Ola Electric market share in decline in nine of the top 10 EV states: Elara Capital

As Bajaj Auto overtook Ola Electric as the market leader, followed by TVS Motors at number two and the Bengaluru-based EV maker at the third spot in December 2024, a recent analysis by Elara Capital shows that Ola has lost market share in almost nine of the top ten states with the highest EV volume, with the exception of Gujarat.

Ola Electric's market share in the electric two-wheeler sector has dipped below 20%, down to under 19% in December as compared to 49% in June 2024.

Elara Capital's data highlights a month-on-month market share reduction of 670 basis points in Uttar Pradesh, where Ola now commands a 20.5% share. In Maharashtra, the largest market for electric vehicles, Ola has slipped to third place with only a 9.2% market share.

Jay Kale, Vice President at Elara Capital, noted that Ola Electric's market share has reached a 24-month low due to increased production by competitors. Bajaj Auto, now in the top position, has boosted its market share by 1,030 basis points month-on-month and leading in EV volumes across India.

Bajaj is clearly encroaching on Ola's market share, achieving notable gains in Odisha, Uttar Pradesh, and Andhra Pradesh, where it has claimed market leadership. "Although Bajaj has lost market share in Kerala, it has surpassed Ola to secure the second position in that state," Kale remarked.

Ola, once a frontrunner in its home state of Karnataka, has also lost its leadership to Ather, which dominated sales in December.

Elara's research reveals several intriguing insights, including that TVS Motors, currently ranked second as of December, is leading in most states, with the exception of Maharashtra, the largest electric vehicle market by volume, where Bajaj holds a significant 49% market share.

The overall electric two-wheeler market experienced a decline, dropping to 73,316 units in December from 119,654 units in November. Despite this decrease, Ola Electric maintained the highest market share for the entire calendar year 2024, achieving 35.5%. Total electric vehicle sales reached 1.14 million units in the calendar year 2024.