Five years after it was launched in January 2020, the Bajaj Chetak has taken the No. 1 electric two-wheeler title in a single month for the first time in December 2024.
Bajaj Auto: 18,276 units
The Chetak’s retail sales of 18,276 units translate to a market share of 25 percent specific to the 73,316 e-two-wheelers sold in India in the last month of CY2024. In the process, Bajaj Auto clocked cumulative sales of 1,93,439 units, up 169 percent YoY in CY2024, missing the 2 lakh units sales milestone by 6,561 units.
While Bajaj dominated monthly sales, when it comes to cumulative yearly sales, with 1,93,439 units it stays put at No. 3 position. Ola Electric, being the first Indian EV maker to surpass 4 lakh unit sales in a calendar year, is way ahead with 4,07,547 units and TVS Motor Co, which sold 2,20,472 iQubes, is also ahead of Pune-based Bajaj albeit the sales gap between the iQube and Chetak has reduced substantially from 94,639 units in CY2023 to 27,033 units in CY2024. The intense battle between the two legacy OEMs will continue in 2025.
TVS Motor Company: 17,212 units
TVS Motor Co, which sold 17,212 units in December for a market share of 23 percent, maintains its No. 2 position for the month, ahead of Ola by 3,443 units. The iQube’s best sales month ever since its launch in January 2020 has been October 2024 (30,180 units). Total sales in CY2024 were 2,20,472, units up 32 percent YoY (CY2023: 1,66,580 units).
Ola Electric: 13,769 units
Ola Electric clocked total retails of 13,769 units (down 55 percent YoY), which gives it a 19 percent market share for last month. Ola opened 2024 with 32,424 units (up 77 percent) in January, hit a high of 53,643 units in March (up 150 percent) and maintained stellar month-on-month growth right from April through to July until the sharp drop in August (27,623 units) and September (24,748 units). It bounced back in October (41,817 units) but sales fell 30 percent month on month in November (29,252 units). Ola Electric, nevertheless, remains the No. 1 e2W OEM in India for 2024 with total sales of 4,07,547 units, up 52 percent YoY, and a yawning distance away from its next two rivals – TVS and Bajaj Auto.
Expect Ola Electric, which launched two new products in November – the S1 Z priced – as well as the Gig, a dedicated B2B product – to see a strong 2025. Deliveries of the S1 Z and Gig are slated to begin only around April-May.
Ather Energy: 10,421 units
Ather Energy maintained its No. 4 rank in December with a total of 10,421 units which gives it a 14 percent market share for the month. Cumulative retails from January till December are 1,26,165 units. The Rizta family e-scooter, the winner of Autocar India’s Electric Two-Wheeler of 2025 Award, is witnessing growing demand.
Greaves Electric Mobility: 2,795 units
Greaves Electric Mobility, which is seeing growing traction for its Nexus e-scooter, is ranked fifth with 2,795 units, which gives the company a 3.81 percent market share.
Hero MotoCorp: 1,020 units
Compared to the rising sales trajectory that Hero's subsidiary Vida has showcased in the past few months, December saw a sharp drop, where the company could barely muster 1,000 units. With new products coming in the form of new scooters and a jointly-developed electric bike with Zero, Hero's fortunes in 2025 appear bright despite this temporary setback.
The Indian electric two-wheeler industry has had a good year in 2024. Of the total 1.94 million EVs sold across vehicle segments in India in CY2024 (up 27 percent YoY), electric scooters and motorcycles accounted for 1.14 million units (11,48,415) or a 59 percent share – up from the 56 percent share it had in CY2023 – registering strong double-digit growth of 33 percent (CY2023: 860,418 units, up 36 percent YoY). With each of the Top 5 OEMs – Ola Electric, TVS Motor Co, Bajaj Auto, Ather Energy and Greaves Electric Mobility – comfortably surpassing their 2023 sales, this was only expected.
Dipan Sur
Dhruv Dhaka
Saptarshi Mondal
Suraj Viswanathan
Anurag Chaturvedi
