Two-wheeler share of EV sales grows to 58% in FY2025

FY2025 with 1.96 million units and 17% YoY growth has turned out to be another record fiscal of electric vehicle sales in India. The two-wheeler segment, which comprises scooters, motorcycles and mopeds, is the biggest contributor to India EV Inc. It is also the most affordable of all the segments which includes e-three-wheelers, passenger vehicles and commercial vehicles.

At nearly 1.15 million units retailed, the electric two-wheeler segment not only registered strong 21% YoY growth (FY2024: 948,508 e2Ws) but also increased its share of overall EV industry sales to 58.49% from 56.41% in FY2024. This constitutes a YoY increase of 2%, exactly the same percentage by which the share of electric 3-wheelers has reduced in FY2025 YoY.

While the e-2W industry's share of overall India EV retail sales has increased by 2% to 58%, the e3W segment's share has reduced by 2% in FY2025. 

As reported last month, the rapid pace of growth has meant that the Indian e2W industry has achieved the million-units retail milestone for the first time, news that Autocar Professional broke in its sales analysis on March 1, 2025.

The e2W segment’s strong showing in FY2025 translates into 3,149 units being sold each day last fiscal as compared to 2,598 units in FY2024. Nevertheless, FY2025’s 17% YoY growth marks a moderation in demand when compared to FY2024’s robust 42% YoY growth. The What has helped maintain the momentum is the good growth in the largest volume segment of electric two-wheelers. With 11,49,307 or 1.149 million units, the e2W industry has scaled a new high and accounts for 58% of total EV retails in FY2025, up 2% from the 56% share it had in FY2024. The closing month of March 2025 saw retail sales of 130,274 units, the second highest after October 2024's 140,221 units. 

Electric two-wheeler OEMs have sold over 1.14 million units in FY2025, up 21% on FY2024's 948,508 units and surpassed the million milestone for the first time. 

Four OEMs – Ola Electric, TVS Motor Co, Bajaj Auto and Ather Energy – have each registered six-figure sales with three of them hitting all-time fiscal year highs. Their combined sales of 943,336 units makes for the bulk of e2W sales: 82 percent. Let’s take a closer look at them as well as Hero MotoCorp and Greaves Electric Mobility, among others while also revealing the entire list of Top 25 e2W OEMs for FY2025 (see data table at the bottom of this analysis).

.With 344,009 e-scooters and e-motorcycles sold between April 2024 and March 2025, Ola has registered a 4% YoY increase in FY2025.

OLA ELECTRIC
FY2025: 344,009 units, up 4% YoY. Market share: 30%
FY2024: 329,947 units, Market share: 35%
Ola Electric, which remains the overall e2W market leader for the third straight fiscal year, sold a total of 344,009 units in FY2025, albeit YoY growth was slower at 4% (FY2024: 329,947 units). Year on year, the company sold an additional 14,062 units, which is much less than what was expected.

Ola had begun FY2025 on a strong note with Q1 (108,409 units) but sales fell quarter on quarter – Q2 (94,173 units), Q3 (84,957 units) and Q4 (56,470 units). While the festive October 2024 (41,840 units) was the best month for the company, February 2025 (8,653 units) was the lowest.

As a result of the slower growth, in comparison of TVS Motor Co and Bajaj Auto, Ola’s market share stands reduced to 30% from the 35% it had in FY2024. Nevertheless, Ola remains way ahead of its rivals, with the lead over TVS Motor Co being 106,433 units last fiscal.

FY2025 saw TVS Motor Co clock total retails of 237,576 units, up 30% YoY (FY2024: 183,189 units), which translates into an additional 54,387 units.

TVS MOTOR CO
FY2025: 237,576 units, up 30% YoY. Market share: 21%
FY2024: 183,189 units, Market share: 19%
With 237,576 EVs sold in FY2025, TVS Motor Co has registered its best-ever fiscal year sales and also surpassed the 200,000 milestone for the first time. This is an additional 54,387 units YoY and makes for strong 30% growth, resulting in an increase in market share to 21% from 19% in FY2024.

TVS Motor Co has been the longstanding No. 2 e-two-wheeler OEM. It came very close to being No. 1 in January 2025 but was pipped to the post by Ola by just 542 units. The Chennai-based two-wheeler major witnessed consistent growth through FY2025 – Q1 (33,656 units), Q2 (55,576 units), Q3 (74,938 units), Q4 (73,406 units). TVS, which sells the iQube scooter, had two months of over 30,000-unit sales: October 2024 (30,240 units) and March 2025 (30,477 units). The FY2025-ending month is now the new monthly high for the company.

TVS, which has ample manufacturing capacity on hand, is strategically expanding the iQube dealer network. Currently estimated at around 750 touchpoints across India, TVS is aggressively increasing its EV network each month.

Bajaj Chetak sales kept improving quarter on quarter – Q1 (25,861 units), Q2 (53,794 units), Q3 (73,246 units), Q4 (77,905 units) – translating into an additional 124,184 Chetaks sold in FY2025 over FY2024. 

BAJAJ AUTO
FY2025: 230,808 units, up 116% YoY. Market share: 20%
FY2024: 106,624 units, Market share: 11%
Bajaj Auto has had out an outstanding fiscal in FY2025. The consistent and strong growth all through the fiscal has meant that Bajaj Auto sold a record 230,808 Chetaks in FY2025, up 116% (FY2024: 106,624 units) and selling an additional 124,184 units to surpass the 200,000 milestone for the first time in a fiscal year.

This stellar performance sees the company’s e2W market share nearly double to 20% from 11% in FY2024. The numbers kept improving quarter on quarter – Q1 (25,861 units), Q2 (53,794 units), Q3 (73,246 units), Q4 (77,905 units) – translating into an additional 124,184 Chetaks sold in FY2025 over FY2024. This is the highest additional volume sold by an e2W OEM in FY2025.

This consistently strong showing meant that Bajaj Auto was the No. 1 e2W OEM for three months. It took the crown for the first time ever time in December 2024, then in February 2025 and followed it up with best-ever monthly sales of 34,907 units in March 2025.

What has helped accelerate sales, particularly in the last four months, is the new 35 Series launched in December 2024. The 35 Series Chetak comprises three variants – 3501, 3502 and 3503 – and offers a higher range of 153km.

Bajaj Auto, which has been engaged in an intense battle for supremacy with legacy rival TVS Motor Co, is just 6,768 units behind the iQube manufacturer at the end of FY2025. The sales gap between these two OEMs in FY2024 was 76,565 units, which indicates just how rapid demand has been for the Bajaj Chetak.

Ather, whose main growth driver is the Rizta family e-scooter, sold 130,945 EVs in FY2025 which is an additional 21,784 units over FY2024.  

ATHER ENERGY
FY2025: 130,945 units, up 20% YoY. Market share: 11.39%
FY2024: 109,161 units, Market share: 11.50%
Bengaluru-based smart electric scooter manufacturer Ather Energy clocked retail sales of 130,945 units in FY2025. This is a 20% YoY increase, having sold an additional 21,784 units, and gives it a market share of 11.39% compared to 11.50% in FY2024 when it had sold 109,161 units.

Like TVS and Bajaj Auto, Ather too had a record month in March 2025. The 15,467 units sold are the e-scooter start-up's second best monthly retails since October 2024's 16,233 units. 

Ather’s main growth driver is the Rizta family e-scooter launched a year ago. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta’s highlights include the largest two-wheeler seat in India and storage space aplenty. The Ather Rizta also won Autocar India’s Electric Two-Wheeler of the Year 2025 award.

The new Vida V2, launched in December 2024, has given Hero MotoCorp a fresh sales charge. March 2025's 7,977 units are its best monthly sales yet. 

HERO MOTOCORP
FY2025: 48,673 units, up 175% YoY. Market share: 4%
FY2024: 17,720 units, Market share: 2%
Hero MotoCorp has closed FY2025 with its best-ever monthly retails of 7,982 units, improving upon October (7,350 units) and November 2024 (7,344 units). This takes its FY2025 total to 48,673 units, which constitutes handsome 175% YoY growth (FY2024: 17,720 units).

In early December 2024, Hero MotoCorp expanded its EV portfolio with the launch of the new Vida V2. The Vida 2 is essentially an evolution of the V1 range that the world’s largest ICE two-wheeler began its electric mobility journey in October 2022. The Vida V2 is available in three variants: Lite (Rs 96,000), Plus (Rs 115,000) and Pro (Rs 135,000). The most affordable V2 Lite is an entirely new variant and comes with a small 2.2kWh battery pack that has a claimed 94km IDC range.

Hero MotoCorp has started scaling up brand presence for Vida and its network now stands at 203 touchpoints comprising 180 dealers across 116 cities. The company, which has the V1 Plus and V1 Pro EVs, plans to expand its portfolio – within the mid- and affordable segment – within FY2025. And it already has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp is an early investor.

Greaves Electric Mobility's Ampere Nexus has provided the bulk of of its record retails of 40,162 units, a 28% YoY increase. 

GREAVES ELECTRIC MOBILITY
FY2025: 40,162 units, up 28% YoY. Market share: 3.49%
FY2024: 31,276 units, Market share: 3.29%
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has recorded its best fiscal year performance with 40,162 units, up 28% YoY. In March 2025, the company sold 5,642 e-scooters – its best-ever monthly retails yet – which gives it a 4% share for the month.

The company has a six-model portfolio of e-scooters comprising the Nexus (pictured above), Primus, Magnus LT/EX (100km+ range), Ampere Magnus Special, entry level Rio Li/La Plus and Zeal EX.

GEM’s FY2025 retails of 40,161 units are up 28% on its FY2024 sales of 31,276 units and give it a market share of 3.49%, marginally improving upon its 3.29% share of FY2024.

The Ampere Nexus, GEM’s e-scooter launched in April 2024, has provided the bulk of the sales. Targeted at families, the Ampere Nexus has been designed and developed in-house at the Ranipet facility in Tamil Nadu. Equipped with a 3 kWH LFP battery, the Nexus has a claimed top speed of 93kph and a certified range of 136km. Sold in two variants, prices start at Rs 110,000 (ex-showroom) and go up to Rs 120,000.

TOP 25 ELECTRIC TWO-WHEELER MANUFACTURERS REVEALED
Though this segment of the EV industry is dominated by four key OEMs in the form of Ola, TVS, Bajaj and Ather, there is fierce competition down the line. While Hero MotoCorp and Greaves Electric Mobility are engaged in a fierce tussle for supremacy for fourth position, there are a number of other players upping the ante.

Bgauss, a lesser-known Pune-based electric scooter maker, is a regular in the Top 10 monthly chart. In FY2025, the company sold a total of 17,343 units. That makes for a 1.50% market share of the 1.14 million e2Ws sold but gives it No. 7 position among over 200 players in the market.

All-electric motorcycle OEM Revolt Motors, which has been in the news for introducing a clutch of new products over the past six months, has had a robust FY2025 with retails of 11,564 units. Revolt Motors, which was amongst the earliest to launch an electric motorcycle in India in CY2019, has expanded its portfolio to five products with the recent launch of the all-new RV BlazeX.

Wardwizard Innovations & Mobility, which sells e2s under its 'Joy e-bike’ brand, has clocked retail sales of 9,394 units, which gives it No. 9 position. It is followed by Pur Energy with 8,982 units and Kinetic Green (8,452 units).

LOOKING AHEAD INTO FY2026
The Indian electric two-wheeler industry will be looking forward to a new fiscal with much optimism even though the subsidy levels have been watered down. Most of the leading OEMs like Ola, TVS, Bajaj Auto, Ather Energy and Greaves Electric Mobility have outlined plans to launch new products. This, along with the increased coverage of EV charging infrastructure, both private and public, will act as a catalyst for growth in CY2024. 

Honda Motorcycle & Scooter India has recently entered the e2W market with its Activa e and QC 1 e-scooters which have a high localisation level of 99 percent. Suzuki Motorcycle India too has plugged into the market with its e-Access, the zero-emission avatar of the popular Access 125 scooter.

In a value-conscious market like India, all the top OEMs are aggressively working to come with up with ‘affordable’ or lower priced EVs, more so in the wake of consistently reducing subsidies. Nevertheless, there is also a growing market for premium electric two-wheelers, which some companies would look to tap. So, with a good bit of action expected in FY2026, stay plugged into Autocar Professional’s for in-depth number-crunching and sales analyses.