India’s e‑2W Registrations Cross 1.18 Million; TVS Reclaims Top Spot as Ola Slips in November

India’s electric two-wheeler (e-2W) registrations crossed 1.18 million units between January–November 2025, marking a 10% year-on-year growth. In November, TVS Motor reclaimed the top spot, while Ola Electric slipped behind Hero Vida, signaling a reshuffle in market leadership, according to the data by VAHAN, the Ministry of Road Transport & Highways’ centralized vehicle registration portal.  

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November 2025 snapshot

• Total registrations (Nov 2025): ~1,16,849 units — the second-highest monthly tally of the year, just behind October’s festive peak.
• Cumulative (Jan–Nov 2025): 1.18 million units, up from 1.07 million in the same period last year.
• Growth rate: ~10% YoY, with analysts expecting 8–10% overall growth for 2025.

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Brand rankings (Nov 2025)

Rank	Brand	Units Sold	Market Share	Notes
1	TVS Motor	~30,309	~26–27%	Regained #1 after losing to Bajaj in Oct; strong iQube EV momentum.
2	Bajaj Auto	~25,526	~22%	Chetak EV driving growth; slipped from #1 in Oct.
3	Ather Energy	~18,356	~17%	Consistent performance, strong urban presence.
4	Hero Vida	Outsold Ola	~10–12%	Surged past Ola, signaling rising consumer acceptance.
5	Ola Electric	Fell behind Hero	~9–10%	Sharp decline; facing distribution and service challenges.

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Key trends

• Legacy OEMs dominate: TVS and Bajaj, with established dealer networks and manufacturing scale, are tightening their grip.
• Ola’s decline: Once the market leader, Ola is now struggling with after-sales service issues, delivery delays, and consumer trust gaps.
• Hero’s rise: Hero Vida overtaking Ola is significant — showing incumbents leveraging brand trust and distribution muscle.
• Supply chain constraints: Limited availability of rare-earth magnets is slowing production capacity across the industry.

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Risks and challenges

• Post-festive slowdown: November was strong, but December may see cooling demand.
• Consumer confidence: Service quality and charging infrastructure remain critical for sustaining growth.
• Competition heating up: With incumbents scaling up, startups like Ola face pressure to stabilize operations.

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Outlook

India’s e-2W market is firmly on a growth trajectory, with legacy players consolidating leadership. The shake-up in November — TVS back on top, Hero overtaking Ola — highlights how distribution strength and reliability are trumping aggressive pricing alone. Expect continued double-digit growth into 2026, but with sharper competition and possible consolidation.