TVS Motor closed 2025 as the leader in India’s electric two-wheeler (E2W) market with a 26% market share in December, even as the overall segment witnessed declining sales for the second consecutive month.
The Chennai-based automotive manufacturer recorded a 44% year-on-year jump in electric scooter sales to 25,039 units in December, according to the latest Vahan data. The company’s market share in the E2W segment also grew marginally from 24% in December 2024. The iQube e-scooter maker maintained market leadership in eight of the last 12 months of 2025.
TVS Motor’s growth came despite a continued slowdown in industry volumes. Overall electric two-wheeler sales declined 21% month-on-month to 97,380 units in December, following a 19% fall to 1,17,643 units in November. On a year-on-year basis, however, industry sales were up 32% from 73,764 units in December 2024.
Bajaj Auto retain its second spot in despite reporting a modest 2% year-on-year increase in sales to 18,790 units during the month. The market share of the Chetak e-scooter maker, however, declined to 19% in December 2025 from 25% a year earlier, pushing the company to second place from the top position. Bajaj Auto largely retained the second spot through the year, barring a brief period of disruption due to manufacturing challenges linked to the non-availability of rare earth minerals.
Ather Surges as Ola Struggles
Interestingly, Bengaluru-based Ather Energy posted a 62% year-on-year jump in sales to 17,052 units in December 2025. The company retained its third position for most of the year, with its market share rising to 18% from 14% in December 2024. The gains were driven by strong demand for its family-focused Rizta range of scooters, supported by the rollout of its battery-as-a-service (BaaS) option, which reduced the upfront cost of its scooters by 35–40%. Ather is narrowing the gap with Bajaj Auto in both sales volumes and market share.
Ather Energy’s cross-city rival Ola Electric reported a 22% year-on-year decline in monthly sales to 10,701 units in December 2025. Its market share fell sharply to 11% from 19% in December 2024 as concerns over after-sales service, delivery delays, and customer complaints, along with regulatory issues weighed on its sales throughout the year. The company slipped to fifth place in the monthly E2W sales rankings from third in December 2024. On a month-on-month basis, however, Ola Electric’s sales improved to 9,020 units in December from 8,436 units in November, with market share rising to 9% from 7%.
The company attributed the sequential improvement to its Hyperservice initiative, a service transformation programme aimed at a sustained turnaround. “With 9,020 units registered in December (as per VAHAN data), the company increased its market share M-o-M to 9.3% in December over 7.2% in November 2025. In addition to this, the company’s market share in 2nd half of December 2025 (as per VAHAN data) further increased to nearly 12%, indicating a clear uptick in demand and market share gains,” the company said in an exchange filing.
Earlier this week, Ola Electric announced the expansion of its Hyperservice initiative with the launch of dedicated centres offering same-day service guarantees at no additional cost, starting from Bengaluru.
Hero MotoCorp emerged as the biggest gainer among the top five E2W sellers, with sales jumping nearly nine-fold to 9,020 units in December 2025. Its market share rose to 9% from just over 1% in December 2024. The company’s electric mobility arm, Vida, launched a BaaS subscription for its VX2 range in July, pricing the Vida VX2 Go as low as ₹44,990, which helped drive volumes.
Full year
On a full-year basis, the electric two-wheeler industry recorded total registrations of 1.28 million units in calendar year 2025, compared with 1.15 million units in calendar year 2024. TVS Motor topped the chart with sales of 2,98,897 units and a 23% market share, followed by Bajaj Auto with 2,69,837 units and a 21% share. Ather Energy and Ola Electric followed with 16% market share each, while Hero MotoCorp ranked fifth with a 9% share.