Bajaj Auto has secured the top spot in India’s electric two-wheeler (e2W) market for February 2025, according to the latest retail sales data from the government’s Vahan portal (as of March 1, 7 AM). With 21,335 units sold, the Bajaj Chetak recorded an impressive 81% year-on-year (YoY) growth compared to February 2024 (11,763 units). This marks the second time in three months that Bajaj has led the segment, having first achieved this milestone in December 2024.
India’s e2W Market Surpasses 1 Million Units in FY2025
Between April 2024 and February 2025, the electric two-wheeler segment crossed the one-million-unit milestone for the first time in a financial year. Total retail sales reached 10,18,300 units, reflecting a 26% YoY increase from the 8,08,162 units recorded in the same period last fiscal. The industry is already 7% ahead of FY2024’s total sales (9,48,511 units), with March figures yet to be included.
In February alone, 75,995 e2Ws were sold, with three manufacturers exceeding the 10,000-unit mark. The top 10 OEMs accounted for 93% of total industry sales (71,202 units), while Bajaj, TVS, Ather, and Ola collectively contributed 80% of the market share (60,516 units). Here’s how the top six brands performed last month:
1. Bajaj Auto – 21,335 Units
Bajaj Chetak continued its strong momentum, emerging as February’s best-selling electric scooter. With 21,335 units sold, Bajaj secured a 28% market share for the month and saw its 11-month cumulative sales reach 1,95,651 units—a 121% YoY increase.
The Chetak’s growth trajectory has been exceptional, with CY2024 sales hitting a record 1,93,439 units, reflecting 169% YoY growth over 2023 (71,941 units). Given its current pace, Bajaj is projected to sell around 25,000 units in March 2025, pushing total FY2025 sales beyond 2,20,000 units—a new fiscal-year high.
2. TVS Motor – 18,746 Units
TVS Motor retained the No. 2 position, selling 18,746 iQube units, marking a 28% YoY increase and capturing a 24% market share.
For FY2025 (April-February), TVS has sold 2,06,885 units, a 32% YoY rise, and surpassed the 2-lakh milestone for the first time in a financial year. With March figures yet to be added, its annual total is expected to exceed 2,30,000 units, following CY2024’s 2,20,472-unit performance.
3. Ather Energy – 11,788 Units
Ather Energy climbed to third place in February, overtaking Ola Electric, with 11,788 units sold—a 30% YoY increase.
With 1,15,278 units sold in FY2025 so far (up 26% YoY), Ather has solidified its position among the industry’s leading players. The Rizta e-scooter, introduced last year, has been well received, contributing to Ather’s growing market share.
4. Ola Electric – 8,647 Units
Ola Electric, which was the market leader in January, dropped to fourth place in February, selling 8,647 units, as per Vahan data. However, Ola clarified in a statement that it sold over 25,000 units, attributing the discrepancy to temporary disruptions in vehicle registration due to contract renegotiations with registration agencies.
Despite the monthly dip, Ola retains the highest cumulative sales in FY2025, with 3,20,562 units sold (up 16% YoY). March sales will determine whether it maintains its overall leadership for the fiscal year.
5. Greaves Electric Mobility – 3,700 Units
Greaves Electric Mobility (GEM) continued its upward trend, selling 3,700 units in February—a 49% YoY growth. Its cumulative FY2025 sales stand at 34,517 units, up 22% YoY, securing a 3% market share.
The company’s six-model portfolio, featuring scooters like the Nexus, Primus, and Magnus EX, has helped it expand its footprint in the growing EV market.
6. Hero MotoCorp (Vida) – 2,677 Units
Hero MotoCorp’s Vida electric scooter sales rose 52% YoY, reaching 2,677 units in February (February 2024: 1,757 units).
The company is rapidly expanding its dealership network, now covering 203 touchpoints across 116 cities, and has 2,500 charging stations in partnership with Ather Energy. Vida’s portfolio is expected to grow further, targeting mid-range and budget-conscious buyers in FY2025.
Conclusion
Bajaj Auto’s dominance in February highlights the shifting dynamics of India’s electric two-wheeler market. While TVS and Ather gained momentum, Ola’s dip appears to be temporary, given its strong fiscal-year performance.
With just one month left in FY2025, the industry is poised to cross 1.2 million e2Ws, setting a new benchmark for India’s EV adoption.
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