TVS Reclaims EV Two-Wheeler Market Lead with 26% Share in November 2025 | Ola Electric Crashes 48%

TVS Reclaims Crown with 26% Market Share as Legacy Automakers Dominate

TVS Motor Company strengthened its position as India's leading electric two-wheeler manufacturer in November 2025, maintaining steady sales momentum amid competitors' faltering sales during the post-festive season correction. With 30,309 units registered and a commanding 25.9% market share, TVS emerged as the sole major original equipment manufacturer (OEM) to increase sales compared to October, recording a modest 2.2% month-on-month growth.

The company's resilience in November can be attributed to two key factors. First, TVS successfully reduced customer waiting periods for its popular iQube range, as compared to last month. Second, the company's new Orbitor model began deliveries in strategic markets, including Delhi, Karnataka, Tamil Nadu, Madhya Pradesh, Chhattisgarh, and Kerala. The Orbitor's launch in these high-demand regions provided fresh impetus to sales during what is typically a slower post-festive season, with the model receiving strong consumer acceptance as a new variant in TVS's portfolio.

November sales growth translated into a 33.5% surge over September's 22,700 units, demonstrating TVS's underlying market strength. The company maintained its commanding lead over competitors even as the broader industry contracted 19.2% month-on-month following October's record festive season peak of 144,638 units.

Ather Energy: Sharp Decline, but Growth Trajectory Remains Intact

Ather Energy experienced a significant 28.5% month-on-month contraction, dropping from October's record 28,407 units to 20,324 units in November. This represented the company's steepest single-month decline since its market repositioning in early 2025. However, despite the setback, Ather's underlying growth momentum remains evident when viewed through a longer lens.

Comparing November's 20,324 units to September's 18,384 units reveals a 10.6% increase, indicating that October's exceptional performance was an anomaly driven by peak festive-season demand rather than a permanent shift. Ather's year-to-date total of 183,474 units positions it as the third-largest player in the segment, maintaining a solid 17.4% market share in November. The company's full-year trajectory suggests sustained demand for its premium 450X and 360X models, despite the monthly volatility typical of the EV market during seasonally uncertain periods.

Predictable Corrections Across Legacy Giants: Chetak, Vida, and the Broader Market Pattern

The post-festive season decline affected the broader industry uniformly. Bajaj Auto's Chetak electric scooter, which had peaked at 31,393 units in October, fell 18.7% to 25,527 units in November. Similarly, Hero MotoCorp's Vida series declined 23.8% month-on-month from 16,014 to 12,199 units. Both brands, however, maintained positive momentum relative to September figures, with Chetak running 29.5% higher and even Hero's Vida holding steady within the September-November range despite the MoM correction.

This pattern reflects a fundamental market dynamic: October's extraordinary growth was fueled by concentrated festive season purchasing, supported by GST rate reductions and promotional offers. November's normalisation, while appearing dramatic month-on-month, represents a return to underlying demand levels rather than a crisis. All major players from TVS to Chetak to Vida are trading above pre festival September levels, confirming that the market has retained structural gains despite monthly volatility.

Ola Electric's Freefall Continues Amid Service Crisis

Ola Electric's deterioration accelerated in November, with sales plummeting 47.7% month-on-month to 8,400 units—the company's weakest performance in 36 months. The company's market share cratered to just 7.2%, down from over 25% merely nine months earlier. From its peak of 24,411 units in January 2025, Ola's November sales represent a devastating 65.6% collapse.

The primary driver of Ola's freefall remains chronic after-sales service failures. Persistent complaints about delayed servicing, inadequate availability of spare parts, and poor resolution of warranty claims have systematically eroded consumer confidence. These service deficiencies, compounded by regulatory scrutiny from multiple government authorities and mounting competition from better-capitalised legacy automakers, have driven an exodus of customers toward rival brands. Ather, Bajaj, and TVS, all backed by established service networks, have systematically captured market share from Ola as consumers increasingly prioritise reliability and service accessibility over the brand's early-mover positioning.

Disclaimer: The data presented is derived from VAHAN registrations across states, excluding Telangana. A comprehensive analysis incorporating Telangana registration data will be published upon availability.