With a 25.92% market share for electric two-wheelers (E2W), TVS Motor reclaimed the top rank in November 2025. Ola Electric fell to fifth place as a result of an almost 50% decline in sales at the same time.
Key Highlights
- TVS Motor Company reclaimed India’s electric two-wheeler market lead in November with strong sales momentum.
- Ola Electric plunged to fifth place in November, with sharply lower registrations amid rising competition.
Vahan data shows that overall E2W sales decreased by more than 20% to 1.15 lakh units in November from 1.44 lakh in October, with the previous month's sales being boosted by holiday demand. TVS Motor remained stable with 29,756 registrations in November despite the overall drop.
Due to a 20% decline in E2W sales from 31,392 units in October to 25,085 units in November, Bajaj Auto dropped to the second position. The market share of Bajaj fell to 21.85%.
Although Ather Energy maintained its third-place ranking in November, registrations decreased by 30% from 28,405 units in October to 20,018 units. The company's market share is 17.43%. It topped Ola Electric in Q2 FY26 sales with Rs 899 crore after surpassing it in market capitalization last month. The market value of Ather is currently Rs 27,216 crore ($3 billion).
Despite a 26.34% month-over-month drop in sales, Hero MotoCorp rose to the fourth position. In November, the company registered 11,795 units and had a 10.27% market share.
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Ola Electric saw a dramatic nearly 50% month-over-month reduction in November, with registrations falling to 8,254 units from 16,013, following a 20% increase in October. With its market share dropping from 11.16% in October to 7.19%, the company's E2W sales fell to fifth place.
On Friday, the stock of Ola Electric closed at Rs 41.38, a 17.67% decrease from the previous month. As of right moment, the company's market capitalization is Rs18,252 crore ($2 billion).
Greaves Electric Mobility, ranked sixth in October, registered 5,692 units in November with a 4.96% market share, a 25.4% month-over-month loss. With 2,557 units and a 2.23% market share, BGAUSS came in eighth.
River Mobility and Kinetic Green secured eighth and ninth place in November with positive growth of 8.8% and 12.34%, respectively, despite the overall fall in E2W sales. Pure EV, on the other hand, fell to tenth position following a sharp decline in sales of 37.84%.
