WionDrive News Desk 
Rakesh Sharma, Executive Director of Bajaj Auto, affirms that electric two-wheelers remain financially advantageous over petrol vehicles despite reduced subsidies, foreseeing 15-25% growth in the EV two-wheeler market.
Sharma, from Bajaj Auto, maker of Chetak, anticipates market stability after a brief slump and projects significant growth at a more sustainable pace compared to earlier triple-digit surges. Despite subsidy adjustments and operational costs, EVs remain cost-effective, particularly for users covering 42 kilometers or more daily, with payback within a year compared to petrol scooters.
The optimism stems from renewed monthly sales recovery post a dip in June. Bajaj Auto plans to launch several Chetak variants, starting this Diwali, along with new offerings in upcoming quarters. The company will also expand its network to 145 stores across 120 cities in the coming year.
Sharma notes industry consolidation, with the top 5-6 players now capturing around 79% of the high-speed scooter market in Q1 FY24, up from 50% in FY22. He predicts double-digit industry growth heavily favoring these leading players, who are expected to dominate about 80% of the overall market.
Bajaj Auto recorded an average of 17,000 Chetak unit sales in Q1 and foresees incremental volumes and growth driven by network expansion and an extended portfolio.
