The month of December 2024 has been a phenomenal one for the electric vehicle market of India. Over 19.4 lakh EVs were dispatched in CY2024, marking a growth of 27 percent. What was even more surprising was that Bajaj Chetak and TVS iQube managed to outsell Ola Electric scooters, which have been the market leaders for a long time.
Bajaj Chetak Sales Analysis
The month of December and the overall CY2024 were among the best years for the Bajaj Chetak. In CY2024, Bajaj Chetak achieved total sales of 1,93,439 units. On a year-on-year basis, the Bajaj Chetak saw an impressive growth of 169 percent. Also, its market share has gone up from 8 percent in CY2023 to 17 percent in CY2024.
Additionally, in December 2024, Bajaj Chetak, for the second time, managed to outperform Ola Electric. As for the overall highlights from the year 2024, in October, Bajaj Chetak managed to post sales of 28,360 units. Also, Bajaj last month introduced the 35 Series Chetak with prices in the range of Rs 1.20 lakh and Rs 1.27 lakh.
TVS iQube Sales Analysis
Now coming to the sales analysis of the popular TVS iQube. In CY2024, its sales reached 2,20,472 units, which helped it achieve a sales growth of 32 percent. As for its market share, currently, the iQube holds a steady 19 percent share. Along with the Chetak, the iQube has also managed to outsell Ola Electric scooters.
The month of October was the best month for TVS iQube, as sales reached 30,180 units. This popular electric scooter is offered in three variants with battery capacities ranging from 2.2 kWh to 5.1 kWh. iQube’s top-of-the-line ST variant offers a range of 150 km and a top speed of 82 kmph. TVS is currently planning to add another electric scooter to its portfolio.
Ola Electric Sales Analysis
Ola Electric, which still retains the top spot on the list of top-selling electric two-wheeler manufacturers, has been suffering from falling sales. In December 2024, Ola Electric’s sales dipped from 30,470 units to 13,769 units, marking a decline of a staggering 55 percent. However, on the positive side, Ola Electric’s sales from CY2023 to CY2024 increased from 2,67,378 units to 4,07,547 units, an increase of 52 percent.
Why Are Ola Electric Sales Falling?
The sales of Ola Electric have been declining over the last few months in India, and there are a few reasons behind this. One of the major reasons is that in mid-2024, Ola Electric faced a surge in the number of customer complaints about after-sales service and maintenance.
Another major reason behind the falling sales of Ola Electric scooters is the increasing competition. A number of electric scooter makers have now started offering new products in the country.
Will Ola Electric Bounce Back?
Despite the falling sales, Ola Electric will most likely bounce back because the company has a huge market presence in the country. Also, the company has been focusing on increasing its service touchpoints across India, which will help the brand regain the trust of buyers.
Apart from this, Ola Electric is also working on the development of a ton of new products, including last-mile delivery vehicles and motorcycles. This will help the brand lure in more buyers. Additionally, the company has been increasing its focus on tier-2 and tier-3 cities, which will help attract more buyers.
