The Bajaj Chetak electric scooter has surpassed the cumulative wholesale milestone of 3 lakh units in the Indian market. From its launch in January 2020 until October 2024, the Chetak has clocked total sales of 3,03,621 units, as per SIAM wholesales data for the two-wheeler industry.
- October 2024 saw highest monthly dispatches
- Chetak has taken a little less than 5 years to achieve this milestone
Having surpassed the 2 lakh units milestone in June 2024, the last 1 lakh units have taken just four months, with October 2024’s 30,644 units being the Bajaj Chetak’s highest monthly dispatches yet.
Dispatches of 1,41,885 Chetaks in the first seven months of FY2025 are a 160 percent YoY increase. Also, the production-to-sales ratio shows that Bajaj Auto is managing its electric scooter inventory very well.
Launched on January 14, 2020, just before the pandemic struck, Bajaj Auto’s first electric scooter has taken a little less than five years to cross the 3 lakh unit sales. A look at the Chetak’s sales data sheet reveals that while the momentum was rather slow right till end-FY2023, demand has risen handsomely in FY2024 and in the first seven months of FY2025.
The Chetak hit the 1 lakh unit sales milestone in November 2023, taking a little less than four years. The next 2 lakh units, though, have been sold in just a year as a result of the expanded retail network, ramped-up capacity and increased customer demand. In fact, the 1,01,031 units sold between July and October comprise 20,114 units in July, 21,756 units in August, 28,517 units in September and 30,644 units in October.
While FY2024’s 1,15,702 units were a 219 percent YoY increase, the April-October tally of 1,41,885 units in the first seven months of FY2025 are up 160 percent YoY.
Retail sales of 1,07,970 units between April and October give the Bajaj Chetak an e2W market share of 16 percent, more than double of 5.51 percent it was in H1 2023.
Chetak’s market share grows to 16 percent in April-October 2024
Bajaj Auto, which is among the three legacy players and SIAM members along with TVS Motor Co and Hero MotoCorp to have plugged into e-mobility, is the firm No. 2 after TVS and ahead of Ather Energy. In FY2024, as per SIAM wholesales data, the Bajaj Chetak sold 1,15,627 units, ahead of Ather Energy (1,07,894 units) by a margin of 7,733 units and quite a substantial step below TVS Motor Co (1,89,896 units).
On the retail sales front, Ola Electric, which is not listed amongst the SIAM member companies, remains the market leader with a huge lead over its rivals. In the current fiscal year, the Bajaj Chetak has seen retail sales of 1,07,970 units in April-October 2024 compared to 1,19,256 TVS iQubes.
In terms of retail market share for the April-October 2024 period, the Bajaj Chetak accounts for a 16.61 percent share (up from 9 percent in April-October 2023), while the TVS iQube has an 18.35 percent share. E-two-wheeler market leader Ola Electric, with 2,44,303 units, tops with a 37 percent market share. Ather Energy (66,799 units) has a 10 percent share and is ranked fourth. These four OEMs together account for 81 percent of the total e-two-wheeler market.
What is giving the Chetak new verve in the market is the ramped-up production and a growing dealer network, which is understood to be around one thousand showrooms across India.
Azaman Chothia
Vishal Venugopal
