EV 2-Wheeler Registrations: TVS Retains Top Spot In May, Bajaj Zooms Past Ola Electric

SUMMARY

Electric two-wheeler (E2W) registrations grew 4% MoM and 24% YoY to 96,114 units in May

While legacy automotive players TVS Motor and Bajaj Auto recorded an increase in escooter registrations, Ola Electric and Ather Energy saw a decline

Overall, EV registrations across segments, rose 5% to 1.87 Lakh units last month from 1.78 Lakh units in April

Legacy automotive player TVS Motor held its ground against rivals Bajaj Auto and Ola Electric in India’s electric two-wheeler market (E2W) in May, with registrations of its escooters surging nearly 19% to 23,704 units last month from 19,938 units in April.

Amid an increase in registrations of its EV units, TVS saw its market share increase to 26.5% in May from 21.6% in the previous month.

Overall, E2W registrations across the country grew a modest 4% to 96,114 units in May from 92,387 units in April, according to Vahan data as of May 31, 2025. On a year-on-year basis, E2W registrations surged over 24% from 77,331 units. EV 2-Wheeler Registrations May

Bajaj Auto surpassed Ola Electric yet again in May in terms of escooter sales. Registrations of Bajaj’s Chetak escooters shot up a little under 8.5% to 20,756 units last month from 19,137 units in April. As a result, its market share rose to 20.7% from 21.6% in April.

Ola Electric, which has been under regulatory scrutiny over the last few months, slipped to the third position in May, with its registrations declining over 9% to 17,947 units from 19,784 units in April.

Notably, last week, Ola Electric founder and CEO Bhavish Aggarwal said that the company’s regulatory woes are almost over and it is now focusing on “scaling revenue” and attaining “sustainable profitability” in FY26.

Ola Electric’s consolidated net loss ballooned over 2X to INR 870 Cr in the March quarter of FY25 from INR 416 Cr in the year-ago quarter amid a sharp decrease in its top line. Operating revenue nosedived 62% to INR 611 Cr during the quarter from INR 1,598 Cr in Q4 FY24.

Last month, the company kicked off deliveries of its Roadster series of electric motorcycles and is banking on it to script a turnaround in FY26.

Ather Vs Ola: Who Is Leading?

Ather Energy, which made its stock market debut last month, saw an over 7% decline in registrations to 12,323 units in May from 13,306 units in the previous month. Its market share dropped to 12.8% last month from 14.4% in April.

It is pertinent to note that the Tarun Mehta-led company beat Ola Electric in terms of operating revenue in Q4 FY25. Ather Energy’s top line grew 29% year-on-year and 7% quarter-on-quarter to INR 676.1 Cr during the March quarter, helped by higher margins and a healthy uptick in EV registrations.

On the back of growth in its top line, the recently listed EV major managed to narrow its consolidated net loss by 17% to INR 234.4 Cr in Q4 FY25 from INR 283.3 Cr in Q4 FY24.

Going forward, Ather Energy aims to focus on strengthening its foothold in north India and creating an ecosystem of biking and riding products, including helmets and other accessories, as well as premium software subscription, its chief business officer Ravneet Phokela told Inc42 last month.

Hero MotoCorp Gathers Steam

Hero MotoCorp saw registrations of its E2Ws under the Vida brand shoot up over 9% to 6,724 units in May from 6,142 units in the previous month. Its market share rose to 7% in May from 6.6% in April.

It is pertinent to note that Hero MotoCorp was a late entrant in the EV category, launching Vida E2Ws after Bajaj and TVS had started selling their EVs. However, Hero MotoCorp has seen consistent growth in its market share in the segment over the past few months.

Another emerging player in the space, Greaves Electric Mobility, which sells EVs under the Ampere brand, saw its registrations rise a marginal 1% to 4,069 units in May from 4,021 units in April.

Pure EV, which recently converted into a public company ahead of its potential initial public offering (IPO), saw registrations of its escooters tumble over 15% to 1,231 units in May from 1,449 units in the previous month.

Electric motorcycle maker Oben Electric and high-end ebike maker Ultraviolette saw their registrations decline nearly 20% and 5% last month to 252 and 83 units, respectively. On the contrary, the likes of River Mobility, Revolt, Lectrix and Hero Electric witnessed an uptick in two-wheeler EV registrations in May.

Overall, EV registrations across segments, including two-wheeler, three-wheeler and four-wheelers, rose 5% to 1.87 Lakh units last month from 1.78 Lakh units in April.

[Edited By Vinaykumar Rai]