The electric two-wheeler (E2W) segment has witnessed a significant shift in November 2025, as TVS Motor overtakes Bajaj Auto to secure the top position in monthly EV registrations. According to Vahan data, TVS remained the only brand among the top five manufacturers to record positive month-on-month growth, marking a notable milestone in an industry that otherwise faced a slowdown after the festive-season high of October.
In November, TVS registered 29,751 EV units, slightly higher compared to 29,656 units in October, but the real highlight was the jump in market share — up from 20.59% to 26.12%. This growth, driven predominantly by the strong performance of the iQube, allowed TVS to overtake Bajaj Auto by a healthy margin of 4,677 units.
Bajaj, which led the market in October through its Chetak EV, dropped to second place in November with ~25,085 units and a 21.85% share. Ather Energy secured third place with ~20,018 units, followed by Hero MotoCorp’s Vida at ~11,795 units, pushing Ola Electric to the fifth spot with 8,254 units — nearly half of its October volume of 16,049 units. Ola’s sharp decline also dragged its market share down to 7.25%, compared to 11.14% in the previous month.
Why November Saw a Drop Despite Strong October Performance?
Industry analysts attribute the overall 21% decline in E2W registrations MoM to reduced demand post-festive season and temporary production challenges. A shortage of rare-earth magnets affected output for several manufacturers, and this supply-chain disruption may continue over the next 1-2 months.
GST revisions also played a role. While EVs continue to attract a 5% GST rate, the reduction of GST on ICE two-wheelers below 350cc from 28% to 18% narrowed the cost advantage of EVs in the short term. Despite this, long-term ownership costs still favour electric models, providing optimism for sustained growth.
Year-to-Date Trends & Market Outlook
From January 1 to November 30, total EV two-wheeler registrations reached 2,76,859 units — up 41% year-on-year, showcasing the sector’s strong long-term momentum. With demand expected to revive in December and supply constraints gradually easing, the E2W market is likely to stabilize — and TVS has positioned itself strongly to lead this transition.
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