When the figures for the electric two-wheeler were revealed in September, they surprised everyone. These figures were particularly worrying for Ola Electric, which was until now the country’s number one company in this segment. In fact, Bajaj Auto was still far behind in the electric vehicle race. At the same time, the market share of startups like Ola was growing rapidly. Before the start of the new financial year in April, Ola’s market share had almost doubled. However, Ola’s sales fell to 27% in September. It was 50% in April. This is also the first time that Ola Electric’s sales have remained below 30%.
Ola’s market share has fallen below 30%
Ola Electric has dominated the Indian electric two-wheeler market for the past three years, but September 2024 is seen as a turning point. In fact, for the first time in the last 12 months, Ola’s market share has fallen below 30%. This had already happened in September 2023. By April 2024, the company was dominating everyone. Its market share had then exceeded 50%. However, after reaching its highest level, it experienced a continuous decline. Its stake is reduced to less than 30% in September 2024.
Bajaj Auto launches new competition
A significant change was also seen in September: for the first time, the market share of the three largest companies – Ola Electric, Bajaj Auto and TVS Motor – was between 20% and 27%. Whereas if we look at the old data, the dominance of the companies occupying the second position was still visible, while the market share of the company occupying the third position remained below 20%. In this, Ola has always remained in first place. While TVS Motor has placed second on several occasions. However, Bajaj Auto has now started a new competition by taking the number 2 position.
Bajaj’s stake doubled in 6 months
Bajaj Auto, which had only 11.5% market share in April 2024, increased to 21.5% in September 2024, overtaking TVS to become the second largest player in the Indian electric vehicle sector. Bajaj’s aggressive growth is putting immense pressure on Ola, which offers the widest range of electric two-wheelers in the country. Despite this, the company is redoubling its efforts to maintain its lead by offering new multi-brand points of sale for the first time. The company also launched the ‘BOSS’ offer to increase its sales during the festive season. In which she sells an electric scooter for Rs 50 thousand.
Fires multiply according to customer needs
“We want to be a leader in the electric vehicle segment. We have maintained a good cost structure. We sold 7,000-8,000 units in April and now we are aiming to sell 20,000-25,000 units,” said Rakesh Sharma , executive director of Bajaj Auto, to Live Mint. to ensure that we are a serious competitor, but it is also acceptable to be a serious competitor, because it means that Your fate is out of your control.
He further explained, “We have a certain financial philosophy. We balance it with the customer’s needs. We match the needs of the business to the customer’s capabilities and product. You start production to make what the customer wants. Only after that we will come up with more affordable products according to customer needs. The market cannot always depend on subsidies for electric two-wheelers.