TVS, Ather, or Bajaj Auto? Check Who Led India’s Electric Two-Wheeler Market in September 2025!

India’s electric two-wheeler market recorded 96,031 registrations in September, down from 104,453 units in August. While overall numbers fell, market shares of leading players shifted noticeably, showing the changing dynamics of the sector.

TVS Motor Maintains Leadership 

TVS Motor led the segment with 21,052 units sold, taking a 21.9% market share. This reflects steady growth from its 20.4% share last year and cements its leadership in the industry.

Bajaj Auto Holds Strong at No. 2

Bajaj Auto sold 17,972 units in September, capturing 18.7% market share. Its consistent sales highlight a firm hold on the evolving EV market.

Ather Energy Rises to Third Place

Ather Energy registered 16,558 units, securing a 17.2% market share and overtaking Ola Electric for the first time. This rise from 14.6% a year ago was driven by its expansion strategy, with plans to scale up to 700 outlets through aggressive store additions.

Ola Electric Slips to Fourth

Once a dominant leader, Ola Electric fell to fourth place with 12,223 units and 12.7% market share. A sharp drop from 27.3% a year earlier, its quarterly sales also halved compared to last year. Ola is now shifting focus from rapid growth to profitable consolidation.

Hero MotoCorp’s Vida Gains Momentum

Hero MotoCorp’s Vida brand reported 11,856 units in September, achieving 12.3% market share. This marks a sharp jump from 4.7% last year, reflecting growing consumer acceptance.

Factors Behind the Slowdown

 The dip in registrations was influenced by multiple factors:

• GST restructuring
• The shradh period
• Navratri festivities
• Lower GST on conventional ICE vehicles

Read more: Tata Motors Demerger: Key Takeaways from Stock Exchange Filings.

Conclusion

Despite the September dip, the electric two-wheeler market remains strong. Established players like TVS and Bajaj Auto are holding steady, while Ather is growing rapidly and Ola is recalibrating its approach. As charging infrastructure expands and consumer awareness rises, the segment is set to play a crucial role in India’s shift toward sustainable mobility.

For investors, these shifts highlight the importance of tracking sector leaders through a demat account, as listed auto stocks often mirror changes in market dynamics.

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