Bajaj Auto and TVS Motor Company, after launching lower-priced electric scooter models over the past couple of months, have seized a combined 38.11 per cent market share of the e-two-wheeler segment, based on VAHAN registrations in the first 12 days of this month. This has intensified the competition with market leader Ola Electric, which now holds a 35.53 per cent market share.
In June, Bajaj Auto unveiled its Chetak 2901 at a starting price of Rs 95,998 (ex-showroom). TVS Motor Company, in May, had launched a new variant of the iQube with a 2.2 kWh battery at Rs 94,999.
Bhavish Aggarwal’s Ola Electric was the first to launch a range of models priced under Rs 1 lakh (ex-showroom) — a market segment where rivals Bajaj and TVS hadn’t ventured until recently. Ola’s sub-Rs 1 lakh line-up includes the S1X (Rs 74,999), S1X+ (Rs 84,999), and the S1X with a 4 kWh battery (Rs 97,499). Ola Electric declined to comment on the latest numbers.
This strategic push had allowed Ola Electric to command over 47 per cent of the overall market, based on June registrations, while Bajaj and TVS collectively held only 29.7 per cent. As on July 12, TVS had secured a 20.7 per cent share, and Bajaj held 17.41 per cent. Ather lagged with a 10.25 per cent market share, with no presence in the sub-₹1 lakh segment; it expects to gain volumes from its newly launched family scooter – the Rizta (it has a starting price of Rs 1.1 lakh).
The critical question is whether Bajaj Auto and TVS Motor Company can maintain this momentum through the month, which is anticipated to see a rise in the overall e-two wheeler registrations from June’s total of 77,171. Registrations in the first 12 days of July have already surpassed 40 per cent of June’s numbers.
Rakesh Sharma, executive director of Bajaj Auto, highlighted the significant progress made by introducing high-quality variants in the sub-Rs 1 lakh segment with the Chetak 2901. “Not only does it expand the envelope for us, but it also provides an opportunity to widen distribution. With Chetak electric, we will be increasing from 200 sales points in May to 500 by the end of July, and 1,000 by the end of August. The newer players will now feel the challenge,” said Sharma, indicating a potential bigger play in this segment.
TVS has also made its move by launching a budget electric scooter. With 600 dealers supporting the iQube range nationwide, TVS aims to make the iQube more accessible and affordable. This model comes with a 2.2 kWh battery, offering a 75-kilometre range, and includes a charger that can juice up the battery from 0 per cent to 80 per cent in two hours.
India’s electric two-wheeler market had been relatively flat in the first quarter of FY25, growing at 1.5 per cent year-on-year. Despite this, Ola’s registrations surged by over 55 per cent in Q1FY25, while TVS saw an 11 per cent decline and Ather a 41 per cebt drop. Bajaj, however, accelerated, posting 53 per cent growth in the same period.
First Published: Jul 13 2024 | 12:04 AM IST
