E2W Market Saw a Fall of 20% in November 2025: TVS Reclaimed Top Seller with 20% Market Share

In November 2025, the overall E2W market shrank over 20% in November, dropping to 1.15 lakh registrations from October’s festive-boosted 1.44 lakh as per Vahan data. Despite the overall setback, TVS Motor remained resilient, recording 29,756 units for the month and reclaiming leadership in the electric two-wheeler (E2W) segment, capturing 25.92% of the market.

Ather Maintained 3rd Rank in E2W Market

Bajaj Auto, which had briefly held the top position, slipped to 2nd as its sales fell 20%, from 31,392 units in October to 25,085 in November. The decline pushed its market share down to 21.85%.

Ather Energy maintained its 3rd place ranking, though it too saw a sharp 30% month-on-month contraction, its registrations falling from 28,405 units in October to 20,018 in November. Ather holds a 17.43% market share. The company recently surpassed Ola Electric not only in market capitalisation but also in Q2 FY26 revenue, reporting ₹899 crore.

Ola Saw a Continuous Fall

On the flip side, Ola Electric suffered a steep downturn, with sales nearly halved, pushing it down to 5th place. Its registrations plunged from 16,013 to 8,254, a nearly 50% decline. The company’s market share fell to 7.19% from 11.16%, and it slipped to fifth position.

Also Read: Nov 2025 Auto Sales: Tata Motors, Maruti Suzuki, and M&M Posted Double-Digit Growth

Other Key Players

Hero MotoCorp climbed to fourth place despite a 26.34% drop in monthly sales, closing November with 11,795 registrations and a 10.27% share. Among the rest of the field, Greaves Electric Mobility, 6th in October, reported a 25.4% decline with 5,692 units in November, securing a 4.96% share. BGAUSS followed with 2,557 units and a 2.23% share.

Despite the broader downturn, River Mobility and Kinetic Green bucked the trend, recording growth of 8.8% and 12.34% respectively, finishing eighth and ninth. Pure EV, however, slid to tenth place after suffering a steep 37.84% month-on-month decline.

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