same timeframe.

TVS leads May EV 2W sales, Bajaj narrows gap as Ola Electric slips to third

EntrackrEntrackr · 2m ago
TVS leads May EV 2W sales, Bajaj narrows gap as Ola Electric slips to third
Medial

In May 2025, the electric two-wheeler (E2W) segment achieved retail sales of 100,266 units, the second-highest monthly figure of the year. TVS Motor led the market with 24,560 units sold, a 107% year-on-year (YoY) growth, securing a 24% market share. Bajaj Auto followed closely with 21,770 units, a 135% YoY growth, holding a 22% market share. Ola Electric experienced a 51% YoY sales decline to 18,499 units but maintained an 18% market share. Ola slipped to third position behind Bajaj. Ather Energy sold 12,840 units, representing a 109% increase, gaining a 13% market share and surpassing Ola Electric in Q4 FY25 revenue with Rs 676 crore compared to Ola's Rs 611 crore. Hero MotoCorp re-entered the EV market with a 191% sales increase to 7,164 units.

Ola Electric market share drops more than 30% in last two months

EntrackrEntrackr · 11m ago
Ola Electric market share drops more than 30% in last two months
Medial

Electric scooter manufacturer Ola Electric, which recently went public, has registered a major downfall in its market share among the electric two wheelers segment in the past two months. Ola Electric market share subsequently slipped to 39% in July and further down to 33% in August (month-to-date), according to investment banking and capital markets firm Jefferies. At the same time, TVS regained market share at 19% at August (MTD) against 15% in Q1 FY25. Ola Electric has emerged as the dominant OEM in India’s electric two-wheelers market as its market share rose from 21% in FY23 to 35% in FY24 and further to 49% in Q1 FY25, the report added. Jefferies attributes expansion of product portfolio and aggressive pricing to the rise in Ola Electric’s market share. During FY24, Ola Electric sold 3,29,618 scooters, almost 2X as compared to FY23. This also reflected in the company’s scale which grew nearly two-fold to Rs 5,010 crore in FY24 from Rs 2,631 crore in FY23. As per the report, Bajaj’s market share has also risen from 11% in FY24 and 12% in Q1 FY25 to 18% in August MTD. Hero is still lagging among incumbents with 5% market share in August while Honda has no-play in the electric space. Meanwhile, the Bhavish Aggarwal-led company has announced plans to launch affordable electric motorcycles Roadster which will be ready for delivery by Diwali next year. Despite the fall in volume, the electric two wheeler space continues to be dominated by Ola Electric followed by TVS, Bajaj Auto, Ather Energy and Hero MotoCorp. Interestingly, Jefferies’ report has not mentioned anything on Ather, which recently turned unicorn and is on the verge of becoming the second public company from the EV startup ecosystem. Currently, Ola Electric’s shares are trading at Rs 128, up from the initial public offering price of Rs 76 per share.

TVS Motor tops E2W market in April, surpasses Bajaj Auto and Ola Electric

EntrackrEntrackr · 3m ago
TVS Motor tops E2W market in April, surpasses Bajaj Auto and Ola Electric
Medial

TVS Motor has emerged as the leader in India's electric two-wheeler (E2W) market for April 2025, surpassing Bajaj Auto and Ola Electric, which previously held the top spot. Last month, TVS sold 19,736 units, a 154% year-over-year (YoY) increase with a 22% market share, according to Vahan data. In comparison, Ola Electric sold 19,709 units, a 42% decline from the previous year, and held a 21% market share. Bajaj Auto saw a 151% YoY growth to 19,001 units and secured a 21% market share. Ather Energy saw a 31% increase in sales to 13,167 units, holding a 14% market share. Hero MotoCorp reported a remarkable 540% YoY growth, with 6,123 units sold and a 7% market share. While Ola Electric has increased its market share on a month-on-month basis, the decline in sales can be attributed to increased competition and strategic shifts. The Bhavish Aggarwal-led company also faced significant regulatory scrutiny and potential showroom shutdowns due to violations related to trade certificates and vehicle registrations in several states, including Maharashtra. However, the company said it is unaware of any official notice directing the closure of over 100 of its showrooms in Maharashtra. In contrast, traditional players like TVS, Bajaj, and Ather have capitalized on the growing demand for electric two-wheelers, with TVS achieving its best-ever April sales and leading the market for the first time. Bajaj Auto's performance was bolstered by strong sales of its Chetak e-scooter, which topped e-scooter sales in Q4 FY25. Ola Electric will also face competition from Ather Energy in the public market, as the latter recently closed its subscription window and is now set to be listed on the stock exchange.

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