According to the Vahan Dashboard of the Parivahan website, the top 10 brands accounted for over 94% of all EV two-wheeler registrations from January to May 2025, highlighting a highly consolidated market. Here’s a closer look at the sales data and what it reveals about the competitive landscape.
Top 10 Brands: Sales Performance Rank Brand
Total Top 10 Sales: 471,391
Total Market Sales: 498,262
Top 10 Market Share: 94–96% monthly
Traditional vs. Pure EV Makers: Who’s Winning?
Traditional Giants: TVS and Bajaj TVS Motor Company and Bajaj Auto are neck-and-neck, each selling over 118,000 units in five months. They have consistently high monthly sales, with peaks in March (TVS: 30,647; Bajaj: 35,206). Their dominance is rooted in: Extensive Distribution: Both brands benefit from decades-old dealership and service networks, ensuring reach into urban and rural markets.
Brand Trust: Indian consumers associate these names with reliability and after-sales support, crucial for new technology adoption.
Financial Strength: Their ability to invest in R&D, marketing, and scaling production far exceeds that of most startups.
TVS Motor’s Unique Strengths
TVS stands out for several reasons: Product Fit: TVS’s iQube and other EV models are tailored for Indian conditions—affordable, robust, and practical.
Aggressive Expansion: TVS has rapidly expanded its EV sales and service footprint, leveraging its existing infrastructure.
Consumer Confidence: TVS’s legacy in two-wheelers translates into greater acceptance of its EVs, with fewer concerns about quality or support.
Pricing and Financing: Competitive pricing and attractive financing options have helped TVS convert its existing petrol two-wheeler customers to electric.
Pure EV Makers: Challenges and Struggles
Brands like Ola Electric and Ather Energy, despite strong initial momentum, are facing headwinds:
Distribution Limitations: Startups lack the widespread dealer and service networks of legacy brands, limiting their reach and after-sales support.
Operational Hurdles: Issues such as delivery delays, quality control, and service complaints have dented consumer confidence.
Brand Perception: As new entrants, pure EV makers must work harder to build trust, especially among first-time EV buyers.
Market Positioning: Ather’s premium focus and Ola’s direct-to-customer model have limited their ability to scale as quickly as traditional players in a price-sensitive market.
Market Trends and Outlook
The data shows that while pure EV makers like Ola and Ather have made significant inroads (with 95,131 and 66,876 units, respectively), they still trail behind TVS and Bajaj. Hero MotoCorp, another traditional player, is gaining momentum, especially with a sharp sales increase from March onwards. The top 10 brands’ overwhelming market share (94–96%) indicates that smaller players are struggling to compete, likely due to limited resources and brand recognition.
Conclusion: The Road Ahead
The Indian EV two-wheeler market is currently dominated by traditional players, with TVS Motor’s rapid ascent a testament to the power of brand legacy, distribution, and consumer trust. Pure EV startups, while innovative, must overcome significant operational and perception challenges to compete at scale. As the market matures, expect further consolidation and perhaps more partnerships between legacy and new-age brands, but for now, TVS and Bajaj are setting the pace in India’s electric mobility revolution.