Of the over 200 players in India’s electric two-wheeler market, Ola Electric, TVS Motor Co, Bajaj Auto, Ather Energy, Greaves Electric Mobility and Hero MotoCorp are the six OEMs which top the monthly sales charts and have sold over 2.77 million units. Four of them are set to achieve their best-ever annual retail sales this year.
24 Aug 2025 | 10332 Views | By Ajit Dalvi
Eight-and-a-half months into CY2025, the Indian electric two-wheeler industry has registered new vehicle sales of over 777,000 units till August 23, 2025. This constitutes 68% of CY2024’s record retail sales of nearly 1.15 million units and bids fair to raise the bar with four months still remaining this year.
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Eight-and-a-half months into CY2025, the Indian electric two-wheeler industry has registered new vehicle sales of over 777,000 units till August 23, 2025. This constitutes 68% of CY2024’s record retail sales of nearly 1.15 million units and bids fair to raise the bar with four months still remaining this year.
Of the 210 players in the domestic e-2W market, six manufacturers, which have each clocked cumulative six-figure sales since their market entry, continue to hold sway and command the bulk of the deliveries to EV buyers each month. Of these six OEMs, four – TVS Motor Co, Bajaj Auto, Ather Energy and Hero MotoCorp – are well set to register their best-ever annual sales this year.
While smart e-scooter startup Ather Energy was first to market in CY2018, Hero MotoCorp, with its Vida brand, was the last of this lot to enter the zero-emission industry in CY2022. The combined retail sales of this six-pack, led by Ola Electric, adds up to 27,77,901 units or 2.77 million units, thereby accounting for a commanding 76% share of the 3.65 million (36,51,404) e-2Ws sold in India between CY2018 and August 23, 2025 (see data table above). Let’s take a closer look at each of the six OEMs performance since their market entry.
OLA ELECTRIC
Total sales: 928,964 units
Share of 3.6m units: 25%
Earlier this month, Ola Electric, which entered the e-2W market in end-2021, became the first OEM to surpass 900,000 sales. It’s been the first to race through the 100,000, 200,000, 300,000 and even 400,000-unit sales milestones in a single calendar year, way ahead of its rivals. TVS is the only other OEM to have clocked over 200,000 sales in a single year (2024).
At a total 928,964 units sold to date, the company, whose main product is the S1 range of e-scooters and now also sells the Roadster X e-motorcycle, has a 25% share of the 3.65 million two-wheeled EVs sold in India between CY2018 and end-August 2025.
In CY2022, Ola Electric sold 109,403 units, which was more than the combined sales of its top two rivals at the time: Ather Energy (51,812 units) and TVS (47,183 units). This gave it a 17% share of the India e-2W market of 631,404 units. CY2023 saw Ola register energetic 144% YoY growth with its 267,386 units and a 30% share of all-India retails of 860,433 units.
CY2024 belonged to Ola – with 407,694 units, it commanded a 35% market share. The stellar performance last year, which saw Ola achieve the best-ever monthly sales for an e-2W maker – 53,647 units in March 2024 and a 38% share – and enabled India e-2W Inc to cross 1-million sales (1.14 million units) for the first time.
However, compared to the past two years, Ola’s retail sales have slowed down in CY2025. Cumulative sales from January 1 to August 23, as per Vahan data, are 144,239 units. The company, which sells both e-scooters and electric motorcycles, had last topped the monthly sales chart in January 2025 but since then has lost that spot to Bajaj Auto in February and March 2025, and to TVS in April, May, June and July 2025. If the pace of its sales improves in the last four months of CY2025, Ola which sells both e-scooters and e-motorcycles, could cross 200,000 sales this year.
TVS MOTOR CO
Total sales: 623,205 units
Share of 3.6m units: 17%
Second on the OEM scale is TVS Motor Co with its iQube scooter, which has clocked sales of 623,205 units till end-August and give the company a 17% share of the 3.6 million e-2Ws sold in India in the past eight years. Launched in January 2020, the TVS iQube e-scooter achieved the 600,000 sales milestone in June this year.
The big jump for TVS came in CY2023 when the company delivered 166,582 iQubes to its customers, up 253% YoY. CY2024 proved to be even better – the 220,813 units were a 33% YoY increase and gave TVS a 19% e-2W market share, below Ola’s 35 percent.
The company is benefiting from having six variants for its iQube across four battery capacities – 2.2 kWh, 3.1 kWh, 3.5 kWh and 5.3 kWh. Pricing for the TVS iQube starts at Rs 94,434 for the smallest 2.2 kWh variant (75kph top sped, 94km range) through to the top-end 5.3 kWH iQube (82kph top speed and 202km range) priced at Rs 159,000. On July 2, TVS introduced the 3.1 kWh variant priced at Rs 95,372 (ex-showroom Delhi). On August 28, the company will expand its portfolio with a brand-new scooter which will likely be the entry point to the TVS e-2W stable.
TVS is having a good run in CY2025 with 183,135 iQubes sold till date, up 44% YoY. It topped monthly e-2W retail sales for the very first time in April 2025, and then held onto the crown in May, June, July and is set to repeat the same in August.
BAJAJ AUTO
Total sales: 466,710 units
Share of 3.6m units: 13%
The Bajaj Chetak, which was launched in January 2020, has clocked total retail sales of 466,710 units. This gives it a 12.76% share of the 3.65 million electric two-wheelers sold in the past eight years.
Similar to the TVS iQube growth journey, the Bajaj Chetak’s sales took off in CY2023 (71,944 units) and hit a record 193,652 units in CY2024, up 169% YoY. The difference between the iQubes and Chetak sales at 156,495 units over the past 68 months.
Bajaj Auto had a good opening to this year, topping monthly e-2W sales in February (21,570 units) and March (35,214 units) but since then deliveries have slowed down as a result of its factory output being impacted by slow supplies of rare earth magnets from China. On August 22, the company announced that it is back to full Chetak production capacity following the resolution of supplies of rare earth magnets.
Bajaj has benefited from the launch of the Chetak 3001, the new entry-level variant priced at Rs 99,990 (ex-showroom Bengaluru). While the base 3001 variant costs Rs 99,990 (ex-showroom Bengaluru), the top-end Chetak 3501 has a price sticker of Rs 135,000. The 3001, the most affordable Chetak, slots between the TVS iQube 2.2 kWh and iQube 3.5 kWh at the lower end, and the premium Ather Rizta S at the higher end.
The 169,917 units sold in the current year to date constitute 88% of Bajaj Auto’s sales of 193,652 units in CY2024, which means the Chetak maker will surpass the 200,000 sales milestone for the first time this year.
ATHER ENERGY
Total sales: 414,045 units
Share of 3.6m units: 11%
Bengaluru-based Ather Energy is ranked fourth amongst the Top 6 e-2W OEMs with 414,045 units sold. The first to the e-2W market amongst this lot, the company surpassed the 400,000 retail sales milestone in early August, news which Autocar Professional broke.
While sales in the first four years from CY2018 to CY2021 were minimal (see annual sales-split above), and included the two-year impact of the Covid-19 pandemic, demand took off from CY2022 when Ather sold 51,812 units and accounted for an 8% share of the e-2W industry sales of 156,326 units.
In CY2023, when its sales crossed the 100,000 mark for the first time, Ather (104,739 units, up 102%) had a 12% market share. In CY2024, the EV maker clocked its best-ever annual retail sales of 126,358 units and had an 11% share of the 1.15 million e-2Ws sold in India.
And in the current calendar year’s first seven months and 23 days, Ather Energy has sold 109,839 e-scooters, which is 87% of its CY2024 sales (126,358 units).
The 340,936 electric scooters sold since January 2023 till the end of the third week of August 2025 constitute 82% of Ather Energy's total retails of 414,045 units till date and clearly reflect the rapid pace of demand.
Its flagship Rizta family scooter, which surpassed 100,000 wholesales 13 months after launch in April, remains Ather’s key growth driver and currently contributes over 60% of its sales each month. This is creditable given that the three-variant flagship scooter is a premium product.
On August 30, Ather will reveal its new scooter platform – EL – and concept vehicles at its Community Day 2025. The new EL platform, engineered to be versatile and cost-efficient, will enable Ather to expand its product lineup to cater to a wider range of customer needs. This year’s event will also see the launch of Ather’s next-generation fast chargers, and an upgraded version of its software stack, Ather Stack 7.0.
GREAVES ELECTRIC MOBILITY
Total sales: 237,213 units
Share of 3.6m units: 6.5%
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton which markets the Ampere brand of e-scooters, is the fifth of the top six OEMs with cumulative sales of 237,213 units in the past six years and eight months. This gives it a 6.5% share of the 3.6 million e-2Ws sold in India since CY2018.
GEM completed its acquisition of the Coimbatore-based EV start-up Ampere Vehicles in November 2019. The data table above encompasses sales of both Greaves Electric Mobility and Ampere Vehicles.
The company has three key e-scooter brands – Nexus (EX and ST), Magnus (Neo and EX) and Reo (80 and Li Plus). The flagship Nexus remains the best-selling product for GEM and Ampere Vehicles. Targeted at families, the Ampere Nexus has been designed and developed in-house at the Ranipet facility in Tamil Nadu. Equipped with a 3 kWh LFP battery, the Nexus has a claimed top speed of 93kph and a certified range of 136km. Sold in two variants, prices start at Rs 119,900 (ex-showroom).
The newest product is the Ampere Reo 80 launched in April at Rs 59,900 and seeing god offtake in the market. The Reo 80, whose key highlights are an LCD display, LFP battery, front disc brake, and keyless start functionality, has an 80km range on a single charge.
GEM’s cumulative sales for the January 1-August 23 period this year at 32,794 units are up 49% YoY and are 91% of its CY2024 sales of 36,148 units. At a good clip in the remaining part of this year, the company could go past the 50,000-unit mark for CY2025.
HERO MOTOCORP (VIDA)
Total sales: 107,764 units
Share of 3.6m units: 3%
As the retail sales data table above depicts, 182 units were sold in November-December 2022, followed by 11,142 units in CY2023. Demand for the zero-emission Hero Vidas rose strongly in CY2024 with 43,709 units, which is a 292% year-on-year increase and gave Hero MotoCorp a 4% share of the record 1.14 million e-two-wheelers sold in India last year.
The Vida numbers have turned even better in the current calendar year. As exclusively revealed by Autocar Professional on August 1, riding on strong demand for the Vida V2 and the new VX2 Go and Plus, Hero MotoCorp registered its best-ever monthly retail Vida sales of 10,504 units in July 2025 and promises to do even better this month (August 2025).
Hero Vida’s January-August 23, 2025 sales at 52,731 units have already surpassed the CY2024 total. If the company maintains the same strong growth trajectory in the remaining four months of this year which includes the festive season, it could achieve 100,000-unit Vida sales in a calendar year for the first time since the Vida brand’s launch.