TVS and Bajaj surge ahead as ICE-era heavyweights reshape India’s electric two-wheeler race
NEW DELHI, 2nd July 2025: Electric two-wheeler registrations for June 2025 are off to a great start. According to Vahan data, the number of e-scooter registrations in India increased 32% year over year to 105,282 units; however, TVS Motor and Bajaj Auto, ICE veterans, were the real winners, together making up nearly 46% of all e-scooters sold during the month. Interestingly, Ola, which formerly held a dominant 46.1% share, is now lagging with just 19.2%.
As Ola Electric’s once-dominant share of the Indian electric two-wheeler market has halved in the last year, legacy automakers now control half of the market, marking a dramatic reversal of fortunes.
In June, TVS Motor topped the sales chart with 25,274 registrations, an 80% YoY increase, continuing its impressive run. The iQube scooter continues to be a major growth driver due to its reliable performance and extensive dealer network. With 23,004 units, Bajaj Auto came in second, up 154% from the previous year. This was made possible by the electric Chetak’s steady expansion into tier-2 cities and smaller markets.
In the market, where trust, serviceability, and brand legacy are starting to matter just as much as innovation and early-mover advantage, their respective market shares—24% for TVS and 21.8% for Bajaj—signify a dramatic power shift.
The Drop from the Top of Ola
A more grounded reality now confronts Ola Electric, which once revolutionised the category with its scale and digital-first marketing. It sold 20,189 units in June, a 45% decrease from the same month the previous year. Despite a 9% increase from May, Ola was unable to counteract the broader trend of market decline, particularly as legacy OEMs use traditional dealership networks, financing arms, and strong after-sales support to consolidate their gains.
Startups Wait While Hero Quickens
Ather Energy, one of the more recent entrants, has expanded its market share to 13.8% and recorded 14,512 units, a 133% YoY increase. Even in a more competitive market, it is maintaining its competitiveness thanks to its updated 450 series and targeted retail expansion strategy.
Hero MotoCorp, which started slowly, is now accelerating. Under its Vida brand, the company sold 7,664 units, a 149% YoY increase. A more significant push into the market is indicated by the fact that its market share has doubled to 7.3%.
Fall of the Early Movers
Some early entrants are struggling to keep up as the market matures. Hero Electric, a former leader, saw an 86% drop in volume in June, selling only 41 units. Okinawa Autotech saw a 57% decline from the previous year, despite a slight improvement with 159 units. Supply shortages, brand fatigue, and the inability to meet the changing demands of today’s EV consumer are the problems facing both brands.
Quarterly Overview: Establishing Legacy Dominance
The larger pattern is just as instructive. During the first quarter of FY26 (April–June), 298,576 electric two-wheeler registrations were made, a 34% increase over the same period last year. Bajaj is up 148%, Hero MotoCorp has jumped 223%, and TVS has doubled its quarterly volumes. This fiscal year, the company has sold over 20,000 units.
The Half-and-Half Moment: A Crossroads Market
The balance of power is shifting in this new half-and-half market, both structurally and numerically. The next phase will likely be defined not by who was first but by who can scale sustainably, serve dependably, and evolve faster.
