- The electric two-wheeler segment growth is unaffected by GST 2.0, underlining strong demand.
- TVS retains dominance, Bajaj rebounds, and Ather achieves a new sales high.
- Ola faces a sharp decline despite discounts, while Hero’s EV push gains momentum.
Any doubts that the GST 2.0 reduction on petrol-powered vehicles might slow the growth of electric two-wheelers were dispelled by September 2025 figures. Vahan data shows that over 1.04 lakh electric two-wheelers were sold last month, reflecting a strong 15% year-on-year (YoY) growth compared to September 2024.
1. TVS Motor — 22,481 units sold
TVS continues to dominate the electric two‑wheeler market, holding onto the No. 1 position for the sixth consecutive month since April 2025. September saw a 27% YoY growth, with 22,481 units sold, translating into a 22% market share. This marks another strong month for TVS as it consolidates its leadership position.
2. Bajaj Auto — 19,519 units sold
Bajaj Auto reclaimed its No. 2 spot in September after a dip in August due to rare-earth magnet-related production challenges. Delivering 19,519 units — a 16% YoY increase — Bajaj commands a 19% market share, trailing TVS by just 2,962 units.
3. Ather Energy — 18,109 units sold
Ather continues its strong growth trajectory. September marked Ather’s best month since its 2018 market debut, surpassing August’s record by selling 18,109 units — a 17% YoY growth. This earned Ather a 17% market share and the No. 3 rank for the first time.
4. Ola Electric — 13,371 units sold
Ola Electric has seen a steep decline in sales, slipping to the No. 4 spot with a 57% YoY drop. Delivering 13,371 units, Ola holds a 13% market share despite festive discounts pushing prices below ₹50,000. This marks the only YoY decline among the top 10 electric two-wheeler makers in September.
5. Hero MotoCorp (VIDA) — 12,736 units sold
Hero’s electric two-wheeler business is on the rise, with a 310% YoY increase in September. Crossing the 10,000-unit mark for the third consecutive month, Hero sold 12,736 Vida electric scooters, positioning itself to challenge Ola for the No. 4 spot.
6. Greaves Electric Mobility (GEM) — 4,271 units sold
GEM, with its Ampere brand, maintained its sixth position, posting a 51% YoY growth and holding a 4% market share. The company’s key offerings include the Nexus, Magnus, and Reo series, catering to different price and range segments.
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