Sales Overview
TVS iQube continues to dominate the electric vehicle market, achieving record-breaking sales figures. In April 2025, the model reached an impressive 92,345 units sold, marking a 45 percent year-on-year growth. May 2025 reported even greater success, with a total of 100,266 units sold, which reflects a 30 percent increase from the previous year (FY2024: 77,330 units), although it fell short by 5,307 units compared to May 2023 (105,573 units), the highest-selling month for this EV segment.
Year-to-Date Performance
According to the latest retail sales data from the Vahan portal as of June 1, 2025, cumulative electric two-wheeler sales for the first five months of the year reached 499,134 units, representing an 11 percent increase compared to the same period last year (January-May 2024: 448,129 units). This figure constitutes 43 percent of the projected total record sales for 2024, aimed at achieving 1.14 million units, setting a solid foundation for the electric two-wheeler industry in India for the remainder of the year.
Market Share Insights
Of the 100,266 electric two-wheelers sold in May 2025, the top ten manufacturers collectively accounted for 93,623 units, translating to a remarkable 93 percent of the market share. Out of this, the top four manufacturers, each with sales exceeding ten thousand units, accounted for 77,669 units, representing 77 percent of total sales. Let’s take a deeper look at the performance of the leading players in the electric two-wheeler market.
TVS: 24,560 Units
TVS Motor Company maintained its leading position with 24,560 units sold in May, marking an incredible 107 percent increase compared to May 2024 (11,866 units). This performance grants the iQube a significant market share of 24 percent, an increase from 15 percent in May 2024. Cumulatively, the iQube’s sales for the first five months of CY2025 stand at 118,225 units, reflecting a 55 percent rise year-on-year (January-May 2024: 76,268 units).
Price reductions of up to Rs 26,000 and improvements in battery capacity for some variants have likely contributed to the iQube’s sales success. During a recent earnings call, K N Radhakrishnan, CEO of TVS Motor Co, mentioned that several new electric vehicles are in the advanced stages of development, with plans for launch in the upcoming quarters, including an affordable scooter aimed at first-time EV buyers in semi-urban areas.
Bajaj: 21,770 Units
Bajaj Auto ascended to the second position in May 2025 with sales of 21,770 units, up 135 percent from last year’s figures (9,249 units). This growth secures a market share of 22 percent, nearly doubling its share from April 2024 (12 percent). In the January-May 2025 period, Bajaj Auto sold a total of 119,153 units, which is a 107 percent increase year-on-year (January-May 2024: 57,554 units).
Rakesh Sharma, executive director of Bajaj Auto, confirmed plans for the launch of a new variant in June 2025, emphasizing the goal of strengthening the Chetak portfolio through this and future expansions.
Ola Electric: 18,499 Units
Ola Electric recorded sales of 18,499 electric scooters and motorcycles in May, a decline of 51 percent year-on-year from 37,388 units. Once the leader in monthly sales, Ola has since been surpassed by competitors. Last month’s performance granted it an 18 percent share of the e-2W market, down significantly from 48 percent a year ago. Cumulatively, Ola’s five-month sales total 94,925 units, a 50 percent decrease from the prior year.
The majority of Ola’s sales came from the S1 e-scooter, which serves various price points. Additionally, customer deliveries of the Roadster X electric motorcycle commenced in May 2025, despite earlier delays, indicating the company’s intent to capture a larger share of the motorcycle market.
Ather Energy: 12,840 Units
Ather Energy remains fourth on the sales leaderboard, achieving 12,840 units sold in May 2025, an increase of 109 percent compared to May 2024 (6,155 units), resulting in a market share rise to 13 percent from 8 percent. The growth largely stems from the Rizta family e-scooter, which surpassed one lakh units in cumulative sales after nearly a year on the market. Ather’s successful performance with the Rizta solidifies its presence in the electric scooter segment.
Vida (Hero MotoCorp): 7,164 Units
Hero MotoCorp sold 7,164 Vida 2 e-scooters in May, marking a 191 percent year-over-year increase from a modest base of 2,460 units. This achievement elevated its market share to 7 percent, more than double the previous year’s 3 percent. The company has found success with its expanded EV portfolio, including the launch of the V2 models, which has further boosted growth.
Greaves: 4,177 Units
Greaves Electric Mobility recorded retail sales of 4,177 e-scooters in May 2025, maintaining its 4 percent market share from the previous year. The company’s overall sales for FY2025 improved to 40,161 units, a 28 percent increase compared to FY2024. The Ampere Nexus has emerged as a significant growth driver for Greaves, contributing to its stable performance.
Additional Manufacturers
Three other manufacturers reported sales exceeding 1,000 units in May 2025. Pur Energy sold 1,270 units, followed closely by E-Sprinto Green Energy with 1,149 units. Kinetic Green, with its range of electric scooters, secured ninth place with 1,128 units, while BGauss Auto sold 1,066 units. Other manufacturers like River Mobility and Revolt Motors also contributed to the market with 948 and 883 units sold, respectively.
