TVS leads December E2W sales, Ather falls 20%, Ola Electric improves

TVS Motor closed 2025 as the leader in India’s electric two-wheeler market, with a 26.14% market share in December. However, the overall E2W market declined 19% month-on-month.

According to Vahan data, after a 20% decline in November, electric two-wheeler sales fell another 19% month-on-month to 93,000 units. Despite a drop of over 20% in TVS Motor’s sales, its market share rose marginally to 26.14%, with registrations of 24,317 units.

Bajaj Auto’s sales fell 29% to 18,197 units in December, from 25,700 units in November, with its market share declining to 19.56%.

Ather Energy retained its third position in December, though registrations declined 20% month-on-month to 16,391 units from 20,488 in November. The company held a 17.62% market share. Ather’s current market capitalization stands at Rs 28,870.6 crore ($3.2 billion).

Hero MotoCorp maintained the fourth spot after overtaking Ola Electric last month, despite a 15.76% month-on-month decline in sales. The company registered 10,340 units and held an 11.12% market share.

Ola Electric’s sales remained largely flat at 8,402 units in December, even as rivals saw sharp declines. Its market share rose by 2% to 9.03%, placing the company fifth.

Ola Electric’s shares closed at Rs 36.2 on Wednesday. The company’s market capitalization now stands at Rs 15,967 crore ($1.8 billion).

Greaves Electric Mobility, BGauss, and River Mobility retained their positions at sixth, seventh, and eighth, respectively. However, their sales declined sharply in December by 24.87%, 31.96%, and 6.15% month-on-month.

e-Sprinto entered the top 10 electric two-wheeler companies, replacing Kinetic Green. The company nearly doubled its sales in December to 1,324 units, capturing a 1.42% market share. 

On an annual basis, the electric two-wheeler industry recorded 12.75 lakh units in 2025, an 11% year-on-year increase from 11.5 lakh units in 2024. TVS Motor led the market with 2.98 lakh units, followed by Bajaj Auto with 2.69 lakh units. Ather Energy ranked third at 2 lakh units, followed by Ola Electric at 1.98 lakh units, while Hero MotoCorp stood fifth with 1.09 lakh units.