The Bajaj Chetak electric scooter has gone past the cumulative wholesales milestone of 3 lakh\ units in the Indian market. From launch in January 2020 through to end-October 2024, as per SIAM wholesales data for the two-wheeler industry, the Chetak’s has clocked a total of 3,03,621 units till end-October 2024.
- October 2024 saw highest monthly dispatches
- Chetak has taken a little less than 5 years to achieve this milestone
Having surpassed the 2 lakh units milestone in June 2024, the last 1 lakh units have taken just four months – July-October 2024 – with October 2024’s 30,644 units being the Bajaj Chetak’s highest monthly dispatches yet.
Dispatches of 1,41,885 Chetaks in the first 7 months of FY2025 are a 160 percent YoY increase. Also, the production-to-sales ratio shows that Bajaj Auto is managing its electric scooter inventory very well.
Launched on January 14, 2020, just before the pandemic struck, Bajaj Auto’s first electric scooter has taken a little less than five years to cross the 3 lakh unit sales. A look at the Chetak’s sales data sheet reveals that while the momentum was rather slow right till end-FY2023, demand has risen handsomely in FY2024 and in the first seven months of FY2025.
The Chetak hit the 1 lakh unit sales milestone in November 2023, taking a little less than four years. The next 2 lakh units though have been sold in just a year, as a result of the expanded retail network, ramped-up capacity and increased customer demand. In fact, the run from 2 lakh to 3 lakh units has taken just four months. The 1,01,031 units comprise July (20,114 units), August (21,756 units), September 2024 (28,517 units) and October (30,644 units).
While FY2024’s 1,15,702 units were a 219 percent YoY increase (FY2023: 36,260 units), the April-October 2024 tally of 1,41,885 units in the first seven months of FY2025 are up 160 percent YoY on April-October 2023’s 54,519 units.
Retail sales of 1,07,970 units between April-October 2024 give the Bajaj Chetak an e2W market share of 16 percent, more than doubling its 5.51 percent share in H1 2023.
Also See: Bajaj Chetak electric scooter: price, variants explained
Chetak’s market share grows to 16 percent in April-October 2024
Bajaj Auto, which is among the three legacy players and SIAM members along with TVS Motor Co and Hero MotoCorp to have plugged into e-mobility, is the firm No. 2 after TVS and ahead of Ather Energy. In FY2024, as per SIAM wholesales data, the Bajaj Chetak sold 1,15,627 units, ahead of Ather Energy (1,07,894 units) by a slender margin of 7,733 units and quite a substantial step below TVS Motor Co (1,89,896 units) by 74,269 units.
On the retail sales front, Ola Electric, which is not listed amongst the SIAM member companies, remains the market leader with a huge lead over its rivals. In the current fiscal year, the Bajaj Chetak has seen retail sales of 1,07,970 units in April-October 2024 compared to 1,19,256 TVS iQubes.
In terms of retail market share for the April-October 2024 period, the Bajaj Chetak accounts for a 16.61 percent share (up from 9 percent in April-October 2023) while the TVS iQube has an 18.35 percent share. E-two-wheeler market leader Ola Electric with 2,44,303 units tops with a 37 percent market share. Ather Energy (66,799 units) has a 10 percent share and is ranked fourth. These four OEMs put together account for 81 percent of the total e-two-wheeler market.
What is giving the Chetak new verve in the market is the ramped-up production and a growing dealer network, which is understood to be around one thousand showrooms across India.