The electric two-wheeler industry is undergoing significant changes, with Ola Electric facing difficulties in maintaining its dominant market position. Once the leading EV brand, Ola Electric has dropped to the third spot by May 2025. The race for the top spot now features TVS Motor and Bajaj Auto, specifically their iQube and Chetak models. Let’s delve into the latest data to understand the current landscape of the electric two-wheeler segment for May 2025.
According to data from the Vahan portal as of May 26, 2025, TVS Motor is leading the market with 19,451 vehicle registrations. This performance gives TVS Motor a 25% market share for May 2025, marking a year-over-year (YoY) increase from the 15.6% share in May 2024. The month-over-month (MoM) analysis also shows growth, as the market share was 22.3% in April 2025.
Bajaj Auto follows closely in second place with 17,167 vehicle registrations. This translates to a 22.6% market share in May 2025, up from 12.1% in May 2024. The MoM comparison is also positive, with a 21.4% share in April 2025. Bajaj Auto’s Chetak electric scooter significantly contributes to the company’s sales, accounting for over 10% of overall sales. In April, Bajaj launched the Chetak 3503, the most affordable model in the 35 series, starting at Rs 1.10 lakh.
Ola Electric registered 15,221 units, resulting in a 20% market share in May 2025. Although this is close to TVS Motor and Bajaj Auto, it represents a substantial decline from Ola Electric’s 49.2% market share a year ago. The MoM sales analysis also reflects a downturn, with a 22.1% market share in April 2025.
Despite a diverse product portfolio, Ola Electric is experiencing a sales decline. The company has faced numerous challenges recently, including misconduct in sales practices, with several Ola Electric outlets operating without the necessary trade certificates. Negative publicity regarding product quality and after-sales service has also hurt the brand. Regaining consumer trust remains a significant challenge for Ola Electric.
Ola Electric’s cell manufacturing project is also encountering obstacles. The company’s IPO prospectus allocated approximately Rs 1,277 crore to increase lithium-ion cell production capacity, aiming to boost output from 5 GWh to 6.4 GWh in the second phase. However, these funds have not yet been utilised, as reported by monitoring agency ICRA.
Ather Electric ranks fourth with 9,962 vehicle registrations in May 2025, securing a 13.1% market share. This is an improvement from the 8.1% share in May 2024 but a decline from the 14.9% share in April 2025.
In the coming months, the electric two-wheeler segment may see further changes as Hero MotoCorp gains momentum in EV sales. The company is preparing to launch its new, affordable Vida VX2 range, which is expected to increase sales volumes. In April 2025, Hero MotoCorp held a 7% market share, placing it fifth.