TVS and Bajaj edge closer to market leader Ola Electric in the 2W electric segment in Nov 2024 electric two wheeler sales
The updated Bajaj Chetak and the new TVS iQube have emerged as serious contenders in the Indian electric two-wheeler market, intensifying competition for Ola Electric. Once the undisputed market leader, Ola Electric is now facing growing challenges as Bajaj and TVS capitalize on their new, affordable offerings.
Electric 2W Sales Nov 2024
In November 2024, electric two-wheeler sales in India reached 1,19,047 units, marking a strong 29.24% year-on-year (YoY) growth compared to 92,116 units sold in November 2023. However, sales saw a 14.45% month-on-month (MoM) decline from 1,39,159 units in October 2024, indicating a slowdown despite the festive season push.
Ola Electric maintained its lead in this segment with 29,204 units, though this related to a 29.88% decrease from 41,651 units sold in Oct 2024. It was also a 2.89% decline from 30.073 units sold in Nov 2023. The company has teased a new electric scooter with a removable battery, directed at last mile connectivity. However, this model is being introduced as a commercial e-scooter with a single seat scooter and increased payload capacity.
Close behind Ola Electric with sales just lower by 2,200 units was TVS Motor, from a previously very high margin. TVS iQube sales grew by 40.99% YoY to 27,007 units in Nov 2024. It was over 19,155 units sold in Nov 2023. MoM sales however, declined by 9.72% when compared to 29,915 units sold in Oct 2024.
Bajaj Auto has seen triple digit YoY growth to 26,203 units in Nov 2024, a 121.25% improvement from 11,843 units sold in the same month last year. MoM sales however, fell by 7.19% when compared to 28,232 unit sales of Oct 2024. Bajaj now gears up to introduce the new Chetak on 20th Dec 2024. Spy shots have been seen and it promises to come in with a revised chassis and platform and slated to see an improvement in performance as compared to its current counterpart.
Ather sales also showed a marked YoY improvement to 12,760 units, up by 36.59% from 9,342 units sold in Nov 2023. MoM sales however, fell 20.22% over 15,993 units sold in Oct 2024. During the festive month of Oct 2024, Ather had introduced special benefits on the 450X and 450 Apex along with extended battery warranty of 8 years.
Hero, Greaves, Revolt Post YoY and MoM Growth in Nov 2024
Three two wheeler makers in the electric segment that have ended the year on a promising note are Hero MotoCorp, Greaves and Revolt. Each of these electric two wheeler OEMs have seen increased sales both on a YoY and MoM basis. Hero sales surged to 7,315 units while Greaves sales were up to 4,469 units and Revolt sold 1,996 units in Nov 2024.
Bgauss (1,878 units) and Kinetic Energy (1,095 units) saw YoY growth but MoM declined in demand. Lectrix (991 units) and Wardwizard (975) had suffered a YoY decline but saw its sales improve significantly on a MoM basis. Bounce (858 units) and Okaya (501 units) featured lower down on this list along with other 2W electric OEMs that added 3,795 units to total sales in Nov 2024 relating to a 29.24% YoY growth but a 25.60% MoM decline.
