India’s electric two-wheeler market closed December 2025 on a stable note, with demand normalising after the festive surge of October and the correction seen in November.
TVS Motor, Bajaj Auto, and Ather Energy retained leadership positions, collectively accounting for over 63% of total registrations, while Ola Electric continued to operate in a consolidation phase.
Hero, Greaves, and emerging OEMs maintained steady contributions, reflecting a more balanced end-of-year market.
Based on Vahan Dashboard data (December 2025), the sector showed resilience rather than sharp growth, signalling a transition into a more demand-driven phase going into 2026.
EV Two-Wheeler Sales Overview – December 2025
| Manufacturer | Nov 2025 Sales | Dec 2025 Sales | MoM Growth (%) |
|---|---|---|---|
| TVS Motor | 30,309 | 24,317 | –19.8% |
| Bajaj Auto | 25,527 | 18,197 | –28.7% |
| Ather Energy | 20,324 | 16,391 | –19.4% |
| Hero MotoCorp | 12,199 | 10,340 | –15.3% |
| Ola Electric | 8,400 | 8,402 | +0.0% |
| Greaves Electric Mobility | 5,763 | 4,335 | –24.8% |
| BGAUSS Auto | 2,566 | 1,748 | –31.9% |
| River Mobility | 1,798 | 1,709 | –4.9% |
| e-Sprinto | 1,340 | 1,324 | –1.2% |
| PURE EV | 1,071 | 615 | –42.6% |
| Others | — | 5,646 | — |
Source: Vahan Dashboard
Market Snapshot – December 2025
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TVS Motor retained the #1 position, closing December with over 24,000 registrations and the highest market share.
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Bajaj Auto held second place, with volumes stabilising after November’s correction.
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Ather Energy remained firmly in the top three, maintaining a strong premium-segment presence.
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Hero MotoCorp sustained double-digit market share, reflecting consistent traction for Vida models.
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Ola Electric stayed below 10% share, indicating continued restructuring impact.
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Mid-tier OEMs such as Greaves, BGAUSS, and River showed steady but contained volumes.
Top Electric Two-Wheeler Companies – December 2025 (Sales-wise)
#1 TVS Motor – 24,317 units
TVS closed December as the market leader, reinforcing its dominance through the iQube portfolio.
While volumes moderated from festive highs, TVS demonstrated predictable retail demand, supported by strong dealer execution and balanced urban–semi-urban penetration. The iQube’s positioning across price bands continues to work in TVS’s favour.
#2 Bajaj Auto – 18,197 units
Bajaj posted stable December numbers after the pullback seen in November.
The Chetak range continues to perform consistently in metro and Tier-1 markets. Supply alignment and controlled dispatches appear to have helped Bajaj stabilise volumes toward year-end.
#3 Ather Energy – 16,391 units
Ather maintained a solid December showing, holding 17.62% market share.
While volumes were lower than October peaks, demand remained healthy across core markets. Expansion into Tier-2 cities and a strong charging ecosystem continue to support Ather’s premium positioning.
#4 Hero MotoCorp – 10,340 units
Hero sustained its momentum in December, crossing the 10,000-unit mark.
The Vida platform continues to gain acceptance, especially outside major metros. Hero’s long-term EV investments and localisation strategy are gradually translating into consistent monthly volumes.
#5 Ola Electric – 8,402 units
Ola remained in a consolidation phase in December.
With just over 8,400 registrations, the brand continued to operate below its earlier 2025 highs. Network restructuring, service model changes, and portfolio rationalisation likely influenced near-term performance.
Despite this, Ola remains a key volume driver historically, and any operational stabilisation could quickly reflect in registrations.
#6 Greaves Electric Mobility – 4,335 units
Greaves recorded moderate December volumes.
Ampere-branded scooters continue to anchor the value segment, though competitive pressure and cautious channel stocking limited growth. Performance remained stable rather than expansionary.
#7 BGAUSS Auto – 1,748 units
BGAUSS posted steady numbers, supported by its urban-focused commuter models.
While scale remains limited, the brand has maintained consistent visibility in its target segments.
#8 River Mobility – 1,709 units
River continued to hold ground in December.
Its utility-oriented scooter continues to attract urban professionals, and consistent monthly deliveries suggest gradual brand traction.
#9 e-Sprinto – 1,324 units
e-Sprinto maintained presence in the affordable EV segment.
Volumes reflect steady demand from price-sensitive buyers, particularly in select regional markets.
#10 PURE EV – 615 units
PURE EV closed December with relatively low volumes.
With increasing competition in the entry-level EV space, sharper differentiation and stronger retail push will be critical going forward.
Final Thoughts – December 2025
December marked a year-end stabilisation phase for India’s electric two-wheeler market.
Key takeaways:
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TVS reinforced its leadership with the highest market share
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Bajaj and Ather remained structurally strong
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Hero continued to build a steady EV base
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Ola stayed in correction mode but remains strategically relevant
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Mid-tier OEMs showed consistency, not acceleration
As the industry moves into 2026, performance will increasingly depend on product refresh cycles, execution discipline, charging infrastructure expansion, and clarity around EV incentives rather than festive-driven demand spikes.
