Once the dominant force in the Indian electric scooter segment, Ola Electric has lost significant market share to rival brands like Bajaj Chetak and TVS Motor. The Bengaluru-based electric mobility provider seems to have had a ‘flew too close to the sun’ moment as the roaring and dominant sales have been dulled down significantly.
While Ola is still the highest-selling 2W EV manufacturer, it is not the dominant force anymore. Rivals like Bajaj and TVS have come a long way and they are poised to surpass Ola’s figures and take over any time now. Their share price has also hit an all time low of Rs 64.6 on 28th Jan, which comes after the company launched 4,000 physical stores across India. In this post, we will analyse Ola’s sales performance across CY24 and see just how much downfall Ola has had when compared to Bajaj and TVS.
Ola Electric CY24 Sales
If we take CY24 (Jan 2024 to Dec 2024), we can see how Ola has been losing market share with time. Ola kick-started CY24 with a 58.33% share (within this trio) in Q1 2024 which used to be close to three times more than Bajaj and TVS at 19.36% and 22.31%, respectively. By the end of CY2024, that number was reduced to 35.74%, while Bajaj was at 32.74% and TVS at 31.52%. In Q1 2024, Ola sold 1,19,418 units and accounted for 58.33% of sales within this trio. At the same time, Bajaj managed 39,628 units and TVS managed to sell 45,680 units. In Q2 2024, Ola sold 1,07,641 units, losing 11,777 units QoQ and the percentage share dropped to 54.46%. In Q2 2024, we can see that Bajaj and TVS showed QoQ growth and increased their percentage share among this trio.
This trio managed to clock a total of 4,02,374 units in H1 2024. Breaking the numbers, 2,27,059 units were from Ola, 80,482 from Bajaj and 94,833 from TVS. In Q3 2024, Ola’s sales were reduced to 93,820 units, losing 13,821 units QoQ and accounted for 39.42% of sales within this trio, down from 54.46%.
Lowest numbers in Dec 2024 for Ola
At the same time, Bajaj and TVS showed significant growth as they sold 70,387 and 73,774 units respectively. Bajaj registered 29,533 units volume growth QoQ, while it was 24,621 for TVS. Bajaj’s percentage share grew from 20.67% to 29.58%, while TVS’ grew from 24.87% to 31% QoQ.
The results got a lot more interesting in Q4 2024 as Ola registered its worst-ever sales of CY24 in December 2024 at just 13,771 units. Ola’s sales took a downfall from 93,820 units in Q3 2024 to 84,626 units in Q4 2024, losing 9,194 units in volume QoQ. At the same time, Bajaj and TVS sold 77,524 and 74,635 units respectively, registering positive growth QoQ.
In H2 2024, Ola, Bajaj and TVS managed to sell 4,74,766 electric scooters, up from 4,02,374 units in H1 2024. However, the impressive heavy lifting is done by Bajaj and TVS, while Ola has registered a massive decline in sales. Breaking the numbers, Ola sold 1,78,446 units, Bajaj 1,47,911 units and 1,48,409 units by TVS in H2 2024.
The numbers still place Ola at the top spot with 33,792 units monthly average in CY24, while it was 19,033 for Bajaj and 20,270 for TVS. However, that might change in CY25, with Bajaj and TVS likely to take off further in sales, leaving Ola behind, considering its sales pattern.
Source: Bike - rushlane.com
