Now, the grip of big and old auto companies is gradually getting stronger in India’s electric two-wheeler market. TVS Motor, Bajaj Auto and Hero MotoCorp’s electric scooter company Vida captured 61.8 percent of the total electric two-wheeler registrations in the first 28 days of September. This suggests that consumers are gradually showing more confidence in established companies in the EV market.

According to vehicle data till September 28, TVS Motors led with 26.4 per cent share. After this, Bajaj Auto had 23.6 percent and Vida 11.7 percent. The combined share of the three companies was 59.5 percent in August and 60.6 percent in July. However, the absolute figure for September may change slightly after registrations from the last two days of the month are added.

TVS has sold the most electric two-wheelers

TVS Motor registered 49,677 electric two-wheelers over 28 days in September. Bajaj Auto is second with 44,480 units. Ather recorded 27,690 units, Hero Vida 22,109 units and Ola Electric 11,984 units. Other electric two-wheeler companies like Ampere, River and UltraViolet have together registered more than 32,000 units.

Increase share of Bajaj and Vida

Bajaj Auto’s market share rose to 23.6 percent in September from 22.4 percent in August and 22.3 percent in July. That means the company’s shares have increased continuously. On the other hand, TVS Motor’s share declined marginally to 26.4 percent in September from 26.7 percent in August. Despite this, the company is at the forefront of the electric two-wheeler market.

Vida’s share has also increased. The company’s share was 11.7 percent in September, while it was 10.4 percent in August and 11.2 percent in July. The combined share of the three companies has been around 60 percent throughout the year. It was 59.2 percent in January, which rose to 61.4 percent in February and 61.6 percent in March. After this, it remained below 60 percent between April and June. It crossed 60 percent again in July and reached 61.8 percent in the first 28 days of September.

Ola Electric’s share is 6.4 percent

The share of Ola Electric, once the country’s largest electric two-wheeler company, fell to 6.4 percent in the first 28 days of September. The company’s share was 7.6 percent in August and 6.9 percent in July.

Ather recently raised Rs. Konarc has launched its new mass-market model with a starting price of Rs 99,000. Its sale started from September 21. In such a situation, the impact of this new model on the company’s sales can be seen more clearly in the October figures.

Competition is increasing in the electric two-wheeler market

There are still many startups and new companies competing in India’s electric two-wheeler market. However, established players like TVS, Bajaj and Vida are leveraging their existing dealer network, manufacturing capacity and nationwide sales-service network.

Initially, India’s electric two-wheeler market was more centered around pure-play EV companies like Ola Electric and Aether Energy. Now traditional two-wheeler companies are also rapidly strengthening their presence in the electric segment.

Total EV registrations are also strong in September

The overall electric two-wheeler market also saw a strong performance in September. According to Vahan, 1.88 lakh electric two-wheelers were registered in the country between September 1 and 28. Notably, this figure is higher than the 1.83 lakh registrations recorded in the entire month of August. However, after adding the registrations of the last two days of September, the final figure for the month may be slightly different.

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