Big Changes in the Electric Scooter Market in December 2024
December 2024 has been an exciting month for the electric vehicle (EV) market in India. Over 19.4 lakh EVs were sold in 2024, showing a growth of 27%. What’s even more surprising is that Bajaj Chetak and TVS iQube electric scooters managed to outsell Ola Electric scooters, which had been the top-sellers for a long time.
Bajaj Chetak Sales Overview
December 2024 and the whole of 2024 were great for the Bajaj Chetak. In 2024, the Chetak sold 1,93,439 units, which is a huge 169% growth compared to last year. Its market share also increased from 8% in 2023 to 17% in 2024. In December, the Chetak outsold Ola Electric for the second time. The best month for Bajaj Chetak was in October, when it sold 28,360 units. Recently, Bajaj introduced a new 35 Series Chetak, with prices ranging between Rs 1.20 lakh and Rs 1.27 lakh.
TVS iQube Sales Overview
The TVS iQube also had a good year in 2024. It sold 2,20,472 units, showing a growth of 32%. The iQube now holds 19% of the market share. Like the Chetak, the iQube has managed to outsell Ola Electric scooters. October was the best month for the iQube, with 30,180 units sold. The iQube comes in three versions with battery capacities from 2.2 kWh to 5.1 kWh. The top model, the iQube ST, offers a range of 150 km and a top speed of 82 km/h. TVS is also planning to launch more electric scooters soon.
Ola Electric Sales Overview
Ola Electric, still the top electric scooter brand in India, saw a big drop in sales in December 2024. Sales fell from 30,470 units to 13,769 units, a 55% drop. However, the total sales for 2024 were better than 2023, growing by 52%, from 2,67,378 units in 2023 to 4,07,547 units in 2024.