Bajaj Auto eyes market share gains with new electric 3-wheeler lineup

Bajaj Auto Ltd is looking to snatch market share away from the leading players in the electric three-wheeler market. The largest three-wheeler maker in the country has launched its new electric three-wheeler brand, Bajaj GoGo.

The company has rolled out three new electric three-wheeler variants and plans to introduce up to four new models in the next four to five months.

"The electric three-wheeler market is going to consolidate. In the next couple of years, we would like to capture an additional 10% market share in the passenger segment," said Samardeep Subandh, president-Intracity Business Unit at Bajaj Auto, in an interview.

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Bajaj Auto trails behind Mahindra Last Mile Mobility Ltd in the electric three-wheeler passenger space. As per Vahan data, Bajaj Auto's market share was 32% in the segment, against 39% of Mahindra in 2024. In the overall electric three-wheeler market, the Pune-based Bajaj had a 6% market share against Mahindra's 10% in 2024.

The company is looking to recreate its dominance in the three-wheeler segment, in which it had a 36% market share in 2024.

"There are going to be a lot better products. The electric three-wheeler market will consolidate in favour of the large players. We were late entrants as we took time to develop a product customers would appreciate," Subandh said.

Prominent competitors include Mahindra, Piaggio, Euler, and Montra.

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Bajaj entered the electric three-wheeler space in June 2023 with RE-Etec and Maxima XL Cargo E-Tec. In the financial year 2024, it sold over 12,231 electric three-wheeled vehicles in the country.

However, the company's strategy will focus on the three new models launched under the Bajaj GoGo brand.