Ola Electric led with 27,746 registrations, securing a 25.09% market share. However, its lead over rivals narrowed, with TVS close behind at 23.55% (26,036 registrations) and Bajaj Auto at 22.59% (24,978 registrations).
November saw overall registrations fall by 18% compared to October, reflecting a post-festival slowdown. Ola Electric’s sales dipped sharply by over 40%, from 41,756 units in October to 27,746 in November. TVS and Bajaj fared better, with sales declines of 13.4% and 12%, respectively, indicating more stability.
Year-to-date, Ola Electric remains the leader, selling 392,176 vehicles and capturing 37% of the market. TVS trails at 19.5% with 201,966 units, while Bajaj Auto stands at 16.6% with 173,721 vehicles. Ather Energy, with over 1 lakh vehicles sold and an 11% share, also holds a significant position.
Despite Ola’s dominance in CY2024, its market share has been fluctuating. It fell from a high of 49.8% in May to 28.6% in September but recovered to 31% in October due to festival discounts.
November’s figures, however, indicate increasing competition from TVS and Bajaj, whose more consistent performances hint at a potentially tighter race in 2025.
With 1.03 million electric two-wheelers already sold by November-end, this calendar year marks the first time the industry has crossed the 1 million milestone.
