TVS and Bajaj battle for E2W leadership as Ola Electric's market share drops to 18% in May
Competition in the electric two-wheeler segment has intensified over the past few months after legacy brands including TVS and Bajaj Auto first overtook the market leader Ola Electric in December.
TVS Motor continued its reign as the highest-selling electric two-wheeler (E2W) brand, even as the competition heated up among top original equipment manufacturers (OEMs) Ather Energy, Ola Electric, and Bajaj Auto.
TVS Motor sold 26,144 units of its E2Ws in May, topping for the second consecutive month as demand for its TVS iQube Electric sustained despite an overall dip in E2W sales during this period, securing 26% market share.
Rival Bajaj Auto, which sells Chetak Electric, sold 28,062 units during May, procuring a market share of 27%. The company had sold 24,647 units in April and recorded a 3x increase in sales from the year-ago period.
Meanwhile, Bhavish Aggarwal-led Ola Electric’s woes continue after it sold 17,947 units during the month compared to 19,784 units in April, with its market share further declining to 17.89%. It had sold 37,388 units in the year-ago period.
Newly listed Ather Energy sold 12,841 units, securing a market share of 12% during the month.
Competition in the electric two-wheeler segment has intensified over the past few months after legacy brands including TVS and Bajaj Auto first overtook the market leader Ola Electric in December. The latter’s market share has been on a steady decline, which has also weighed heavy on its top-line numbers.
Along with a thinning market share, Ola Electric reported a 62% dip in its fourth-quarter revenue to Rs 611 crore compared with Rs 1598 crore in Q4 FY24. The company also began deliveries of its Roadster X motorcycles on May 23 and expects it to boost the listed company’s market share in the coming months. During the post-earnings call, founder Bhavish Aggarwal said that the response to its motorcycles has been “overwhelmingly good” and that it has seen an uptick in demand for its S1 Pro Plus Gen 3 electric scooter in Q1 FY26.
Meanwhile, Ather Energy which listed in May this year, managed to narrow its losses Rs 237.3 crore in Q4 FY25 from Rs 283.9 crore in the year-ago period, helped by rising margins from higher sales.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Jyoti Narayan
