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Electric two-wheelers hit record 11.6% penetration in September; TVS Motor and Bajaj Auto hold nearly half the market
Electric two-wheelers reached a peak penetration of 11.6 per cent, or 207,000 units, in September, according to Equirus. TVS Motor and Bajaj Auto together held nearly half the market.
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The numbers
Figures from ET Auto Retail,
| TVS Motor and Bajaj Auto combined market share: | nearly half |
|---|
Why it matters for the brand
With electric two-wheelers at a record 11.6% of September sales (about 207,000 units) and TVS Motor and Bajaj Auto holding nearly half, dealers and brand teams should prepare showroom, service and financing for EVs now, and expect legacy-brand trust to count for more than new-entrant novelty.
What to track next
- October and November electric two-wheeler penetration versus the 11.6% September record
- Monthly registrations versus the ~207,000-unit September level
- TVS Motor and Bajaj Auto combined share moving above or below the current near-half
- Any change to incentive policy for electric two-wheelers
- New launches or price cuts from rival electric and ICE two-wheeler makers
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- TVS Motor and Bajaj Auto are likely to defend their near-half combined share by widening their electric line-ups and dealer coverage.
- Pure-play electric makers and ICE-first rivals may respond to the record 11.6% penetration with price cuts, financing offers or new variants.
- Lenders and NBFCs are likely to expand electric two-wheeler loan products as volumes near 207,000 units a month and residual-value data builds.
- Expect other auto segments, where EV penetration also hit records, to draw more announcements of electric launches and capacity from incumbents.
- Policymakers may point to the record penetration when deciding whether to adjust or taper incentives for electric two-wheelers.
The source
Published
First seen