India’s electric two-wheeler market ended 2025 on a quieter note, with sales slowing sharply in December after months of steady momentum. Registrations fell 19 percent month on month to about 93,000 units, following an even steeper 20 percent decline in November. The slowdown marked a clear shift from the stronger buying seen earlier in the year, but it did little to change the overall ranking of key players in the segment.
TVS Motor Holds Firm at the Front
TVS Motor closed the year as the clear market leader in electric two-wheelers. The company registered 24,317 units in December. Although its sales dropped by more than 20 percent compared to November, TVS still managed to slightly improve its market share to 26.14 percent. This allowed the company to strengthen its lead at a time when demand was weakening across the industry, highlighting the resilience of its electric portfolio.
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Bajaj Auto Faces a Sharp Pullback
Bajaj Auto retained its second position in December but saw one of the steepest monthly declines among major manufacturers. The company sold 18,197 electric two-wheelers during the month, down from 25,700 units in November. This 29 percent fall pushed Bajaj Auto’s market share down to 19.56 percent. Even with the drop, Bajaj continued to remain a strong contender, firmly placed among the top two players in the market.
Ather Energy Stays Third Despite Falling Volumes
Ather Energy maintained its third-place ranking in December, even as its registrations declined significantly. The company recorded 16,391 units, marking a 20 percent month-on-month drop from November. Ather accounted for 17.62 percent of the market during the month. Despite the softer sales, the company remained one of the most valuable players in the segment, with a market capitalization of Rs 28,870.6 crore, or about $3.2 billion.
Hero MotoCorp Builds on Recent Gains
Hero MotoCorp continued to hold the fourth spot in December after overtaking Ola Electric in the previous month. The company registered 10,340 electric two-wheelers, reflecting a 15.76 percent decline from November. Its market share stood at 11.12 percent. While volumes were lower, Hero’s consistent ranking suggested growing stability as it expands its electric presence alongside its traditional strengths.
Ola Electric Gains Ground Without Growing Sales
Ola Electric reported largely unchanged sales in December, with registrations at 8,402 units. While this did not represent growth in absolute numbers, the company benefited from sharper declines among several competitors. As a result, Ola Electric’s market share increased by about 2 percentage points to 9.03 percent, placing it fifth overall. During the period, Ola Electric’s shares closed at Rs 36.2, valuing the company at Rs 15,967 crore, or roughly $1.8 billion.
Smaller Brands Feel the Pressure, One New Entry Emerges
Among the smaller manufacturers, December proved challenging. Greaves Electric Mobility, BGauss, and River Mobility retained their sixth, seventh, and eighth positions, but each saw notable month-on-month drops in sales of 24.87 percent, 31.96 percent, and 6.15 percent, respectively. In contrast, e-Sprinto stood out by entering the top ten electric two-wheeler companies, replacing Kinetic Green. The company nearly doubled its sales in December to 1,324 units and captured a 1.42 percent market share, making it one of the few brands to post strong growth during the month.
Annual Numbers Paint a More Positive Picture
While December reflected a temporary slowdown, the full-year data told a more encouraging story. The electric two-wheeler industry recorded total sales of 12.75 lakh units in 2025, an 11 percent increase compared to 11.5 lakh units in 2024. TVS Motor led the year with 2.98 lakh units, followed by Bajaj Auto at 2.69 lakh units. Ather Energy ranked third with 2 lakh units, closely trailed by Ola Electric at 1.98 lakh units. Hero MotoCorp completed the top five with annual sales of 1.09 lakh units.
A Pause at Year-End, Not a Setback
December’s decline reflected short-term demand softness rather than a shift in the market’s long-term direction. Leadership positions remained largely unchanged, competition stayed intense, and annual sales continued to grow. As 2025 came to a close, the data showed that India’s electric two-wheeler market is maturing steadily, with established players holding their ground and smaller brands still finding room to grow, even during slower months.
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