The Indian electric two-wheeler market is buzzing with surprises this September! Ather surpassed Ola Electric in September 2025, climbing to the third spot and shaking up the EV hierarchy, while TVS Motor continues to hold its top position. With total registrations hitting 1,04,056 units, the market saw unexpected shifts as some brands soared and others slipped. What factors drove Ather’s rise, and why did Ola falter despite heavy promotions? From innovative scooters to festive-season effects and supply chain rebounds, the story behind September’s numbers is full of insights every EV enthusiast and investor will want to uncover.
TVS Motor: Staying Ahead
TVS Motor continued its dominance in the electric two-wheeler segment with 22,481 registrations, securing a 21.6% market share. Despite a 7.41% month-on-month decline, TVS remained ahead, driven largely by the popularity of its iQube model and the recent launch of the Orbiter scooter in late August. The combination of a diversified product lineup and robust brand recall helped TVS retain its top position in the market.
Bajaj Auto Makes a Strong Comeback
Bajaj Auto rebounded from a 40% decline in August, registering 19,519 units in September, capturing an 18.76% market share. This impressive 65.11% month-on-month growth was fueled by the resolution of supply chain constraints caused by a rare-earth magnet shortage that had disrupted production in the previous month. Bajaj’s resurgence highlights the importance of supply stability in maintaining competitive positioning in the EV market.
Ather Energy Surpasses Ola Electric
Ather Energy climbed to the third spot with 18,109 units sold, accounting for a 17.40% market share, surpassing Ola Electric despite flat sales compared to the previous month. The demand for Ather’s Rizta family scooter played a crucial role in this growth. On the financial front, Ather, the second EV startup after Ola to list on the Indian stock exchange, is trading at Rs 585.2, reflecting a 23% rise from last month, with a market capitalization of Rs 22,279.39 crore ($2.53 billion).
Ola Electric Faces a Sales Decline
Ola Electric slipped to fourth place, selling 13,371 units, marking a nearly 30% month-on-month decline. Its market share fell to 12.85%, down from 18.19% in August. The decline occurred despite Ola’s festive “Muhurat Mahotsav” campaign with heavy discounts, indicating that promotional activities alone may not offset broader market challenges. Ola’s shares are currently trading at around Rs 56.7, with a market capitalization of Rs 25,022.64 crore ($2.8 billion).
Other Market Movements
Hero MotoCorp’s Vida brand moved down to fifth position with 12,736 units sold (12.24% market share), reflecting a slight 4.74% decline. Meanwhile, Greaves Electric Mobility held sixth place at 4.1% market share, and BGAUSS showed robust growth with a 32% month-on-month increase. IPO-bound companies Pure EV, River Mobility, and Kinetic Green completed the top 10, with Kinetic Green posting a 28.4% growth in registrations.
Key Factors Influencing September Sales
The September sales period coincided with the Shradh period, traditionally considered inauspicious for vehicle purchases, followed by the Navratri festival, which generally boosts sales. Product innovations such as Ather’s Rizta, TVS Orbiter, and Hero Vida VX2, along with supply chain recoveries for Bajaj, significantly influenced the market rankings.
Conclusion
September 2025 proved that India’s electric two-wheeler market is evolving rapidly, and Ather surpassed Ola Electric in September 2025, signaling a shift in consumer preference toward innovative, family-friendly EV models. While TVS continues to dominate with a strong lineup, Ather’s consistent performance shows that strategic product launches and customer-centric features can disrupt the established order. With festive seasons boosting demand and supply chains stabilizing across manufacturers, the coming months will be critical in determining who leads the charge. For EV enthusiasts and investors alike, these trends highlight an exciting and competitive landscape that is only set to accelerate.
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