Incumbents' e-2-wheeler market share on the rise

Startups lit the spark in India’s electric two-wheeler revolution, but traditional internal combustion engine era leaders such as TVS Motor Co. Ltd and Bajaj Auto Ltd are swiftly closing the gap on startups such as Ola Electric, though it still retains the top position.

TVS Motor became India’s second-largest electric two-wheeler maker several months ago and is rapidly closing the gap with Ola Electric, while Bajaj Auto emerged as No.3 in October, displacing Ather Energy to the fourth spot.

Ola Electric’s three-month rolling average market share, which peaked at 34% in August, fell to 30% in October, while Ather Energy fell from 13% to 11%. Meanwhile, TVS Motor’s electric two-wheeler market share jumped from 14% in January to 24% in October, while Bajaj Auto’s rose from 4% to 11%, Vahan data on three-month rolling automobile registrations showed.