In October, India’s electric two-wheeler market saw significant momentum, with traditional brands like TVS Motor, Bajaj Auto, and Hero MotoCorp collectively selling 65,489 electric vehicles (EVs). This figure surpassed the 61,061 units sold by the top 10 electric two-wheeler startups, marking a pivotal shift where legacy players are outperforming new-age EV startups.
Electric two-wheeler sales in India surged 85% year-on-year, reaching 1,39,000 units in October. TVS led with 29,930 iQube e-scooters sold, reclaiming its top position over Bajaj, which retailed 28,245 units of its Chetak model. Hero MotoCorp contributed 7,314 sales with its Vida electric scooters. These three companies together captured nearly 47% of the market share, while startups held 44%, and smaller players made up the remaining 9%.
Ola Electric retained its lead among startups, bouncing back with 41,664 units sold, its third-best monthly figure to date. Ather Energy also set a new record with 16,000 units sold in October. However, other startups like Bounce, Revolt Motors, and River Mobility recorded far fewer sales, collectively accounting for just over 3,000 units and a combined 5.5% market share. Notably, both Revolt Motors and Simple Energy achieved their highest monthly sales yet, with 949 and 324 units, respectively.
Initially, it was believed that EV startups, backed by tech innovation, venture capital, and agility, would dominate the market. However, the established brands are proving resilient competitors. With their robust R&D, strong supply chain, well-established dealer networks, and brand trust, companies like TVS, Bajaj, and Hero MotoCorp have quickly scaled up their EV operations and are capitalizing on growing demand for e-mobility across India. Their extensive localization, introduction of new models, and nationwide reach are allowing them to effectively challenge the market position of EV-focused startups.
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