TVS Motor Leads India’s Electric Two-Wheeler Market in 2025

TVS Motor achieved the top position in India’s electric two-wheeler market with a 26.14% market share in December. The overall electric two-wheeler market experienced a decline of 19% month-on-month. According to Vahan data, following a 20% drop in November, electric two-wheeler sales decreased by another 19%, amounting to 93,000 units. Despite a decline of over 20% in TVS Motor’s sales, its market share rose slightly to 26.14%, with 24,317 registrations.

Bajaj Auto’s Performance in December

Bajaj Auto reported a 29% drop in sales, falling to 18,197 units in December from 25,700 units in November, which led to a decrease in its market share to 19.56%.

Ather Energy’s Status

Ather Energy maintained its position in third place during December, although its registrations decreased by 20% month-on-month to 16,391 units from 20,488 in November, resulting in a market share of 17.62%. The company currently has a market capitalization of Rs 28,870.6 crore ($3.2 billion).

Hero MotoCorp’s Fourth Position

Hero MotoCorp secured the fourth position after surpassing Ola Electric last month, despite a 15.76% decline in sales month-on-month. The company recorded 10,340 units, achieving an 11.12% market share.

Ola Electric’s Sales Statistics

Ola Electric’s sales remained relatively stable at 8,402 units in December, amidst significant declines faced by competitors. Its market share increased by 2%, now sitting at 9.03%, placing the company in fifth place. Ola Electric’s shares closed at Rs 36.2 on Wednesday, with a market capitalization of Rs 15,967 crore ($1.8 billion).

Other Notable Companies

Greaves Electric Mobility, BGauss, and River Mobility retained their ranks at sixth, seventh, and eighth positions respectively. However, they all saw sharp declines in sales for December, with decreases of 24.87%, 31.96%, and 6.15%. e-Sprinto joined the top 10 electric two-wheeler companies, replacing Kinetic Green, almost doubling its sales to 1,324 units and capturing a 1.42% market share.

Annual Performance of the Electric Two-Wheeler Industry

For the year, the electric two-wheeler sector recorded 12.75 lakh units in 2025, reflecting an 11% increase from 11.5 lakh units in 2024. TVS Motor led the market with 2.98 lakh units sold, followed closely by Bajaj Auto at 2.69 lakh units. Ather Energy secured third place with 2 lakh units sold, while Ola Electric and Hero MotoCorp followed with 1.98 lakh and 1.09 lakh units respectively.