Two-Wheeler EV Registrations Slump 30% MoM In April, TVS & Ola Clinch Top 2 Spots

Legacy automotive player TVS Motor and Bhavish Aggarwal-led Ola Electric emerged as the top two players in India’s rapidly growing electric two-wheeler (E2W) market in April, surpassing Bajaj Auto in terms of registrations.

Two-wheeler EV registrations across the country dropped 30% to 91,794 units last month from 1.31 Lakh units registered in March, as per Vahan data as of May 1, 2025.

However, E2W registrations jumped 40% year-on-year from 65,555 units amid a wave of new launches at competitive price points and advanced features. Notably, India recorded its highest-ever April E2W registrations in 2025.

Top EV OEMs See A Sharp Decline In Registrations

Auto giant TVS opened the fiscal year 2025-26 (FY26) on a strong note, unseating Bajaj to take the first spot in the E2W segment for the first time. Nevertheless, its registrations slipped almost 36% to 19,739 units during the month under review from 30,684 units in March. Its market share declined to 21.5% in April from 23.4% in the previous month.

Meanwhile, Ola Electric saw registrations of its escooters decline over 16% to 19,709 units last month from 23,557 units in March. Despite the decline in registrations, its market share increased to over 21% in the reported month from a little under 16% in March.

In an exchange filing yesterday, Ola Electric said that the by a month. While the company previously said it would begin delivery of these vehicles in April, it has now shifted the goalpost to May.

This comes at a time when Ola Electric is facing regulatory scrutiny over allegedly counting bookings of Roadster e-bikes and Gen-3 escooters in its February sales despite not beginning their deliveries. While deliveries of Gen3-powered Ola S1 scooters began in March, the company is yet to kick off delivery of its Roadster series of ebikes.

However, the company said that the February numbers reflected genuine customer orders backed by full payments and not just bookings. Markets regulator over discrepancies in February sales data.

Transport authorities in various states such as Maharashtra, Punjab and Madhya Pradesh also pulled up Ola Electric recently for allegedly operating showrooms without the necessary trade certificates, as required under the Indian Motor Vehicles Act.

Amid cut-throat competition from TVS and Ola Electric, Bajaj slipped to the third position, with registrations of its Chetak escooters tumbling nearly 46% to 19,001 units in April from 35,169 units in the previous month. As a result, Bajaj’s market share shrank to 20% last month from a little under 27% in March.

It is pertinent to note that Bajaj climbed to the first spot in the EV two-wheeler segment in December last year, surpassing the then market leader Ola Electric and auto giant TVS in terms of escooter sales. It managed to stay at the top until March, helped by a healthy uptick in registrations, despite intense competition from the likes of Ola Electric, TVS and soon-to-be-listed EV company Ather Energy.

Ather To Become Second Listed EV Startup

Ather Energy, which launched its INR 2,981 Cr initial public offering (IPO) on April 28, clocked 13,167 E2W registrations last month, down nearly 16% from 15,614 units in March. However, the company managed to grow its market share to 14.3% in the reported period from a little under 12% in March on the back of the launch of upgraded versions of its widely popular 450 series of escooters.

Ather Energy IPO . As per its red herring prospectus (RHP), the EV maker planned to raise INR 2,981 Cr through its IPO. Of this, it raised INR 1,340 Cr in its anchor round last week.

Of the total IPO proceeds, Ather Energy has earmarked INR 927 Cr to set up a new EV two-wheeler manufacturing facility in Maharashtra. The EV maker intends to kick off production from the upcoming facility in 2026 in a phased manner with an estimated annual production capacity of 1 Mn EV units upon completion.

Ather Energy is set to become the second EV manufacturer in the country to go public after Ola Electric, which floated its INR 6,145 Cr IPO last August. Amid growing investor confidence in new-age tech companies, Greaves Electric Mobility and Pure EV are also getting IPO ready.

Greaves, which sells its escooters under the Ampere brand, last year. In preparation for its IPO, Pure EV last month.

Greaves’s E2W registrations nosedived 29% month-on-month (MoM) to 4,018 units in April, while Pure EV saw registrations of its escooters dip nearly 20% MoM to 1,449 units.

Hero MotoCorp, which owns a 38.19% stake in Ather Energy, and is an emerging player in the E2W space, saw registrations of its escooters fall a little under 24% to 6,123 units in April from 8,035 units in March. Its market share improved marginally to 6.6% during the month from 6.1%.

Over the past few months, Hero MotoCorp has considerably grown its market share in India’s E2W market, which is often dubbed as ‘oligopolistic’, with the top four players accounting for more than 80% of sales in 9M FY25.

Consistent with the broader market trend, smaller players such as Revolt, River Mobility, Lectrix EV and Hero Electric also witnessed a decline in their monthly registration numbers. One of the exceptions to this trend was high-end EV bike maker Ultraviolette Automotive, which saw registrations of its EV units rise in April, albeit on a much smaller scale.

Ultraviolette clocked 86 EV two-wheeler registrations in April, up 48% from 58 in March. Earlier this year, it also with the launch of ‘Tesseract’. Similarly, Kinetic Green and Oben Electric also logged a rise in their EV registrations.

Overall, EV registrations, across categories, declined nearly 19% to 1.75 Lakh units in April from 2.13 Lakh units in March. This indicates that EV two-wheelers accounted for over 52% of all EV units registered last month.

On a YoY basis, total EV registrations across the country jumped over 48% from 1.18 Lakh units.

 

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