Bajaj Auto leads EV sales in Sep; Ola remains biggest player in e2W space

Bajaj Auto has become the top player in India's electric vehicle market by monthly volumes, across all categories, with over 25,000 sales and registrations in September. This comes on the back of a big push in expanding distribution by the company  and steady demand of electric three-wheelers.
 

In September, the company – according to the latest Vahan data — recorded sales of 17,570 electric two-wheelers, 4,575 three-wheelers, and 3,000 Yulu low-speed electric bikes (based on company sales numbers), which do not require a licence and are not registered on Vahan. They are produced by Bajaj for a company in which it holds a stake. In August, Ola Electric led the market with 27,586 registered vehicles, all electric scooters, according to Vahan data. Bajaj trailed with 24,817 vehicles, aggregating its sales across electric two-wheelers, three-wheelers, and Yulu bikes. While Bhavish Aggarwal’s Ola Electric retains the top spot in the electric two-wheeler segment with 22,917 units registered in September, Bajaj Auto has narrowed the gap. Bajaj Auto is now the second-largest player in this segment, surpassing TVS Motor, which holds a 20 per cent market share.
 

Bajaj Auto now commands a 21.4 per cent share in the electric two-wheeler space, compared to Ola Electric’s 28 per cent. In June, Bajaj's market share was only 11.6 per cent, while Ola Electric led with 47.5 per cent.  
 

Ather Energy, with the launch of Rizta electric scooter, has increased its market share to 14.2 per cent.
 

The competitive landscape could shift again as Ola Electric plans to introduce electric motorcycles at an attractive entry price by March 2025, directly targeting the core of its rivals’ business.
 

In the broader electric vehicle market, two-wheelers dominate due to sheer volume. TVS Motor ranks third with 16,408 registrations in September, followed by Ather Energy, both of which operate solely in the electric scooter segment. Mahindra & Mahindra, through its group companies, secured fifth place with 6,162 registrations, which include a mix of three-wheelers for passenger and cargo, and electric cars. Tata Motors, focusing on electric passenger vehicles, registered 3,720 vehicles, predominantly cars.
 

Electric vehicle penetration across all categories hit 9 per cent in September, propelled by growth in electric two-wheelers and three-wheelers, which together account for 95 per cent of total EV registrations. Bajaj Auto’s leadership position has been bolstered by its presence in both key segments.