Ola Electric Achieves Milestone: Crosses 4 Lakh Electric Scooter Sales in 2024

Despite facing occasional controversies, Ola Electric continues to solidify its position as a leading force in India’s burgeoning electric two-wheeler market. The Bengaluru-based EV startup has recently achieved a significant milestone, becoming the first company in India to surpass 4 lakh electric scooter sales within a single calendar year.

According to a recent report by Autocar Professional, Ola Electric recorded an impressive 400,099 retail sales in 2024, as per data from the Vahan portal up to December 15th. This represents a remarkable 50% year-over-year (YoY) growth, translating to an additional 132,371 units sold compared to the previous year.

Dominating the Indian EV Two-Wheeler Market

Ola Electric has rapidly emerged as a dominant player in the Indian EV landscape. Since its launch in December 2021, the company has achieved cumulative retail sales exceeding 775,000 units, a significant portion of which was achieved in 2024. This impressive performance positions Ola as the market leader in the Indian e2W segment, capturing a substantial 30% market share of the 2.62 million electric two-wheelers sold in the country during this period.

Market Leadership and Competition

Ola Electric’s market dominance is evident. In its inaugural year (2022), the company achieved sales of 109,401 units, surpassing the combined sales of its closest competitors, Ather Energy (51,808 units) and TVS Motor Co. (47,812 units). As of mid-December 2024, Ola Electric’s total sales have reached 777,118 units.

Currently, Ola Electric leads the market with a commanding 36% market share, followed by TVS with 19% (2,10,666 iQube e-scooters sold) and Bajaj Auto with 17% (1,84,577 Chetak scooters sold). Ather Energy holds the fourth position with an 11% market share and 1,20,721 electric scooters sold.

This report highlights Ola Electric’s significant achievements in the Indian electric two-wheeler market, emphasizing its rapid growth, market leadership, and the company’s continued efforts to drive the adoption of electric mobility in the country.