New Delhi: The festive season has caused a mini churn within the electrical two wheeler (e2W) market, with TVS iQube racing previous Bajaj Chetak. As per knowledge from the vahan portal, TVS offered almost 25,000 models of Chetak until date in October towards slightly below 24,000 models by Bajaj. In September, Bajaj Auto had grabbed headlines when Chetak had change into the quantity two finest vendor out there. This neck and neck race between the 2 manufacturers is more likely to proceed within the coming months and a key differentiator could possibly be the brand new product lineup. Bajaj is planning to launch a “new and refreshed vary” subsequent month whereas TVS is predicted to give you a sub-one lakh rupee product quickly.Throughout October, Ola Electrical offered over 34,000 models until date, accounting for over 30% of the market. Ola’s continues to guide the market comfortably regardless of the latest controversy over product servicing. So in the course of the month, Ola held sway over 30.5% of the e2w market, with Bajaj and TVS accounting for 21% and 22% share respectively. In different phrases, these three manufacturers accounted for nearly three in 4 e2w offered in India.
Ather offered slightly over 13000 models in October until date, accounting for rather less than 12% market share whereas Hero MotoCorp was slightly below 6% with 6262 models.
Bajaj:Bajaj Auto continues to be upbeat about Chetak. Government Director Rakesh Sharma stated after the second quarter outcomes that the momentum of market share acquisition ought to enhance additional with a completely new refreshed vary and upgraded vary. That is being launched subsequent month. “The upgraded Chetak is not going to solely have superior and aggressive propositions, however can even considerably enhance our margin construction,” he stated.
Sharma additionally famous that Bajaj Chetak was now “solidly within the quantity three place and was truly at an nearly shared quantity two in September. What’s extra essential to notice is its momentum and trajectory. From simply 10% odd in Q2 FY ’24 it has hit 19% in Q2 FY ’25, nearly doubling the market share.”
Bajaj has already received within the battle with TVS resulting from a better pricing technique. However a latest tweak in its distribution and retail technique for Chetak has additionally helped in tightening the grip over the e2w market. A distinguished vendor of Bajaj had stated earlier that for about two months now, Bajaj has been retailing its e2w model Chetak by way of its present motorbike dealerships additionally, along with unique Chetak showrooms.
This can be a far cry from the preliminary retail technique of Bajaj, which was based mostly on promoting Chetak by way of KTM showrooms. This follow was discontinued after a while since gross sales simply didn’t take off in most states, besides Maharashtra. Then, Bajaj determined to promote Chetak by way of unique Chetak showrooms. However even this didn’t get the specified numbers and now, in a recent tweak, the OEM is utilizing its present motorbike showrooms too to promote Chetak.
This new distribution technique has ensured deeper rural penetration for Chetak. “This new gross sales technique is already working. Rural gross sales are outpacing these in metro cities, the place charging e2ws in house buildings is hard and discourages some prospects from shopping for electrical merchandise,” this vendor stated.
TVS:On its half, TVS Motor Firm is ticking all of the bins for keep its robust place within the e2w pecking order with iQube: product, value level and distribution community. Ok N Radhakirshan, XXX, stated after the second quarter outcomes that TVS has launched new variants of the iQube portfolio to “make electrical mobility accessible to everybody. We’ve now three battery choices, relying upon the shopper utilization and the vary: one with 2.2 kilowatts, then 3.4 kilowatts and 5.1 kilowatts.” In the previous few months, TVS has launched the iQube 09, which has a single battery pack and subsequently a lower cost than the opposite variants. The technique on pricing is evident: the corporate desires to launch differentiated merchandise at totally different value factors as an alternative of competing on reductions, which many others are providing on their product vary.
Is there a sub one lakh rupee product additionally within the pipeline? Radhakrishnan didn’t verify this, merely saying new merchandise are anticipated to be launched shortly to deal with totally different buyer segments. A two wheeler vendor had earlier stated {that a} sub one lakh rupee product could also be launched someday subsequent month.
This individual stated that TVS had suffered considerably as a result of lack of a sub one lakh rupee product. “This can be a very value delicate buyer phase and Bajaj has been in a position to beat TVS nearly solely on the pricing plank.” ends
To be taught extra in regards to the electrical automobile ecosystem and meet the important thing trade leaders, click on right here.
