Ola Electric Loses Market Share in May 2025; TVS and Bajaj Gain Ground
Despite ongoing challenges, Ola Electric continues to push forward with new products and next-generation models. However, the electric two-wheeler segment is witnessing significant shifts, with Ola Electric dropping from its earlier position as the No.1 EV brand to third place in May 2025. The current top contenders are TVS Motor and Bajaj Auto, battling it out with their iQube and Chetak scooters respectively.
TVS Motor Leads With 25% Market Share
According to data from the Vahan portal as of May 26, 2025, TVS Motor is leading the electric two-wheeler market with 19,451 vehicle registrations, translating to a 25% market share. This marks a strong year-on-year (YoY) growth from 15.6% in May 2024. Month-on-month (MoM), TVS’s market share also improved, up from 22.3% in April 2025.
Bajaj Auto Holds Second Spot With 22.6% Market Share
Bajaj Auto comes in second with 17,167 units registered in May 2025, giving it a 22.6% share of the market — a significant rise from 12.1% a year ago. Its MoM market share has also increased, compared to 21.4% in April 2025. The company’s flagship EV, the Chetak electric scooter, accounts for over 10% of its total sales. Recently, Bajaj launched the Chetak 3503 model, priced at ₹1.10 lakh, which is the most affordable variant in the 35 series.
Ola Electric Drops to Third Place
Ola Electric registered 15,221 vehicles in May 2025, securing a 20% market share. While this figure is not far behind TVS and Bajaj, it represents a sharp decline from Ola’s 49.2% market share in May 2024. MoM figures also show a decrease from 22.1% in April 2025.
Challenges Impacting Ola Electric
Despite a diversified product portfolio, Ola Electric has been grappling with several issues. Reports have surfaced about some Ola Electric outlets operating without valid trade certificates, damaging the company’s reputation. Negative perceptions about product quality and after-sales service have further impacted customer trust.
Additionally, Ola’s lithium-ion cell manufacturing project has encountered execution delays. The company had earmarked ₹1,277 crore in its IPO prospectus to boost production capacity from 5GWh to 6.4GWh in the second phase. However, these funds remain largely unspent according to ICRA’s monitoring.
Ather Electric in Fourth Place
Ather Electric holds the fourth position with 9,962 registrations in May 2025, capturing a 13.1% market share. This is up from 8.1% in May 2024 but down slightly from 14.9% in April 2025.
Looking Ahead: Hero MotoCorp’s EV Plans
The electric two-wheeler market could see further changes as Hero MotoCorp prepares to launch its new, affordable Vida VX2 range. In April 2025, Hero ranked fifth with a 7% market share, and the new models are expected to boost sales going forward.
