Two-wheeler incumbents Bajaj and TVS are reclaiming the throne from the likes of Ola as Hero and Honda step up, as competition intensifies in the EV two-wheeler market
Bajaj’s EV manufacturing plant in Akurdi, Pune. So far in 2025, Bajaj has sold 54,348 electric two-wheelers
Image: Courtesy Bajaj Auto
Rakesh Sharma likens building India’s two-wheeler electric vehicle (EV) market to hosting a Diwali party.
“Sometimes you want to be the first one to throw a Diwali party and you want to do it by day after tomorrow,” says Sharma, the executive director at Bajaj Auto, who has been with the third largest two-wheeler maker in the country for almost 18 years. “So, you will assemble a buffet, which will be expensive, because you must buy everything from outside.”
The reference is to the host of brands that flocked to the Indian electric two-wheeler market in the last decade or so. “But you say it’s okay. I will take my time and do a post-Diwali party,” says the 62-year-old. “Then you cook at home, customise it, and go from the ground up. That will work out much cheaper and efficient.”
Bajaj Auto seems to have done the latter, with success. In December last year and February this year, Bajaj, the maker of the Chetak EV, became the largest electric two-wheeler maker in the country. It was followed by TVS Motors, with both overtaking Ola Electric, which had been the runaway market leader the past few years.
“These shifts underscore the intensifying competition, with incumbents leveraging their established brand equity, distribution networks, and manufacturing capabilities to reclaim market share from newer entrants,” says Harshvardhan Sharma, head of auto retail practice at Nomura Research Institute.
(This story appears in the 04 April, 2025 issue of Forbes India. To visit our Archives, click here.)