Bajaj Auto wrapped up 2024 on a high note, clinching the top spot in the electric two-wheeler market, surpassing Ola Electric. However, it wasn’t just a challenging month for Ola; the Indian startup also found itself pushed to third place, with TVS Motor surpassing it as well. According to Vahan data, Bajaj’s Chetak led the pack with 18,276 units sold, followed closely by TVS iQube at 17,212 units. Ola Electric, which had been the market leader earlier, settled for third with 13,769 units in December 2024.
The rise of Bajaj Chetak
Bajaj Auto launched the Chetak in 2020, just ahead of the nationwide lockdown triggered by the COVID-19 pandemic. Despite the challenging start, the Chetak has followed a steady growth trajectory, surpassing the TVS iQube in sales as early as September 2024. In addition to becoming the number one electric two-wheeler company in December, Bajaj Auto secured the third spot in the overall calendar year 2024 rankings, replacing Ather Energy. Interestingly, the Chetak consistently outperformed Ather, contributing to Bajaj’s impressive sales of 1,93,439 units for the year — a 169 per cent year-on-year growth.
TVS iQube: Consistency is everything
TVS Motor had two reasons to cheer as the iQube remained second in December as it clocked monthly sales of 17,212 units and finished second in CY2024 as it sold 2,20,472 units. TVS Motor’s market share in December 2024 was around 23 per cent as compared to Chetak’s 25 per cent.
Ola Electric: Free Falling
CY2024 wasn’t the strongest year for Ola Electric, as its market share took a significant hit, shrinking to just 19 per cent from its once-dominant share of over 50 per cent. In December 2024, the company managed to sell only 13,769 units. Despite this decline, Ola Electric remained the leader in overall sales for the year, with a total of 4,07,547 units sold. It remains the only electric two-wheeler company to reach such impressive figures, as neither TVS nor Bajaj has surpassed the 3 lakh mark in annual sales.