The Indian electric two-wheeler (E2W) market witnessed an impressive surge in May 2025, with overall retail sales reaching 100,266 units, marking a substantial 30% year-on-year growth. Amidst this expansion, one brand stood out with a remarkable performance, demonstrating a significant shift in the competitive landscape.
TVS Motor Company emerged as the frontrunner, dominating the market with a staggering 107% growth in sales compared to May 2024. This outstanding performance translated to 24,560 units sold, securing a commanding 24% market share. TVS's success can be attributed to several strategic factors, including aggressive pricing strategies and an expanded product portfolio. The TVS iQube Electric has been a key driver, with the company slashing prices by up to Rs 26,000 and marginally increasing battery capacity, making it an attractive option for consumers.
In contrast, Ola Electric, which previously held a dominant position in the E2W market, experienced a significant decline. The company's sales plummeted by 51% year-on-year, with 18,499 units sold in May 2025. This resulted in a substantial drop in market share, from 48% in May 2024 to just 18% in May 2025. Industry analysts attribute Ola's decline to increased competition, a slowdown in model innovation, and growing customer dissatisfaction with after-sales service.
Bajaj Auto also emerged as a strong contender, closely trailing TVS Motor with 21,770 units sold and a 22% market share. The company recorded an impressive 135% year-on-year growth, driven by the popularity of its Chetak Electric scooter. Bajaj's success can be attributed to its strong brand reputation, established distribution network, and focus on product quality. The launch of the new Chetak 3503, the most affordable model in the 35 Series, further boosted the company's sales.
Ather Energy, another key player in the E2W market, continued its growth trajectory with 12,840 units sold in May 2025, a 109% increase compared to May 2024. This performance allowed Ather to capture a 13% market share. The Ather Rizta family e-scooter has been a major growth driver for the company, surpassing 100,000 unit sales since its launch.
Hero MotoCorp also made significant strides in the E2W market, with sales increasing by 191% year-on-year to 7,164 units. This allowed the company to secure a 7% market share. Hero's success can be attributed to the popularity of its Vida V2 e-scooter and its efforts to expand its presence in the EV segment.
The shift in market dynamics highlights the increasing competition in the Indian E2W market, with legacy players like TVS and Bajaj gaining ground against EV-first startups like Ola Electric. The overall E2W market continues to grow, driven by increasing consumer acceptance, government support, and growing EV infrastructure. However, companies need to focus on product innovation, customer service, and competitive pricing to maintain their market position in this rapidly evolving landscape.
