Synopsis:
TVS Motor retained EV leadership in August, while Bajaj Auto slipped to fifth. Ola declined year-on-year, Ather and Hero surged, highlighting shifting dynamics amid supply chain pressures.
India’s electric two-wheeler market saw shifting dynamics in August, with traditional and new-age players vying for leadership despite supply chain pressures. TVS Motor Company retained its pole position, while Bajaj Auto, once a consistent No. 2, slipped to fifth place as rivals Ola Electric, Ather Energy, and Hero MotoCorp pulled ahead.
TVS Extends Lead with Double-Digit Growth
TVS Motor Company reported sales of 24,087 e-scooters in August, holding a 23 percent market share. The company continued its dominance in the EV space, recording a 37 percent year-on-year rise in sales, signaling strong retail demand despite broader industry challenges.
Ola Faces Pressure, Ather Gains Momentum
Ola Electric sold 18,972 units in August, securing an 18 percent market share and holding its third-place position. But sales were down 31 percent year-on-year, reflecting demand pressure. Ather Energy, on the other hand, continued to gain ground with 17,856 units sold. Its 17 percent market share rose 30 basis points month-on-month, while sales jumped 65 percent year-on-year, making it one of the fastest-growing players.
Hero Surpasses Bajaj for the First Time
Hero MotoCorp recorded 13,313 EV sales in August, translating into a 13 percent market share compared to 7 percent in April. The company leapfrogged Bajaj for the first time in the EV segment, with sales nearly doubling since April 2025. Year-on-year, Hero’s EV volumes surged 180 percent, underscoring its aggressive push in the space.
Bajaj Auto’s Market Share Halves
Bajaj Auto sold 11,730 e-scooters in August, a sharp 30 percent decline year-on-year. Its market share fell to 11 percent, nearly halving month-on-month. The rare earth magnet shortage disrupted production, dragging Bajaj down from its usual second spot. However, the company has secured fresh supplies and resumed deliveries of its Chetak e-scooter, aiming for a recovery ahead of the festive season.
Company | Sales in August |
TVS Motor Company | 24,087 |
Ola Electric | 18,972 |
Ather Energy | 17,856 |
Hero MotoCorp | 13,313 |
Bajaj Auto | 11,730 |
Market Outlook: Supply Chain Risks and Festive Tailwinds
Electric vehicles accounted for just over 6 percent of India’s overall two-wheeler sales in August, nearly 20 percent of scooter sales. The industry has been grappling with supply chain disruptions after China, the world’s largest producer, curbed exports of rare earth magnets earlier this year. India, which imports about Rs. 300 crore worth of magnets annually, saw EV makers like Bajaj, TVS, and Ather slash production.
With signs of easing tensions between India and China, optimism is returning. Bajaj has already secured supplies, and other manufacturers are expected to follow suit. As production stabilizes and festive season demand kicks in, the EV market could regain momentum, keeping investor interest alive in this fast-growing segment.
Written By Manan Gangwar
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