India’s electric two-wheeler registrations rebounded 12.2% MoM to 2.07 lakh units in September, reversing the decline seen over the previous two months, according to Vahan data
The recovery comes as TVS, Bajaj and Hero MotoCorp continue to gain ground, while Ather and Ola are losing market share amid an increasingly competitive mass-market E2W push
E2W makers are lowering the entry barrier through sub-₹1 lakh models and battery-as-a-service offerings, while investing in manufacturing, technology and distribution to capture the next wave of EV adoption
Reversing a downward trend over the past two months, monthly electric two-wheeler (E2W) registrations bounced back in September.
As per Vahan data, total E2W sales for the month of September stood at 2.07 Lakh units, up 12.2% month-on-month increase from 1.84 Lakh units registered in August.
Important to note that Inc42 had reported 1.72 lakh E2W registrations for August based on the data available on August 31, while the latest Vahan data puts the month at 1.84 lakh units, a 7% upward revision.
From a year-on-year (YoY) lens, September’s total registration almost doubled 1.05 Lakh units registered in September 2025.
The top three traditional OEMs — TVS Motor, Bajaj and Hero MotoCorp — together accounted for around 61% of September registrations, with all three recording month-on-month growth.
In contrast, new-age players such as Ola Electric, Ather and BGauss saw more mixed performance. While Ather’s registrations rose 4.9%, Ola declined 3.5% and BGauss was broadly flat.
The September rebound also comes against a broader strengthening of India’s electric mobility market. As per reports, total EV registrations rose 64.6% YoY to 3.15 Lakh units in the month. In this, E2Ws accounted for the bulk of this growth.
The growth could partly reflect the build-up to the festive season, when automakers and dealers typically step up inventory and promotional activity.
Established two-wheeler manufacturers are also expanding their EV portfolios and distribution reach, making electric scooters more accessible to mainstream buyers.
This shift towards mass-market products could further support volumes as manufacturers target buyers beyond the early-adopter segment with more affordable models and wider retail networks.
While Ather launched its ₹99,999 scooter, Konarc, in late August, Ola Electric launched the S1Z scooter, priced at ₹79,999, around the same time.
Incumbents Maintain Lead
E2W market leader TVS Motor led the charge in September as well, with its market share now at 26%. The original equipment manufacturer (OEM) recorded 53,989 E2W registrations in September, an almost 10% MoM increase from 49,284 units recorded in the month prior.
After capturing over a quarter of the Indian E2W market, TVS Motors has now embarked on an international expansion effort which includes establishing and expanding presence in countries like Nepal, Kenya, Sri Lanka and now, Indonesia, where it is planning to set up a manufacturing facility.
With its current monthly manufacturing capacity at 40,000-45,000 units currently, it plans to raise that to 50,000-plus units in three to four months.
Meanwhile, Bajaj Auto is hot on the trail, strengthening its position further in September with 48,383 registrations recorded in September, a 17% jump from 41,341 units recorded in August. Its total market share now stands at 23.4%.
The OEM is on track to launch an electric motorbike in the coming months, and is meanwhile expanding its market position through its portfolio spanning premium to mass-market offerings.
HeroMotocorp, while failing to re-enter the top three ranking, saw registrations soar 27% in September to 24,306 units. The OEM is nevertheless planning to launch its own electric motorcycle in 2027 alongside new e-scooter variants, while doubling down on manufacturing.
Ather, Ola Lose Market Share
In comparison to larger OEMs, Ather Energy saw tepid growth in September, with registrations inching up 5% MoM to 30,479 units from 29,068 in August. Its market share, meanwhile, fell 110 basis points to 14.7% during the month.
Important to highlight that Ather’s overall sales have now crossed the 8 Lakh mark, making it the fourth OEM in the country to achieve the milestone. It expects sales momentum to accelerate as its newly launched affordable scooter Konarc picks up, and could make up for half of its sales within two years.
Meanwhile, Ola Electric continued its downward trajectory in terms of registrations, which dipped 3.5% MoM to 13,449 units in September.
The September decline comes as Ola attempts to rebuild its distribution network through dealer-led stores, targeting a network of more than 500 outlets, while also pushing cheaper products and its in-house Bharat Cells.
E-scooter maker E-Sprinto recorded a blockbuster 16X MoM increase in registrations during the month to 1,997 units.The OEM is planning to substantially increase its presence on Indian roads in coming months, buoyed by plans to launch an affordable family scooter with a claimed range of 130 km on a single charge.
Meanwhile, electric motorbike maker Oben also recovered substantially in September, registering 1,417 units in September, a 120% MoM surge from 642 units in August.
On the other hand, its rival electric bike maker Ultraviolette saw registrations dip over 12% MoM to 536 units. The startup raised $85 Mn in equity funding during the month as it plans to shore up manufacturing and enter new markets in US, Latin America, and Southeast Asia.
Besides Ultraviolette, River raised $120 Mn in August to expand its manufacturing as well. The e-scooter maker saw its registrations increase 6.4% to 5,549 units.
Simple, which raised $180 Mn earlier this week, saw its registrations dip 19% MoM to 1,351 units in September. It plans to focus on a new manufacturing facility, higher production, an expanded distribution and service network, and the next generation of products. The startup recently launched the Simple Wave, an affordable family scooter series starting at ₹1.10 Lakh.