TVS Motor’s reign as the market leader in the electric two-wheeler segment continued for the third straight month, with sales touching 23,472 units in June so far.
According to Vahan data, the Chennai-based two-wheeler maker held a 25% share of the e2W market, which saw cumulative sales of 95,605 units between June 1 and 29.
Industry volumes were slightly lower than May, when total sales hit 100,901 units—the second-highest monthly tally this calendar year.
The final numbers for June may inch up further once data for the last day of the month is updated.
TVS Motor overtook Bajaj Auto in April to claim the top spot, aided by aggressive network expansion and a broader product line-up. The company has held on to the lead since then. It has sold 68,195 units of its iQube e-scooter so far in the current quarter, more than double the 33,660 units sold in the first quarter of FY25.
Bajaj Auto remains a close second. The Pune-based company sold 21,238 units of its Chetak e-scooter in June so far, cornering a 22% share of the e2W market.
The momentum in the e2W segment, however, could face headwinds. China’s export restrictions on rare earth magnets—a critical component in EV and electronics manufacturing—pose a threat to production volumes. Both TVS Motor and Bajaj Auto have flagged the risk of major production cuts starting from July if the supply crunch persists.
“This EV supply chain disruption is certainly going to pose a short- to medium-term challenge,” TVS Motor MD Sudarshan Venu said recently.
Bajaj Auto executive director Rakesh Sharma also warned that production could be severely hit by July unless the issue is resolved.
Industry bodies SIAM and ACMA are currently in talks with the government to address the challenge posed by China, which accounts for 90% of the global rare earth magnet supply.
Ola Electric sold 17,628 units so far in June, ranking third with an 18% market share—unchanged from May. The Bengaluru-based EV maker, which once dominated the market with a 46% share in June 2024, has lost ground to legacy players following quality concerns, weak after-sales service, and regulatory issues over discrepancies in reported sales data.
Ather Energy sold 13,397 units in June, capturing a 14% market share. The company has doubled its market share from a year ago, driven by strong demand for its Rizta family scooter and rapid retail expansion. The Bengaluru-based firm, which added 143 stores in FY25, said it has the capacity to scale at a rate of two stores per day.
Hero MotoCorp also doubled its market share year-on-year to 7% in June, with sales of 6,775 units. The company is now gearing up to challenge segment leaders TVS Motor and Bajaj Auto with the launch of the VX2—a budget-friendly variant of its Vida electric scooter—on July 1. The VX2 is expected to be priced aggressively, below the current starting price of Rs 74,000 (ex-showroom) for the Vida V2.