Bajaj, TVS capture E2W market at small player’s cost!

A trend has been noticed in India’s electric two-wheeler market which is that in the last one year, large-size two wheeler companies have strengthened foothold in E2W market as well. While, small size new entrants in India’s EV space have lost market share in E2W sector.

Big daddies of India’s two wheeler market like Bajaj Auto and TVS Motor have seen their market share increase in last one year. While, the market share of smaller companies has shrunk.

Riding on robust sale of its flagship e-scooter, TVS iQube, the market share of TVS Motor has almost doubled from just 11 per cent to 20 per cent in last one year. The Chennai-based TVS Motor sold second highest number of E2Ws in the month under consideration. The electric vehicle manufacturer reported sale of 18,945 units in the said month. This is more than double of number of E2Ws sold by the company in same month an year ago. The one of the largest two wheeler companies in the world had sold 8,149 E2Ws in November, last year.

While, another big daddy two-wheeler company Bajaj Auto’s market share in E2W space has hit double digit figures of 10 per cent this year. Its market share was mere five per cent last year. In November 2023, the Pune based automobile juggernaut sold 11,755 units of clean and green energy two wheelers which is almost four times of number of units sold same period year ago.

Big 2W players gain E2W market share:

Source: SMEV

While, a small brand in two wheeler space, the Gurugram based Okinawa’s market share shrunk to mere three per cent from 13 per cent, last year. In November 2023, the EV manufacturer could sell only 1,604 units of E2Ws. Okinawa’s sale has plummeted more than five times this November when compared to same month last year.

Another small player Ampere EV which used to boast of 12 per cent market share in E2W space, its share has fallen to eight per cent this year.

While, another small player Hero Electric whose market was 12 per cent last year, has lost share to just two per cent this year.

Ampere EV and Hero Electric could sell only 4,692 and 821 units of E2Ws, respectively, in November 2023.

Small E2W players lose market share:

Source: SMEV

Ola Electric and Ather Energy are the only two players which had entered the E2W industry as small players and have managed to cement their foothold in the E2W space. So far, these two companies have not been deterred by operation expansion in the E2W space by large size automobile juggernauts of India’s two wheeler industry.
In fact, Ola Electric continues to rule India’s clean and green energy two wheeler industry. In November 2023, the country’s largest E2W maker sold 29,808 units, up 82 per cent YoY from 16,385 units in November 2022. Ola Electric boasts of 32 per cent market share in the industry as of November 28, 2023.

While, Ather Energy’s market share has remained more or less same in last one year. The Bengaluru based EV manufacturer boasts of 12 per cent market share, currently. The automotive company sold 9,171 units of E2Ws in November 2023.

Ola, Ather manage to affirm foothold in E2W space:

Source: SMEV