Auto Sales Report for December 2024: Bajaj's Chetak Surpasses TVS iQube and Ola S1 in Electric Scooter Market Share
Headline: Electric Scooter Market in India: Bajaj Chetak 35 Series Boosts Sales, While Ola Electric Faces Challenges
In the dynamic world of electric two-wheelers in India, the stock market landscape has been undergoing significant changes. While some players are thriving, others are facing hurdles.
Bajaj Auto, a renowned name in the Indian automotive industry, is banking on its new Chetak 35 Series to further improve its sales. The company sold a impressive 18,276 electric scooters in December 2024, securing a 25% stock market share. Bajaj led the EV race every consecutive week in the last months of 2024, and its strong performance is expected to continue in 2025.
However, the market leader at the start of 2024, Ola Electric, has been facing challenges. Despite selling a massive 4,07,547 electric scooters throughout 2024, the most among all manufacturers, its sales have been falling in the second half of the year. Riding complaints, quality issues, and negative press seem to have affected Ola Electric's sales. The company manufactures the S1 Pro electric scooters and sold 13,769 units in December 2024, securing a 19% stock market share. Ola Electric was 4,336 units behind Bajaj Auto in December 2024.
TVS Motor Company, another established player, is not far behind. The company sold 2,20,472 electric scooters throughout 2024 and 17,212 units in December 2024, securing a 23% stock market share. TVS is working on expanding its dealership footprint for the iQube range across the country.
The electric two-wheeler market in India has seen a gradual catch-up by legacy manufacturers like Bajaj and TVS, with young players like Ola Electric and Ather Energy still holding strong positions. In the last months of 2024, Ather Energy, Ola Electric, and Hero Electric were among the leading brands. For 2025, these brands along with emerging players like Revolt Motors and TVS Electric are expected to remain at the top or grow further in the stock market.
Ola Electric is not giving up, though. The company plans to introduce electric motorcycles in 2025 to potentially regain its stock market share. This move could shake up the market once again, making 2025 an exciting year to watch.
