With 200,868 iQubes sold till September 17, 2025, TVS Motor Co is ahead of Bajaj Auto, Ola Electric and Ather Energy which together account for 78% of the 862,333 electric two-wheelers retailed. Three of these four OEMs are set to achieve their best-ever annual sales in CY2025.
19 Sep 2025 | 13332 Views | By Ajit Dalvi
The Indian electric 2-wheeler industry, which has delivered 862,333 units to buyers between January 1 and September 17 this year, has already achieved 75% of its record retail sales of 1.14 million units in CY2024.
The current top four players from the 215-player industry – TVS Motor Co, Bajaj ...
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The Indian electric 2-wheeler industry, which has delivered 862,333 units to buyers between January 1 and September 17 this year, has already achieved 75% of its record retail sales of 1.14 million units in CY2024.
The current top four players from the 215-player industry – TVS Motor Co, Bajaj Auto, Ola Electric and Ather Energy – have cumulatively sold 666,432 units. While three of them will achieve their best-ever annual sales in CY2025, at least three will each surpass the 200,000-unit retail sales mark.
In fact, TVS Motor, the current e-2W market leader for five months in a row since April and set to be No. 1 in September, is the first of these four OEMs to have already surpassed 200,000 sales this year.
As per retail stats on the Vahan portal, the maker of the iQube which has expanded its portfolio recently with the Orbiter e-scooter has registered retail sales of 200,868 units as of September 17, 2025.
This gives it a market share of 25% and translates into the company already achieving 91% of its best-ever annual sales of 220,816 units in CY2024. At present, TVS is just 19,948 units shy of that score.
TVS’ best-ever monthly sales this year came in March – 30,769 units – beating the previous record of 30,240 units in October 2024. At its current pace of growth, it should achieve total sales in the range of 280,000 units this year.
Bajaj Auto with 183,264 units is next in line to cross the 200,000 retail sales mark this year. It has delivered 183,264 Chetaks to date (as of September 17), which gives it a 21% share of the e-2W market. In CY2024, Bajaj had sold 193,657 units – at present the company is just 10,393 units behind and will surpass that in October.
The Chetak manufacturer, which was the No. 1 e-2W OEM in February (21,570 units) and March (35,215 units), has been the No. 2 OEM from April to August behind TVS Motor.
However, in August, with its lowest monthly sales to date (11,812 units), it dropped by two ranks to fifth position mainly due to production being adversely impacted by the shortage of rare earth magnets (REM), an issue that it has now addressed.
Bajaj Auto, which is back in action this month with 8,193 units sold in the first 17 days, is likely to end this year with total retail sales in the range of 240,000 units.
Ola Electric, which entered the e-2W market four years ago with its e-scooters and now also sells electric motorcycles, is the current No. 3 with 157,899 units and an 18% market share.
This means the company is 42,101 units away from the 200,000 retail sales mark this year but is expected to achieve the target in the remaining three-and-a-half months of CY2025. Nevertheless, this year’s score will be the lowest for Ola since CY2023 (267,387 units) and CY2024 (407,696 units).
Ola has been the first in the industry to achieve big milestones – the first to race through 100,000, 200,000, 300,000 and even 400,000-unit sales 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). In June 2025, Ola became the first e-2W OEM to ride past 900,000 retail sales and till September 17, it has clocked cumulative sales of over 942,000 units.
Earlier this month, the company rolled out its one-millionth electric 2W from the Futurefactory in Krishnagiri, Tamil Nadu, marking a unique production milestone.
Ather Energy, the Bengaluru-based e-scooter maker, is ranked fourth with 124,401 units sold this year to date, just 1,953 units behind its CY2024 total of 126,354 units. Ather, which currently has a 14% market share, is riding a wave of demand for its Rizta family scooter.
The Rizta, marketed as a family scooter, marked a strategic product shift for Ather, whose previous three 450 Series models (450S, 450X, 450 Apex) are all zero-emission performance machines.
Designed and developed with a focus on practicality – and also to take on the competition in the form of the TVS iQube, Bajaj Chetak and Hero Vida – the Rizta’s highlights include the largest two-wheeler seat in India, ample storage space and a host of user-friendly features.
The company's flagship e-scooter, the Rizta, surpassed 100,000 wholesales 13 months after its launch in May 2025. It remains its key growth driver and currently contributes over 60% of the EV startup’s total sales each month.
Ather Energy’s strong market performance in the first eight months of CY2025, including its best-ever monthly sales of 17,993 units in August, has seen it achieve cumulative sales of over 400,000 units since its market entry at the end of CY2018.
At this stage of the year, Ather is 75,599 units short of the 200,000 sales mark. Nevertheless, given its current sales growth, it is expected to deliver over 175,000 e-scooters this year and considering the strong momentum the industry is expected to witness in the festive season, beginning with Navratri and continuing with Diwali in October, it could go even beyond that number.
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