The Chetak electric scooter has been a big winner. Its maker Bajaj Auto notched up an enviable share of 25% in the electric two-wheeler (E2W) space in December leaving Ola Electric with a share of just 19% and Ather with 14%. With TVS Motor's share at 23%, the ICE (internal combustion engine) players are making the switch to EVs remarkably well.
The market, however, shrank with total E2W sales falling sharply to 72,090 units in December from 1.39 lakh units in October and 1.19 lakh units in November.
It's been a rough ride for Ola Electric which, even in April 2024 enjoyed a 52% share of the market, at the time Bajaj's share was just 11%. Bajaj's success can be credited to a strategic pivot to the mass market and the addition of dealers to its network. Ola was the first to introduce a range of scooters below the ₹1 lakh mark, a segment into which Bajaj and TVS had not ventured.
The company, which revived the iconic Chetak brand for electric scooters in 2020, had been focused on the premium segment pricing its vehicles at more than ₹1.2 lakh. In June 2024, however, Bajaj shifted gears launching the Chetak 2901, priced at ₹96,000 to target the sub-₹1 lakh mass market. Its monthly sales volumes, which were clocking just over 7,500 units in April, nearly tripled to 18,035 units by December.
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