New Delhi, November 3, 2025 – The festive season proved to be a game-changer for India’s electric two-wheeler (E2W) industry, with Bajaj Auto overtaking TVS Motor to claim the top spot in October sales.
According to Vahan data, overall electric two-wheeler registrations surged over 37% month-on-month, touching 1.43 lakh units in October compared to 1.05 lakh units in September — signaling renewed consumer enthusiasm ahead of the festive season.
Bajaj Takes the Lead
Bajaj Auto’s electric portfolio saw a remarkable 60% jump in registrations, reaching 31,168 units in October, up from 19,689 in September. This surge helped the company capture a 21.69% market share, placing it ahead of rivals for the first time.
TVS Slips to Second, But Maintains Strong Growth
TVS Motor followed closely behind with 29,484 registrations, representing a 20.52% market share. Despite sliding to second position, TVS still posted a healthy 30% month-on-month growth, fueled by festive buying.
Ather Energy Strengthens Its Hold
Ather Energy retained the third position with 28,061 registrations, up 53% month-on-month, commanding a 19.53% share. The company’s market performance mirrored its rising investor confidence — Ather’s shares closed at ₹688.75, giving it a market capitalization of ₹26,194.83 crore ($2.97 billion), surpassing Ola Electric’s valuation.
Ola Electric Rebounds but Market Share Shrinks
After a 30% decline in September, Ola Electric bounced back in October with 16,034 registrations, up nearly 20% month-on-month. However, its 11.16% market share marks a sharp decline from around 30% a year ago. Ola’s shares ended the week at ₹50.24, with a market capitalization of ₹22,160 crore ($2.51 billion).
Hero, Greaves, and Others See Festive Gains
Hero MotoCorp maintained fifth place with 15,934 units sold and an 11.09% market share. Greaves Electric Mobility rose to sixth with a striking 78.5% growth, expanding its market share to 5.31%.
BGAUSS also recorded steady demand, posting a 29% growth in sales. Among emerging players, IPO-bound Pure EV and River Mobility captured the 8th and 9th spots, with 1.19% and 1.11% market shares, respectively.
Meanwhile, Revolt Motors made a strong comeback, registering 92% growth to break into the top 10, surpassing Kinetic Green in October.
Festive Boost Signals Renewed Momentum
Analysts suggest that the surge in October reflects both pent-up demand and growing consumer confidence in electric mobility. With multiple manufacturers expanding their EV portfolios and improving delivery timelines, India’s electric two-wheeler market is set to maintain its festive momentum well into the new year.
By: Sandhya Bharti
