EV Market Performance in December 2024: Sales Decline and Shifting Rankings
The electric vehicle (EV) market experienced a challenging December 2024, with total sales dropping from 9,654 units in November to 7,331 units—a sharp 39% month-on-month (MoM) decline. Despite this downturn, there were significant movements in market rankings, offering insights into the competitive dynamics of the industry.
Bajaj Chetak Claims the Top Spot
Bajaj Chetak emerged as the #1 player in December, selling 3,276 units and capturing 24% of the market share. However, this achievement came with a 31% drop in sales compared to November. The Chetak’s strong performance underscores its growing appeal despite the broader market slowdown.
TVS Maintains #2 Position
TVS remained steady at the #2 spot with 17,212 units sold, representing a 23.5% market share. While the company experienced a 37% decline in sales MoM, its flagship model, the TVS iQube, continued to attract family-focused buyers, contributing to its sustained position.
Ola Electric Drops to #3
Ola Electric faced a significant setback, dropping to the #3 position. The company sold 13,761 units, capturing 19% of the market share, but suffered a steep 53% decline in sales compared to November. This marked one of the largest MoM declines among top players.
Ather Energy Retains #4 Spot
Ather Energy held onto its #4 position with 10,421 units sold, accounting for 14% of the market share. Despite a relatively modest 19% decline in sales, Ather’s consistent performance reflects its strong brand loyalty and steady customer base.
Ampere Climbs to #5
Ampere moved up to the #5 position with 2,795 units sold, securing 4% of the market share. Although sales declined by 37% MoM, the brand’s rise in rankings highlights its resilience and growing consumer interest.
Notable Market Movements
Pure Energy: Entered the top 10 at #7 with 1,087 units sold, representing 1.5% of the market share. This newcomer’s entry signals its potential to challenge established players in the near future.
Vida Electric: Dropped to #8 as the company transitioned from its V1 to V2 series, resulting in limited availability and sales of just 1,020 units.
Revolt Mobility: The only electric bike manufacturer in the top 10, Revolt Mobility secured the #10 position with 994 units sold. Despite its niche appeal, the brand saw a decline in sales amidst the broader market contraction.
Key Takeaways
The December 2024 EV market presented a tough environment for manufacturers, with widespread declines in sales across the board. However, brands like Bajaj Chetak and TVS demonstrated resilience, while newcomers like Pure Energy showcased their potential.
As the industry evolves, maintaining innovation, supply chain efficiency, and customer-centric strategies will be crucial for growth. The next few months will reveal whether these brands can bounce back and capitalize on the growing demand for sustainable transportation.
Stay tuned for more updates and insights into the EV market trends.
