TVS Motor Dominates the Electric Two-Wheeler Market in November 2025

TVS Motor captured the leading position in November 2025, achieving a remarkable 25.92% share of the electric two-wheeler (E2W) market. In contrast, Ola Electric experienced a significant sales drop of almost 50%, resulting in a fall to fifth place. Data from Vahan indicates that total E2W sales declined by over 20%, reaching 1.15 lakh units in November, down from 1.44 lakh in October, which had benefitted from festive demand. Nevertheless, TVS Motor maintained its strength with 29,756 registrations in November.

Bajaj Auto and Ather Energy Update

Bajaj Auto shifted to the second position, with E2W sales decreasing by 20% to 25,085 units in November, down from 31,392 units in October. Consequently, Bajaj’s market share dropped to 21.85%. Ather Energy preserved its third spot in November but reported a 30% decline compared to the previous month, with registrations falling to 20,018 units from 28,405 in October. The market share for Ather Energy now stands at 17.43%. After surpassing Ola Electric in market capitalisation last month, Ather also exceeded Ola’s Q2 FY26 revenue with Rs 899 crore, currently boasting a market capitalisation of Rs 27,216 crore (equivalent to $3 billion).

Hero MotoCorp and Ola Electric Sales Performance

Hero MotoCorp climbed to fourth place despite experiencing a 26.34% month-on-month decrease in sales, registering 11,795 units in November and holding a 10.27% market share. After enjoying a 20% growth in October, Ola Electric faced a drastic decline, with registrations dropping nearly 50% to 8,254 units from 16,013. This decline pushed the company to the fifth position in E2W sales, with its market share decreasing from 11.16% in October to 7.19%. On Friday, Ola Electric’s shares closed at Rs 41.38, marking a 17.67% decline from a month prior. The company’s market capitalisation now rests at Rs 18,252 crore (around $2 billion).

Performance of Other Players in the E2W Market

Greaves Electric Mobility, which was positioned sixth in October, experienced a 25.4% month-on-month sales decline, registering 5,692 units in November, thus holding a 4.96% market share. BGAUSS secured seventh place with 2,557 units sold and a 2.23% market share. Despite the overall downturn in E2W sales, River Mobility and Kinetic Green showed positive growth rates of 8.8% and 12.34% respectively in November, finishing in eighth and ninth positions. In contrast, Pure EV fell to tenth place following a steep drop of 37.84% in sales.