India's market for electric two-wheelers dropped from 1,19,654 units in November to 73,316 units in December. As manufacturers sought to dominate the growing EV industry, competition remained fierce despite the slump.

Bajaj Auto led the market with 24.93% of total sales and delivered 18,276 units, according to data from Vahan. Bajaj's supremacy might be ascribed to the Chetak series' widespread appeal. TVS Motor sold 17,212 units in December and came in second with a market share of 23.48%.

In terms of monthly sales, Bajaj and TVS eventually overtook Ola Electric.

Despite selling 13,769 units in December, Ola Electric had 18.78% of the market, a significant decrease from the previous month. The company's market share was 24.54% in November. Over the last six months, Ola's market share changed under Bhavish Aggarwal's direction. Although it increased from 27% in September to 30% in October, it was still behind previous highs of 32% in August, 39% in July, and 49% in June.

Ola Electric maintained the largest market share of 35.5% for the full calendar year 2024 in spite of the decline. It was India's first modern technology business to go public on a stock exchange. Its shares peaked on August 20, 2024, at 157, and are currently trading at 85.94.

EV Startup Ather Energy sold 10,421 units and held 14.2% of the market after the market regulator recently gave the company the all-clear for its IPO.

Hero MotoCorp, meanwhile, sold 1,020 bikes, securing 1.4% of the market.