Ola Electric IPO: Ola remains dominant in India’s electric two-wheeler market

Ola Electric Mobility, led by Bhavish Aggarwal, has launched its Initial Public Offering (IPO) worth Rs 6,166 crore. The IPO opened on Friday, August 2, and includes a mix of fresh issues and an offer for sale. 

With electric two-wheeler (E2W) products ranging from S1 Air, S1 X, and S1 Pro, Ola Electric has a production facility in Tamil Nadu 
Ola electric is the largest electric two-wheeler manufacturer in India with over 46 per cent  market share as on June, 2024. Ola Electric is also set to launch its first electric motorcycle on the forthcoming Independence Day on August 15. Although there is no close competitor to Ola Electric in terms of E2Ws, rest of the players in this segment are gearing up to make their presence felt. 

Key competitor TVS 

As per the government’s Vahan portal, a comparison of electric two wheeler market share shows Ola Electric held 46.2 per cent market share in June, 2024 as compared to 38.4 per cent market share it held in June, 2023. 
Next to Ola Electric is  TVS Motor which held 17.5 per cent share in June, 2024 as compared to 17.1 per cent it held in June , 2023. TVS Motor Company on Thursday reported an overall 9 per cent increase (electric and Internal Combustion Engine (ICE) included) in total sales at 3,54,140 units in July as compared to 3,25,977 units in the same month last year. TVS Motors saw electric vehicle sales rise 61 per cent to 21,442 units in July, 2024 as against 13,306 units a year ago. At present TVS offers two electric two-wheelers- Iqube Electric and TVS X in the Indian market. 
 

Bajaj Auto 

Bajaj Auto is an interesting player in the electric two-wheeler space as it has a slew of plans in the pipeline. With 11.3 per cent market share of the electric two-wheeler segment in June, 2024 as compared to 6.5 per cent market share it held in June, 2023, Bajaj Chetak Electric has received over 20,000 bookings in July. 
According to the two-wheeler company, the high demand is due to the recently launched and more affordable Chetak 2901 and the dealership network expansion in Tier II cities. Currently, Chetak Electric is now available at 2,000 outlets across the country.

Ather Energy 

Electric two-wheeler maker Ather Energy has seen considerable dip in terms of the market share in the electric two-wheeler industry to 7.7 per cent in June, 2024 compared to the 10 per cent market share it held  in June, 2023. 
However, Ather Energy is making efforts to ramp up its production in India. It has signed a pact with battery manufacturer Amara Raja Energy & Mobility (ARE&M) to develop and source Lithium-ion (Li-ion) battery cells for its electric scooters, a move which will promote domestic cell manufacturing and innovation.
Ather Energy offers Ather Rizta , 450 Apex , 450X and 450S currently in the market.

Hero MotoCorp 

Hero MotoCorp, which saw 3.9 per cent market share in June, 2024 in electric two-wheelers, had logged only 1 per cent market share in the same category in June last year. Meanwhile, Hero MotoCorp is planning to launch affordable Vida electric scooters in FY25 as the bike manufacturer has been sluggish in its approach to the electric vehicle segment. Hero MotoCorp is the only manufacturer that offers swappable battery options in its scooters. Among its products include Vida V1 Pro and Vida V1 Plus.