TVS Motor retained its leadership in the electric two-wheeler (E2W) segment for the second consecutive month in May, registering a 107% year-on-year growth. The company sold a total of 24,562 E2Ws, driven by an expanded product lineup and a wider retail network.
The Chennai-based automaker held a 24% market share in May, when E2W sales recorded their second-highest monthly volume this calendar year. Industry volumes rose 30% year-on-year to 100,270 units, as per Vahan data. The highest monthly sales so far in 2025 were recorded in March — 131,374 units.
TVS Motor overtook Bajaj Auto in April to become the top player, selling 19,940 units of the iQube scooter and capturing a 22% market share. The company’s gains are attributed to its expanding portfolio and growing retail presence. It launched new iQube variants with 2.2 kWh, 3.4 kWh, and 5.1 kWh battery options, and scaled its E2W network to 950 touchpoints, up from less than 750 a year earlier. Director and CEO KN Radhakrishnan said new EV products are also in the final stages of development and will be launched in the coming quarters.
Bajaj Auto climbed to second position in May, overtaking Ola Electric, with 21,770 units sold — a 135% year-on-year growth — commanding a 22% market share. The Chetak manufacturer has steadily gained ground in recent months. Ola Electric, once the market leader, posted a 51% year-on-year drop in sales to 18,499 units. Its market share declined sharply to 18% from 48% in May 2024. In April 2025, it was neck and neck with TVS, holding a 21% share. Ola’s market share erosion and delivery challenges also prompted analysts to cut its earnings and growth estimates downward. Kotak Institutional Equities, for instance, cut the EV firm’s FY26-27 volume projections by 32-34%, citing slower industry growth and delays in Ola’s motorcycle launches.
Analysts at HSBC Global Research said that while the company is targeting Ebitda break-even in its auto segment in FY26 at a monthly run rate of 25,000 units, which they believe will take much longer to achieve. “EV penetration is still hovering around 6-7%, and we are yet to see how the Gen 3 platform and electric motorcycles perform,” the brokerage said, while revising its share price target to Rs 56 from Rs 60.
Ola Electric has guided for 65,000-unit sales in Q1FY26 and has achieved 44,502 units in the first two months. Ather Energy, which recently went public, recorded a 109% year-on-year growth in May with 12,841 units sold, driven by strong demand for its family scooter, the Ather Rizta, and network expansion beyond its southern strongholds. The Bengaluru-based company now holds a 13% market share, up from 8% a year earlier. Hero MotoCorp sold 7,164 units in May — a 191% increase year-on-year. Its market share doubled to 7% compared to the year-ago period.
