Quick Highlights:
- India’s EV two-wheeler market recorded 1,04,056 units in September 2025, steady against August.
- TVS Motors retained leadership with 22,481 units (–7.41% MoM).
- Bajaj Auto surged 65.11% MoM to 19,519 units, securing 2nd place.
- Ather Energy overtook Ola Electric, selling 18,109 units.
- Ola Electric slipped to 4th, recording a 29.50% MoM decline.
- Hero MotoCorp fell to 5th with 12,736 units (–4.34% MoM).
- Festive season expected to drive further reshuffling in the EV leaderboard.
India’s EV Sales September 2025: TVS Retains Lead, Bajaj Surges, Ather Overtakes Ola
India’s electric two-wheeler market continued its dynamic trajectory in September 2025, with retail sales hitting 1,04,056 units, according to Vahan data. This figure represents a marginal uptick from August’s 1,03,802 units, reflecting steady momentum despite brand-specific fluctuations.
While the overall industry held firm, the competitive landscape among the top players shifted dramatically. TVS maintained its leadership, Bajaj staged a strong comeback, Ather overtook Ola, and Hero slipped further down the rankings. The evolving dynamics underscore both the growth and volatility of India’s EV market as it matures.
TVS Motors: Market Leader Despite MoM Decline
TVS Motors sold 22,481 units in September 2025, retaining its leadership despite a 7.41% decline from August’s 24,087 units. Holding a 21.6% market share, TVS continues to dominate with its iQube electric scooter.
The company’s product strategy remains pivotal. In early 2025, TVS launched a 3.1 kWh iQube variant priced around ₹1.05 lakh, bridging the gap between its 2.2 kWh and 3.5 kWh models. Additionally, the iQube ST version with a 5.3 kWh battery and 212 km IDC range has been rolled out, introducing premium features like hill-hold assist.
These offerings allow TVS to serve a wide spectrum of consumer preferences—balancing affordability, performance, and features. However, supply-side constraints in September likely capped its sales upside, signaling that production scalability remains a critical factor.
Bajaj Auto: Stellar 65% Growth and a Strong Comeback
Bajaj Auto emerged as the biggest gainer of the month, delivering 19,519 units in September, a massive 65.11% jump from August’s 11,730 units. With this surge, Bajaj climbed to the second position with an 18.76% market share.
The turnaround was fueled by two key factors:
Supply Chain Recovery: Earlier disruptions caused by rare-earth magnet shortages had hampered Bajaj’s output. With supply constraints resolved, dealership deliveries normalized.
New Product Launch: The entry-level Chetak 3001, priced at ₹99,990, expanded Bajaj’s portfolio, appealing to budget-conscious buyers.
This dual strategy of addressing supply issues and widening product reach has allowed Bajaj to rapidly regain momentum in India’s EV race.
Ather Energy: Holding Steady and Surpassing Ola
Ather Energy registered 18,109 units in September, almost flat compared to August’s 17,856 units. However, this steady performance was enough to overtake Ola Electric and secure third place with a 17.40% market share.
Ather’s strengths lie beyond just sales numbers. The company recently issued ₹71 crore worth of ESOPs to employees, underscoring its focus on talent retention and long-term growth. Strategically, Ather has expanded beyond its southern strongholds into other regions, enhancing its national presence.
Its premium EV positioning and strong brand loyalty continue to pay dividends, helping Ather remain competitive in a market where volume leadership is hotly contested.
Ola Electric: Sharp Decline to Fourth Spot
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Once a front-runner, Ola Electric slipped to 4th place in September with 13,371 units sold, marking a steep 29.50% MoM decline from August’s 18,972 units.
This fall translated into a market share drop to 12.85%, highlighting the growing intensity of competition. Analysts attribute Ola’s decline to after-sales service challenges, registration delays, and consumer dissatisfaction in certain regions.
The decline signals a shift in consumer confidence, with network strength and service reliability emerging as decisive factors in the maturing EV landscape.
Hero MotoCorp: Losing Ground
Hero MotoCorp sold 12,736 units in September, a 4.34% MoM dip from August. With a 12.24% market share, Hero continues to face challenges in translating its strong gasoline two-wheeler legacy into sustained EV growth.
While Hero’s extensive dealer network provides reach, the EV market demands battery innovation, charging infrastructure, and strong after-sales support. Without doubling down on these pillars, Hero risks losing further ground in India’s fast-changing EV segment.
Greaves, BGAUSS, Pure EV, River, and Kinetic: Mid-Tier Players
Beyond the top five, several mid-tier and emerging OEMs made their mark:
- Greaves Electric Mobility sold 4,271 units (–5.05% MoM), holding a 4.1% share, largely catering to value-focused Tier-2 and Tier-3 city buyers.
- BGAUSS delivered 2,270 units (+32% MoM), climbing ranks with its design-forward scooters aimed at urban commuters.
- Pure EV maintained relative stability with 1,762 units (–0.96% MoM), retaining about 1.7% market share.
- River Mobility, a new entrant, recorded 1,682 units (+1.51% MoM), gradually building its metro-focused footprint.
- Kinetic Green reported 1,084 units (–28.4% MoM), reflecting the challenges of sustaining growth in semi-urban and rural segments.
These brands highlight the diverse segmentation of India’s EV market—from urban-focused premium scooters to affordable rural options.
Top 10 OEMs by Sales – September 2025
| Brand | September '25 | August '25 | MoM % Growth |
| TVS Motor | 22,481 | 24,087 | -7.41% |
| Bajaj Auto | 19,519 | 11,730 | 65.11% |
| Ather Energy | 18,109 | 17,856 | 1.42% |
| Ola Electric | 13,371 | 18,972 | -29.5% |
| Hero MotoCorp | 12,736 | 13,313 | -4.34% |
| Greaves Mobility | 4,271 | 4,498 | -5.05% |
| BGAUSS | 2,270 | 1,720 | 32% |
| Pure Energy | 1,762 | 1,779 | -0.96% |
| River Mobility | 1,682 | 1,657 | 1.51% |
| Kinetic Green | 1,084 | 1,513 | -28.4% |
Outlook: Festive Season to Fuel Further Competition
September 2025 reaffirmed the volatile yet promising trajectory of India’s EV two-wheeler market. While TVS retained the top spot, Bajaj’s resurgence and Ather’s steady climb reshaped the leaderboard. Meanwhile, Ola and Hero saw setbacks, underlining that service quality, product variety, and supply chain resilience are just as crucial as raw sales numbers.
With the festive season approaching and several new EV launches expected, the coming months are likely to bring further reshuffling at the top. The race for leadership in India’s EV revolution has never been more competitive.
