Bajaj overtakes TVS to lead October 2W EV sales, Ather remains third

Bajaj Auto surpassed TVS Motor to emerge as the top electric two-wheeler (E2W) seller in October 2025, commanding a 21.69% market share. Driven by festive demand, overall E2W sales rose over 37% month-on-month to 1.43 lakh units, compared to 1.05 lakh units in September.

According to Vahan data, Bajaj Auto recorded a nearly 60% month-on-month surge in electric two-wheeler registrations, rising to 31,168 units in October from 19,689 units in September.

TVS Motor slipped to the second position in October with 29,484 registrations, accounting for a 20.52% market share. Boosted by festive demand, the company still recorded a strong 30% month-on-month growth.

Ather Energy retained its third position in October, rebounding from flat growth in September to post a robust 53% increase with 28,061 registrations, capturing a strong 19.53% market share. At the end of Friday’s trading session, Ather’s shares closed at Rs 688.75, giving it a total market capitalization of Rs 26,194.83 crore (approximately $2.97 billion). The company also surpassed Ola Electric in terms of market capitalization.

After a 30% month-on-month decline in September, Ola Electric rebounded in October amid festive demand, posting nearly 20% growth with 16,034 registrations and capturing an 11.16% market share. However, its market share dropped sharply from around 30% a year ago.

Ola Electric’s shares on Friday closed at Rs 50.24, giving it a market capitalization of Rs 22,160 crore ($2.51 billion).

Hero MotoCorp held its fifth position with 11.09% market share, registering 15,934 units in October.

Greaves Electric Mobility, which ranked sixth in October, recorded a strong 78.5% month-on-month growth, expanding its market share to 5.31%. BGAUSS also witnessed healthy demand for its electric scooters, posting a 29% month-on-month increase in sales.

IPO-bound Pure EV and River Mobility secured the 8th and 9th positions, holding market shares of 1.19% and 1.11%, respectively. Meanwhile, Revolt Motors surpassed Kinetic Green to enter the top 10, registering a strong 92% month-on-month growth in October.