TVS ahead of Bajaj Auto, Ather and Ola in e2W sales in January Week 1

The first week of the first month of CY2025 has opened with a new leader in the electric two-wheeler market in India. As per the latest retail sales data on the Vahan portal,TVS Motor Co's iQube e-scooter with 6,144 units is the No. 1 selling model, and has a 30% share of the total 20,181 e-two-wheelers sold in the first week of January 2025 (see Top 10 OEM data table below).

In CY2024, TVS Motor Co was ranked No. 2 with total sales of 220,577 units which gave it a market share of 19% from the total India 2W Inc sales of 1,148,683 units.  

Combined sales of TVS, Bajaj, Ather and Ola, at 17,214 units constitute 85% of the total 20,181 electric two-wheelers retailed between January 1-7.

Bajaj Auto, the No. 1 e2W OEM for the first time in December 2024, is in second place with 4,659 units, which gives it a 23% market share in this month to date. The Pune-based OEM, which launched the new Chetak with enhanced 153km range last month, will be looking to maintain the same momentum it had last year. In CY2024, Bajaj Auto sold a total of 193,494 Chetaks for a 17% market share and was ranked third. Interestingly, both the TVS iQube and the Bajaj Chetak were launched in the same month five years ago: January 2020.

Ather Energy, whose EV portfolio comprises the Rizta, 450S and 450 Apex e-scooters, is at No. 3 in January 2024 (Week 1) with 3,267 units, which gives it a 15% market share. The Rizta family e-scooter, launched in April and the winner of Autocar India’s Electric Two-Wheeler of 2025 Award, is witnessing growing demand. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta’s highlights include the largest two-wheeler seat in India and storage space aplenty. In CY2024, Ather Energy had sold 126,218 EVs which gave it an 11% market share.

Ola Electric, the e2W market leader in CY2024, has sold 3,144 units in the first seven days of January 2025. This gives it a market share of 15.57% for Week 1. Ola had sold 407,583 units in CY2024, which gave it a 35% market share last year. It was not only the first Indian e2W OEM to surpass 400,000 retail sales in a calendar year but commanded a massive lead over its rivals.

Expect Ola Electric, which launched two new products in November 2024 – the S1 Z priced at Rs 59,999 and the S1 Z+ which costs Rs 64,999 – as well as the Ola Gig, a dedicated product for the gig economy, priced at an extremely affordable Rs 39,999, to see a strong 2025. Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to later this year, around April-May.

Combined sales of the TVS, Bajaj, Ather and Ola, which are the only ones to have four-figure retails, are 17,214 units, which constitutes 85% of total retails of 20,181 units in January Week 1.

Greaves Electric Mobility, which is seeing growing traction for its Nexus e-scooter, is ranked fifth with 763 units, which gives the company an 8% market share for the first seven days of this month.

Bgauss Auto is in sixth position with 299 units, followed by electric motorcycle maker Revolt Motors which has clocked retail sales of 243 units in January Week 1. Hero MotoCorp, with its Vida brand of e-scooters and the recently launched Vida 2, is at No. 8 with 229 units. Pur Energy, with 188 units, is ninth. Kinetic Green has entered the Top 10 for the first time with retail sales of 158 units in the first week of January. 

With three weeks left in January 2024, it remains to be seen how the final Top 10 e2W OEMs rankings shape up.  

HONDA CHECKS IN WITH ACTIVA.E AND QC1

Watt lies ahead for the Indian e2W industry in CY2025? Honda is the latest ICE legacy OEM and the first Japanese two-wheeler major to plug into e-mobility. 

The electric two-wheeler industry, which registered strong 33% growth in CY2024 and accounted for 59% of India EV Inc’s total sales of nearly 2 million units, is expected to do well in CY2025. According to apex dealer body FADA, growing demand for e2Ws, particularly the affordable models being rolled out by OEMs, will begin to impact the entry-level two-wheeler market share.

In January Week 1, a total of 36,226 electric vehicles across all segments have been sold. They comprise 20,181 two-wheelers (56% share), three-wheelers (34% share), passenger vehicles (9% share) and commercial vehicles (0.49% share).

Even as the two legacy OEMs at the top (TVS Motor Co and Bajaj Auto) have outsold their start-up rivals (Ather Energy and Ola Electric), another legacy rival and the scooter market leader has entered the e2W market. Honda Motorcycle & Scooter India has opened bookings for the Activa e: and QC1 and will officially announce the pricing for the Activa e: and QC1 at the Bharat Mobility Global Expo later this month. Clearly, there’s plenty of exciting action in this segment of zero-emission mobility. Stay plugged in as we bring you the latest reports and in-depth number-crunching analyses.

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