The Indian electric two-wheeler (E2W) market witnessed significant churn in September, with legacy automakers strengthening their positions and Ather Energy surpassing former market leader Ola Electric in monthly registrations, according to Vahan data. Despite overall electric two-wheeler registrations holding steady at 1,04,056 units, the competitive landscape saw major shifts in the top ranks.
TVS Motor successfully maintained its pole position in the E2W segment, commanding a 21.6% market share. The company recorded 22,481 registrations in September, even with a minor month-on-month decline of 7.41%.
The biggest story was the dramatic recovery of Bajaj Auto and the slip of the EV startups. Bajaj rebounded forcefully to seize the second position, logging 19,519 registrations and capturing an 18.76% market share. This impressive comeback represents a strong 65.11% month-on-month growth, recovering from a significant 40% slump in the previous month.
Ather Energy climbed to the third spot, officially surpassing its rival Ola Electric. Ather registered 18,109 units with a 17.40% market share. While its sales volume remained flat compared to the previous month, this performance was enough to jump ahead. Ather, the second EV startup after Ola Electric to list on the Indian stock exchange, is currently trading at Rs 585.2, reflecting a rise of more than 23% from last month, with a market capitalization of Rs 22,279.39 crore ($2.53 billion).
Meanwhile, Ola Electric, which had reached the second position last month, slipped sharply to fourth position. The company registered 13,371 units sold, marking a nearly 30% month-on-month decline. Consequently, its market share fell significantly from 18.19% to 12.85%. Ola’s shares are currently trading at around Rs 56.7, giving it a market capitalization of Rs 25,022.64 crore ($2.8 billion) as of 11:55 AM.
Other players also saw movement:
- Hero MotoCorp moved down to the fifth position, selling 12,736 units and securing a 12.24% market share, a 4.74% decline from the previous month.
- Greaves Electric Mobility held the sixth position with a 4.1% market share.
- BGAUSS showed strong momentum, rising one spot with nearly 32% month-on-month growth.
- IPO-bound Pure EV, River Mobility, and Kinetic Green rounded out the top 10, with Kinetic Green registering a 28.4% growth in the last month.
The September sales figures underscore the intensifying competition and the dynamic nature of India’s fast-growing electric two-wheeler segment, with traditional manufacturers like Bajaj aggressively challenging the startup ecosystem.
Key Highlights:
- TVS Motor Maintains Lead: TVS Motor retained the top position in the September electric two-wheeler market with 22,481 registrations and a 21.6% market share, despite a minor 7.41% month-on-month decline.
- Bajaj Rebounds, Ola Slips: Bajaj Auto jumped to the second spot with a significant 65.11% month-on-month growth, registering 19,519 units. Conversely, Ola Electric slipped sharply to fourth place, recording a nearly 30% sales decline to 13,371 units.
- Ather Energy Climbs to Third: Ather Energy surpassed Ola Electric in terms of sales, securing the third position with 18,109 units sold and a 17.40% market share.
- Stable Overall Market: The total electric two-wheeler registrations in September remained steady at 1,04,056 units, indicating continued but highly competitive market demand.