TVS Leads India’s E2W Market Despite Sharp December Slowdown

TVS Motor closed 2025 as the market leader in India’s electric two-wheeler (E2W) segment, securing a 26.14% market share in December. This came even as the overall E2W market contracted sharply, declining 19% month-on-month. Although TVS Motor’s December sales dropped by over 20%, the company registered 24,317 units and marginally increased its market share to 26.14%, outperforming competitors during the downturn.

According to Vahan data, electric two-wheeler registrations fell to around 93,000 units in December, following a 20% drop in November. The back-to-back declines highlight the ongoing slowdown in demand across the segment.

Bajaj Auto Sees Sharp Drop in December

Bajaj Auto recorded a 29% month-on-month decline in sales, with registrations falling to 18,197 units in December from 25,700 units in November. Its market share slipped to 19.56% as a result.

Ather Energy retained its third-place ranking despite a 20% decline in monthly registrations to 16,391 units. The company accounted for 17.62% of the market and currently has a market capitalization of Rs 28,870.6 crore ($3.2 billion).

Hero MotoCorp Maintains Fourth Spot

Hero MotoCorp continued in fourth place after overtaking Ola Electric in November. Despite a 15.76% decline in sales, the company registered 10,340 units and captured an 11.12% market share.

Ola Electric Gains Share on Stable Sales

Ola Electric’s sales remained largely flat at 8,402 units in December, even as rivals reported sharp declines. This stability helped the company increase its market share by two percentage points to 9.03%, placing it on 5th rank. 

Mid-Tier Players Face Steep Declines

Greaves Electric Mobility, BGauss, and River Mobility retained their sixth, seventh, and eighth positions, respectively. However, all three experienced significant month-on-month sales declines of 24.87%, 31.96%, and 6.15%.

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

e-Sprinto broke into the top 10 electric two-wheeler manufacturers in December, replacing Kinetic Green. The company nearly doubled its sales to 1,324 units and captured a 1.42% market share.

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