Bajaj Auto has wrapped up FY2025 on a high note, registering its best-ever monthly retail sales of 34,863 units in March 2025. While this translates into 1,124 Chetaks being delivered to consumers for each day last month, it also caps off a record fiscal year with total yearly Chetak sales at 2,30,761 units, up 116 percent YoY (FY2024: 1,06,624 units).

March 2025 with 1,30,274 units is the second highest month of sales after the 1,40,221 e2Ws sold in the festive month of October 2024. March 2025 retails though are down & percent YoY (March 2024: 1,40,344 units). The Top 10 EV OEMs’ combined sales at 1,24,443 units constitute 95 percent of total industry sales in March 2025, with the top four – Bajaj Auto, TVS, Ola and Ather – accounting for 1,04,192 EVs or 80 percent of monthly sales. Let’s take a closer look at the top six e2W OEMs.

Bajaj Auto: 34,863 units

With best-ever monthly sales of 34,863 units in March 2025, Bajaj Auto has topped the e2W industry for the second month running, after February 2025. Having been No. 1 for the first time in December 2024, last month’s performance makes it the third time in the past 12 months that the Bajaj Chetak has outsold the competition. Bajaj Auto's previous best monthly sales were in October 2024 (28,415 units). 

The consistent and strong growth all through the fiscal has meant that Bajaj Auto sold a record 2,30,761 Chetaks in FY2025, up 116 percent (FY2024: 1,06,624 units) and selling an additional 124,137 units to surpass the 200,000 milestone for the first time in a fiscal year. Resultantly, the company’s e2W market share has nearly doubled to 20 percent from 11 percent in FY2024.

What has helped accelerate sales, particularly in the last four months, is the new 35 Series launched last December. 

TVS Motor Co: 30,453 units

TVS Motor Co has been the longstanding No. 2 e-two-wheeler OEM. It came very close to being No. 1 in January 2025 but was pipped to the post by Ola by just 542 units. In March 2025, the TVS iQube was bought by 30,453 consumers, which gives it a monthly market share of 23 percent.

For entire FY2025, TVS Motor Co has clocked total retails of 2,37,551 units, up 30 percent YoY (FY2024: 1,83,189 units), which translates into an additional 54,362 units and gives it a market share of 21 percent for the fiscal year, up 2 percent on FY2024’s 19 percent.

Like Bajaj Auto, TVS has also surpassed the 2 lakh units retail milestone in a fiscal for the first time and has hit record retails. However, what the sales of the two legacy companies reveal is that the sales gap, which was 76,565 units in FY2024, has shrunk to 6,790 units in FY2025.

TVS, which has ample manufacturing capacity on hand, is strategically expanding the iQube dealer network. Currently estimated at around 750 touchpoints across India, TVS is aggressively increasing its EV network each month.

Ola Electric: 23,430 units

Ola Electric, which remains the overall e2W market leader for the third straight fiscal year, sold 23,430 units in March 2025 for a market share of 18 percent last month. The company, which retained its No. 1 title in January 2025, had dropped down by three ranks in February to No. 4. Its improved performance in March sees it move up to third position behind Bajaj Auto and TVS Motor Co.

On the cumulative retail sales front, with 3,44,004 e-scooters and e-motorcycles sold between April 2024 and March 2025, Ola has registered a 4 percent YoY increase, surpassing its FY2024 total of 3,29,947 units by 14,057 units. This gives the company an FY2025 market share of 30 percent, down by 5 percent on the 35 percent market share it had in FY2024.

Ather Energy: 15,446 units

Ather Energy sold 15,446 e-scooters in March 2025, which gives it a 12 percent market share and the No. 4 rank. Ather’s total FY2025 retails at 1,30,913 units are a 20 percent YoY increase, having sold an additional 21,752 units, and give a market share of 11.40 percent compared to 11.50 percent in FY2024 when it had sold 109,161 units. March 2025's sales are the e-scooter start-up's second best monthly retails since October 2024's 16,233 units. 

Hero MotoCorp (Vida): 7,977 units

Hero MotoCorp has closed FY2025 with its best-ever monthly retails of 7,977 units, improving upon October (7,350 units) and November 2024 (7,344 units). This takes its FY2025 total to 48,668 units, which constitutes handsome 175 percent YoY growth (FY2024: 17,720 units).

Hero MotoCorp has started scaling up brand presence for Vida and its network now stands at 203 touchpoints comprising 180 dealers across 116 cities. The company, which has the V2 range of EVs, plans to expand its portfolio – within the mid- and affordable segment – within FY2025. It also has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp is an early investor.

Greaves Electric Mobility: 5,641 units

Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, is ranked fifth for March 2025 and sixth for FY2025. In March, the company sold 5,641 e-scooters – its best-ever monthly retails yet – which gives it a 4 percent share for the month.

GEM’s FY2025 retails of 40,161 units are up 28 percent on its FY2024 sales of 31,276 units and give it a market share of 3.49 percent, marginally improving upon its 3.29 percent share of FY2024. The Ampere Nexus, GEM’s e-scooter launched in April 2024, has provided the bulk of the sales.