The Vahan portal has revealed that Ola Electric registered 33 per cent fewer new electric scooters last month. The Bengaluru-based public EV company registered 27,746 new scooters, which was nowhere close to the 40,000 units it registered during the festive period, i.e. October 2024. As a result, the company’s market share also dipped significantly to 24 per cent from 30 per cent in October 2024. And yet, it continues to hold the maximum market share.
With a comparatively larger product portfolio coupled with several new models slated for launch in the coming months – It’s no surprise here that Ola is leading the EV charge. Legacy players like TVS Motor Company and Bajaj Auto have caught up with Ola, with 23 per cent and 22 per cent market share, respectively. However, with a relatively far smaller portfolio that is comprised of just the iQube and Chetak electric scooters, both companies still have some time to surpass Ola Electric.
At the same time, Ola’s inconsistent customer service has not helped its case much, due to which the brand’s market share has dwindled over the past few months. For context, back in May 2024, Ola held a 49.8 per cent share of the electric two-wheeler space, and that fell to 28.6 per cent in September 2024, and it is now down to 24 per cent. And if Ola does not sort out its service issues, legacy players will eat up its sales business very rapidly. Coupled with the fact now that Honda has also entered the EV scene with two brand new electric scooters – Activa e: and QC 1– the future is going to be challenging for Ola.
