India’s electric two-wheeler (e-2W) market continued to grow steadily in 2025, with registrations crossing 1.18 million units between January and November. This is higher than the 1.07 million units recorded during the same period last year. Overall, the segment has grown by 10% so far, and experts expect full-year growth to be around 8–10%.
However, November saw a slowdown. Registrations fell 3% year-on-year and dropped 17% compared to October, mainly because festive-season demand had already peaked. Industry experts say shortages of rare earth magnets have affected production, and lower volumes from major players like Ola Electric have pulled down overall numbers.
Data from the Vahan portal shows that traditional manufacturers are now leading the segment. TVS Motor became the top e-2W seller from January to November with 2,72,874 registrations. Bajaj Auto followed in second place with 2,50,366 units, strengthened by its Chetak lineup.
Among new-age EV companies, Ola Electric stood third with 1,90,088 units, closely followed by Ather Energy at 1,83,163 units — a gap of less than 7,000.
In November alone, the industry registered 1,16,849 e-2Ws, the second-highest monthly total this year. TVS led with 30,309 units, followed by Bajaj (25,526) and Ather (20,323). A major highlight was Hero MotoCorp’s Vida brand rising to fourth place with 12,199 units — pushing Ola to fifth for the month. Ola’s November sales dropped sharply to 8,400 units, a 71% fall from last year.
The data shows a clear trend: legacy brands like TVS and Bajaj are now firmly ahead in India’s electric two-wheeler market, while newer EV players face tougher competition and slowing demand.
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