The TVS iQube has retained its No. 1 position with 14,613 units but there’s a stiff battle for No. 2 position with Bajaj Auto (13,205 units) ahead of Ola Electric (13,036 units) by only 169 units. Ola (13,036 units) has registered the highest sales increase of 6,681 units in January 14-21 which brings it back into the reckoning for the top spot.
22 Jan 2025 | 8655 Views | By Ajit Dalvi
TVS Motor Co and its iQube electric scooter have maintained the lead they had in January Week 1 and January Week 2. As per the latest retail sales data on the Vahan portal (as of January 22, 7am), the iQube has registered retail sales of 14,613 units, which gives it ...
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TVS Motor Co and its iQube electric scooter have maintained the lead they had in January Week 1 and January Week 2. As per the latest retail sales data on the Vahan portal (as of January 22, 7am), the iQube has registered retail sales of 14,613 units, which gives it a lead of 1,408 units over Bajaj Auto.
This gives TVS a 25% share of the total 57,122 e2Ws sold in the month to date (see Top 10 OEMs data table below). In CY2024, TVS Motor Co was ranked No. 2 with total sales of 220,577 units which gave it a market share of 19% from the total India 2W Inc sales of 1,148,683 units.
Meanwhile, there’s a battle underway for No. 2 position between Bajaj Auto and third-ranked Ola Electric. Bajaj Auto, the No. 1 e2W OEM for the first time in December 2024, has held onto its second rank with 13,205 units, having sold 4,511 additional units in January Week 3. This retail sales performance gives the Bajaj Chetak a current market share of 23 percent. The Pune-based OEM, which launched the new Chetak with enhanced 153km range last month, will be looking to maintain the same momentum it had last year. In CY2024, Bajaj Auto sold 193,494 Chetaks for a 17% market share and was ranked third.
Ola Electric is the OEM which has sold the maximum EVs in Week 3 and currently has a 23% market share – the same as Bajaj Auto. At 13,036 units between January 1-21, it remains at No. 3 position but its faster rate of growth in Week 3 brings it back into the reckoning for the top spot for the entire month. Between January 15-21, Ola has sold 6,381 units compared to TVS’s additional 4,809 units or Bajaj Auto’s additional 4,511 units.
Ola Electric, the e2W market leader in CY2024 with a 35% share and 400,000-plus units, which was ranked fourth in January Week 1 (3,144 units), had moved up one rank in Week 2 (6,655 units). Expect Ola Electric, which launched two new products in November 2024 – the S1 Z priced at Rs 59,999 and the S1 Z+ which costs Rs 64,999 – as well as the Ola Gig, a dedicated product for the gig economy, priced at an extremely affordable Rs 39,999, to see a strong 2025. Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to later this year, around April-May.
Ather Energy, which markets the Rizta, 450S and 450 Apex e-scooters, retains its No. 4 rank with 7,743 units for a 13% market share, down from the 15% it held Week 1 and 2. The Rizta family e-scooter, launched in April and the winner of Autocar India’s Electric Two-Wheeler of 2025 Award, is witnessing growing demand. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta’s highlights include the largest two-wheeler seat in India and storage space aplenty. In CY2024, Ather Energy had sold 126,218 EVs which gave it an 11% market share.
Greaves Electric Mobility, which is seeing growing traction for its Nexus e-scooter, retains its No. 5 position in January Week 3 with 2,074 units, having sold 604 units between January 15-21. This gives it a current market share of 4 percent.
Combined sales of TVS, Bajaj Auto, Ola Electric, Ather Energy and Greaves Electric Mobility at 50,671 units constitute an overwhelming 89% of the total 57,122 e-two-wheelers sold by India e2W Inc in the first three weeks of January 2025.
Bgauss Auto is at No. 6 with 822 units, Hero MotoCorp which has moved up to No. 7 position with 841 units sold. Pur Energy (737 units) has also moved up one rank to eighth and is followed by electric motorcycle maker Revolt Motors (714 units). Kinetic Green, which entered the Top 10 chart for the first time in January Week 1, holds onto its No. 10 position with retail sales of 477 units in the first three weeks of January.
With 10 days still to go in January, will there be an OEM change at the top? Will TVS hold onto its No. 1 position, ahead of Bajaj Auto? Or will a resurgent Ola swiftly move up the ladder board? Stay plugged in as we bring you up-to-date on the retail sales story on electric two-wheelers.
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