Bajaj TVs capture e2w market share at the cost of small players | Bajaj, TVS capture E2W market share at the cost of a small player! Achi-News

In the financial year 2023-24, established Indian auto manufacturing companies like Bajaj Auto, TVS Motor have eaten up market share of small new entrants in the country’s electric vehicle industry. The grand fathers of India’s two-wheeler market saw their market share grow significantly in FY24 at the cost of smaller players like Okinawa, Ampere etc. The market share of smaller companies was significantly reduced in the budget in question.

On the back of strong sales of its flagship e-scooter TVS iQube, TVS Motor’s market share more than quadrupled to 19 percent in FY24 from just four percent in FY24. Chennai-based TVS Motor sold the second-highest number of E2Ws in the fiscal registering sales of 1.83 lakh units, which is more than double what it sold in the previous fiscal. TVS Motor sold 82,109 units of E2W in FY23.

While, another big daddy two-wheeler company, Bajaj Auto’s market share in the E2W space reached double digits of 11 percent in the fiscal just gone. Its market share was just three percent in FY23. In fiscal 2024, the Pune-based carmaker sold 1.06 lakh units of clean and green energy two-wheelers, which is more than three times the number of units sold in the year-ago period.

Major 2W players are gaining E2W market share:

Source: SMEV

While, a small brand in the two-wheeler space, Gurugram-based Okinawa’s market share shrank to just two percent from 19 percent, during the same period. In FY24, the EV manufacturer could only sell 20,873 units of E2Ws. Okinawa’s sales fell by more than a quarter in FY24 compared to the previous fiscal.

Another small player, Ampere EV, which previously boasted a 10% market share in the E2W space, saw its share drop to six percent in FY24.

Ampere EV can only sell 55,057 units of E2Ws in FY24.

Ola Electric and Ather Energy are the only two players who entered the E2W industry as small players and managed to establish their foothold in the E2W space. So far, these two companies have not been deterred from expanding operations in the E2W space by the large-sized vehicle entrants of India’s two-wheeler industry. In fact, Ola Electric continues to dominate India’s clean and green energy two-wheeler industry. In FY24, the country’s largest E2W maker sold 3.26 lakh units more than double the 1.52 lakh sold in FY23. Ola Electric currently boasts a 35% market share in the industry.

Although, Ather Energy’s market share has remained stable at 12 percent over the past year. The Bengaluru-based EV maker sold 1.08 lakh E2W units in the previous fiscal, up 41% from 76,939 units in the previous fiscal.

Small E2W players are losing market share:

Source: SMEV

Posted: April 3, 2024, 8:43 PM IST