In the first quarter of this financial year, established companies like Bajaj Auto, Hero MotoCorp, and TVS Motor Company have gained ground in the electric two-wheeler market, while startups such as Ola Electric, Ather Energy, and Greaves Electric (Ampere) saw their market share drop from 59% to 48.8%.
Sales of electric two-wheelers increased by 1.4% overall, with legacy companies now accounting for about 30% of the market, up from 25.5% last year.
Ola Electric maintained its lead by selling over 107,000 units, while Bajaj Auto and Hero MotoCorp showed significant growth, with Bajaj selling 25,733 units (a 50% increase) and Hero MotoCorp increasing its sales by 376%.
Hero MotoCorp’s electric scooter, Vida V1, saw a significant rise in sales, and the company plans to expand its presence in the electric vehicle market with more affordable products and a wider network. Bajaj Auto is also focused on long-term growth in this segment, aiming to scale up sales of its Chetak electric scooters.
Meanwhile, TVS Motor Company is planning to launch multiple electric vehicles at various price points, seeing electric mobility as a major opportunity for growth.
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