TVS Motor has widened its lead in the electric two-wheeler segment, while Bajaj Auto, Hero MotoCorp, and Ather Energy consolidate to account for a major chunk of electric two-wheeler sales
India’s electric two-wheeler market is evolving at a rapid pace. Not too long ago, Ola Electric enjoyed a comfortable lead, but the pecking order has changed considerably over the last year. Today, legacy manufacturers like TVS Motor, Bajaj Auto and Hero MotoCorp are steadily increasing their presence, making the segment more competitive than ever before.
TVS Motor currently sits at the top of the registration charts, thanks largely to the consistent performance of the iQube. The electric scooter has found favour among family buyers looking for a practical alternative to petrol-powered scooters. Unlike some of its rivals, TVS has focused on gradual expansion backed by an extensive dealership and service network, and that strategy appears to be paying dividends. The sales numbers have grown by 66% as compared to the previous year for the January to June period.
Bajaj Auto isn’t too far behind either. The Chetak has quietly become one of the country’s most popular electric scooters following its comprehensive update. Growth has been steady for the Chetak, with sales increasing by 48%. Hero MotoCorp has also begun making its presence felt through the Vida range. The new line-up helped the brand grow by a whopping 208% as compared to last year in terms of units sold.
Ather Energy continues to remain a strong player despite increasing competition. The Bengaluru-based manufacturer has built a loyal customer base with its focus on technology, ride quality and charging infrastructure. Ather’s Rizta has been the top choice for families shifting to electric scooters. Ather too showed a positive growth of 91% sales as compared to the previous year.
At the same time, Ola Electric used to be among the largest EV manufacturers in the country, although the gap to its rivals has narrowed as legacy brands ramp up production and expand their portfolios. The recent issues with the after sales service have caused sales to drop rapidly. Ola showed -44% growth as compared to last year for the January to June period. Such a dip for a brand like Ola can be quite worrying.
One thing has become quite evident over the past year. Buyers are no longer choosing an electric scooter based on price alone. Factors such as after-sales support, charging convenience, reliability and resale value are beginning to influence purchasing decisions. This shift has worked in favour of manufacturers with established dealer networks and proven service infrastructure.
