The Indian Electric Two Wheeler segment continues its upward trajectory in May 2025 as well, recording the second-best-ever sales for the month to date.
This growth is fueled by strong competition in the segment and significant shifts in market leadership, with Ola experiencing a decline in retail sales and market share while legacy brands like TVS and Bajaj take the lead.
Read about – Best-selling electric scooter in June, top electric two-wheel companies in India.
According to Vahan Data, the electric two-wheeler segment recorded retail sales of 1,00,266 units in May 2025, reflecting an exceptional YoY growth of 30%.
The top three electric two-wheeler manufacturers- TVS Motors, Bajaj Auto and Ola Electric battled closely for the top spot on the market leaderboard in May 2025. The market experienced notable growth and a shift in market dynamics, marking a strong month for major electric vehicle (EV) manufacturers.
TVS Motors continues to lead the Electric 2W market in May with a sales figure of 24,560 units.
Bajaj Auto is in second place with a sales figure of 21,770 units, followed by Ola Electric in third place with sales of 18,499 units.
Ather Energy continues to hold the fourth position with a sales figure of 12,840 units while Hero Motocorp secured the fifth position with a sales of 7,164 units.
In April 2025 EV Sales, TVS Motors led the E2W sales followed by Ola Electric and Bajaj Auto, which had been at the top of the market leaderboard previously, followed by Ather Energy and Hero Motocorp.
This shift in market dynamics reflects an evolving customer preference for brands, which are fueled by reliability, better service and affordable pricing.
The Top Five electric two-wheeler manufacturers in India are TVS Motors, Ola Electric, Bajaj Auto, Ather Energy and Hero Motocorp were engaged in an intense conflict and together accounted for more than 84% of the total electric two-wheelers sold in May 2025 all combined, representing their dominance in the rapidly growing electric two-wheeler segment.
Such a massive combined market share highlights the steady growth of key players whilst representing challenges for new and upcoming players.
Now, let’s take a closer look at the Top 10 Original Equipment Manufacturers (OEMs) in the Electric 2W Industry for May 2025.
| Rank | e-2W manufacturer | Units sold |
|---|---|---|
| 1 | TVS Motor Co | 24,560 |
| 2 | Bajaj Auto | 21,770 |
| 3 | Ola Electric | 18,499 |
| 4 | Ather Energy | 12,840 |
| 5 | Hero MotoCorp | 7,164 |
| 6 | Greaves Electric | 4,177 |
| 7 | Pur Energy | 1,270 |
| 8 | E-Sprinto Green Energy | 1,149 |
| 9 | Kinetic Green Energy | 1,128 |
| 10 | Bgauss Auto | 1,066 |
Data Source: Vahan Dashboard, June 1–2025
TVS Motors continues to lead the electric 2W segment in May 2025, further solidifying its position at the top of the E2W market leaderboard in the country.
After surpassing both Ola Electric and Bajaj Auto in April 2025 to claim the top position, TVS Motors retained its lead in May for the second time with a retail sales figure of 24,560 units.
The company reported a substantial increase in retail sales, with sales figures rising to 24,560 units compared to 19,937 units in April 2025. This increase resulted in a month-over-month growth of 23.17% and a significant year-over-year growth of 107%.
TVS Motors achieved remarkable sales figures compared to others this month, reflecting the brand’s growing prominence in the segment.
TVS iQube continued to be among one of the best-selling electric scooters in the country during the month. This performance has helped the brand secure a market share of 24% in May 2025.
Bajaj Auto, the previous market leader, claimed the second position in the electric 2W market leader board in May 2025.
The brand has regained its market shareholding and moved up a position on the Top 10 leaderboard recording a rise in sales, with retail figures increasing to 21,770 units compared to 19,137 units in April 2025.
This rise represents a month-on-month growth of 13.75% and an exceptional year-over-year growth of 135%.
Bajaj Chetak also continued to remain among one of the best-selling electric scooters in the country, which helped Bajaj Auto secure a market share of 24%
In a surprising turn of events, Ola Electric failed to surpass both TVS Motors and Bajaj Auto and secured the third position, losing its market share in May 2025 with a sales figure of 19,709 units.
As Ola Electric continues to struggle with unresolved concerns, legacy brands like TVS and Bajaj have taken advantage of the situation and worked on increasing their sales, market share, etc.
The company reported a substantial decrease in retail sales, with sales figures falling to 18,499 units compared to 19,784 units in April 2025.
This decline resulted in a month-over-month growth of -6.49% and a negative year-over-year growth of -51%, losing it’s market share further and securing only 18%.
Ather Energy continued to maintain the fourth spot on the market leader board in May 2025 as well.
The brand recorded a sales figure of 12,840 units, a slight decrease from the 13,306 units sold in April 2025. This decrease represents a month-on-month growth of -3.50% and a market share of 13%. Read More: Ather Energy Revenue Beats Ola Electric by Rs 65 Cr Despite Selling Fewer Vehicles
However, the company reported a substantial increase in retail sales over May 2024, reflecting a remarkable YoY growth of 109%.
Hero MotoCorp continued to maintain the 5th position in May 2025, with a sales of 7,164 electric two-wheelers, an increase from 6,143 units sold in April 2025.
This reflects a month-on-month growth of 16.63% and a year-over-year growth of 191%. However, Hero MotoCorp secured a market share of only 5% this month.
Greaves Electric continued to hold the 6th position on the leader board in May 2025 as well.
The brand reported sales of 4,177 units, a rise from the 4,004 units sold in April 2025. This represents a month-on-month growth of 4.32% and a year-over-year growth of 113%. Its market share holding currently stands at 4%.
Pur Energy continued to maintain the 7th position on the leaderboard in May 2025.
The brand recorded total sales of 1,270 electric two-wheelers, a decrease from 1,449 units sold in April 2025. This reflects a month-on-month decrease of -12.37%.
E-Sprinto Green Energy finally made it to the Top 10 leader board this month, securing the 8th position in May 2025 with a sales figure of 1,149 units, a rise from 456 units sold in April 2025.
This increase reflects a spectacular month-on-month growth of 151.97%.
Kinetic Green Energy continued to maintain the 9th spot on the market leader board in May 2025 as well.
In terms of sales, the brand recorded a sales figure of 1,128 electric scooters in May, a slight decrease from the 1,306 units sold in April 2025. This reflects a month-on-month decrease of -13.63%
Bgauss Auto slipped down to the last position on the market leader board in May 2025.
In terms of retail figures, it recorded sales of 1,066 electric two-wheelers, a decrease from 1,313 units sold in April 2025. This reflects a month-on-month decrease of -18.82%.
May 2025 turned out to be an electrifying month with the overall retail sales of electric two-wheelers experiencing a surge in the country. The electric two-wheeler market also experienced a fierce contest in May 2025, with TVS Motors retaining market leadership, while Bajaj Auto and Ola Electric battled closely for the lead, highlighting the escalating competition and shift in market dynamics.
The Sales data for Electric 2Ws in the month of May reflects a competitive as well as a maturing market in the country.
Once dominated by Ola Electric, the electric two-wheeler segment has undergone a major shift in market dynamics recently. Ola’s first-mover advantage is diminishing as legacy players like TVS Motors and Bajaj Auto are now taking the lead, intensifying the competition further.
Ola’s market share fell to 18% in May 2025, down from 21% last month, reflecting a decline amidst an industry-wide slowdown in the E2W segment.
In contrast, TVS Motor and Bajaj Auto strengthened their overall sales figures and market positioning in May 2025, securing 24% market share respectively.
This signifies that legacy automakers are making strong advancements in the E2W segment, challenging established as well as emerging brands with a potentially tighter fight in the coming months.
As the financial year progresses, it will be crucial to monitor how market dynamics evolve, how new and emerging players will impact the existing landscape, and how they will shape the future of electric mobility in the country.
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