TVS, Bajaj Maintain Lead In EV 2-Wheeler Market In July Despite Decline In Registrations

Automotive majors TVS Motor and Bajaj Auto continued to dominate electric vehicle two-wheeler (E2W) registrations in July, holding on to their leading positions in the segment. 

However, both companies experienced nearly an 18% month-on-month (MoM) decline in their registration numbers.

While TVS registered sales of 20,919 E2W in July, Bajaj’s Chetak e-scooter slipped below the 20K-mark, selling 18,892 units in the month.

Meanwhile, total E2W registrations declined nearly 9% on an MoM basis in July as total EV sales in the country remained flat in the month under review. 

A total of 96,686 E2Ws were registered as against 1,05,906 last month, as per Vahan data on July 31. On a year-on-year (YoY) basis, E2W registrations declined over 10% in July. 

In the month under review, total EV sales stood at 1,85,528 as against 1,89,966 last month. In the first seven months of the calendar year 2025, a total of 12,87,327 EVs were registered, of which over 7 Lakh were E2Ws. 

With these figures, TVS commands a 20.2% share of the overall E2W market, while Bajaj accounts for 18.2% share. 

Following the giants were Bhavish Aggarwal-led Ola Electric and the newly listed Ather Energy, both locked in a close contest for the third spot in the E2W segment.

Ather narrowed the gap with Ola Electric with a nearly 5% rise in EV sales to 15,323 units in July, while Ola Electric saw an 18% decline in registrations to 16,510 units during the month. 

Ather & Ola Electric In Close Fight Over Market Share

Amid evolving dynamics in the electric two-wheeler market, Ather captured 14.8% market share, closely trailing Ola’s 15.9%.

Notably, brokerage firms like HDFC Securities, HSBC and Nomura recently initiated coverage on Ather with a ‘Buy’ rating. HDFC in its brokerage report said that Ather with its expanding product portfolio, dealership network and focus on marketing, may outgrow the industry over the medium term and gain market share. 

Similarly, HSBC called Ather a good company in a tough industry, mentioning that its product quality and technology leadership are difficult to replicate even for rivals with deep pockets. 

Ather witnessed a 50% surge in its E2W sales in July from 10,218 units on a YoY basis. On the other hand, Ola Electric saw a sharp 60% decline in its registrations from 41,802 units in July 2024. 

EV maker Ola Electric’s consolidated net loss widened to INR 428 Cr in the first quarter of the ongoing financial year (Q1 FY26) as against INR 347 Cr in Q1 2025. The company delivered 68,192 EVs in the quarter under review, lower than around 1,25,198 EVs delivered in the same quarter last year.

However, Ola Electric narrowed its loss sequentially by 50.8% from INR 870 Cr on the back of an increase in sales from 51K units delivered in Q4 FY25.

Other EV Players Show Steady Performance 

Hero MotoCorp witnessed a 23% increase in its E2W registrations to 9,471 in July, defying the broader market decline. On a YoY basis, its E2W sales almost doubled from 5,067. 

IPO-bound Greaves Electric Mobility’s sales in the month declined by 5%. The startup filed its DRHP in December for an INR 1,000 Cr IPO. 

Pure EV, which is also gearing up for a public listing this year, saw about a 15% MoM rise in vehicle registrations to 1,645 units in July. It converted into a public company in March in the run-up to its initial public offering (IPO). 

Kinetic Green Energy & Power Solutions became the only company that saw over a 50% rise in its EV sales to 1,187 units. Its EV sales grew over 72% from 689 units on a YoY basis. 

Bengaluru-based EV startup River saw its registrations growing 10.8% to 1,397 units in July, from 1,260 in June. 

Besides, Bengaluru-based electric bike manufacturer Oben Electric sold 221 EVs in July, a 44.4% surge from 153 units last month. 

Notably, EV maker Ultraviolette Automotive witnessed a 27.9% growth in its EV sales to 110 from 86 in June. 

With this in the picture, India’s electric two‑wheeler market is rapidly evolving into a battleground dominated by legacy manufacturers and startups quickly coming closer to them. 

However, supply‑chain risks are also coming to the fore and EV companies are facing a potential production halt due to China’s rare‑earth magnet export curbs, underscoring global dependencies in EV manufacturing. 

Reports surfaced a few weeks ago that Bajaj Auto, TVS and Ather are set to cut production due to a prolonged disruption in the supply of heavy rare earth (HRE) magnets from China.