The August 2025 electric two-wheeler (EV2W) sales report is out, and it’s a tale of resilience, surprises, and a significant shake-up in the rankings. This month, we’ve seen how the ongoing rare earth elements crisis—stemming from global supply chain disruptions, particularly from China—has dramatically impacted production for some players. Brands like Ola, TVS, Bajaj, Hero, and Ather have all felt the ripples, but the overall market has shown modest growth. In this analysis, we’ll dive into the total sales figures, month-on-month (MoM) and year-on-year (YoY) growth, the top 10 rankings, and the standout performers and laggards. Data is sourced from the Vahan dashboard, reflecting registrations across India (excluding low-speed EVs and Telangana data where applicable).
Overall Market Performance
In August 2025, India registered a total of 14,436 electric two-wheelers, marking a slight MoM increase of 0.8% from July’s 14,309 units. On a YoY basis, sales grew by 17%, up from 12,330 units in August 2024. This modest uptick comes despite the rare earth magnet shortage, which has constrained production for several manufacturers. The crisis, triggered by export restrictions from China earlier in the year, has particularly hit high-volume producers reliant on these magnets for EV motors. While the market remains positive, with most top 10 brands showing growth, one major player has tumbled due to supply woes.
The EV2W segment continues to dominate India’s electric mobility landscape, accounting for over 50% of total EV registrations. With festive season demand on the horizon, expect volumes to surge in the coming months, provided supply chains stabilize.
Top 10 Rankings: A Mix of Growth and SetbacksMost brands in the top 10 posted positive MoM growth, but the rare earth issue has reshuffled the leaderboard. Bajaj Chetak, previously a strong contender, plummeted from second to fifth place due to halved production in July and lingering effects into August. Here’s a detailed breakdown:
| Rank | Brand/Model | August Sales | July Sales | MoM Growth | YoY Growth | Position Change |
|---|---|---|---|---|---|---|
| 10 | River India | 1,657 | 1,517 | +9% | +518% | Down 1 (from 9th) |
| 9 | BGauss | 1,720 | 1,591 | +8% | +54% | Down 1 (from 8th) |
| 8 | Kinetic Green | 1,774 | 1,441 | +23% | +359% | Up 2 (from 10th) |
| 7 | Pure EV | 1,778 | 1,688 | +5% | +510% | Steady (7th) |
| 6 | Greaves Electric | 4,479 | 4,185 | +7% | +59% | Steady (6th) |
| 5 | Bajaj Chetak | 11,730 | 19,650 | -40% | -29% | Down 3 (from 2nd) |
| 4 | Hero Vida | 13,313 | 10,489 | +26% | +180% | Up 1 (from 5th) |
| 3 | Ather Energy | 17,856 | 16,231 | +10% | +64% | Up 1 (from 4th) |
| 2 | Ola Electric | 18,695 | 17,848 | +4% | -32% | Up 1 (from 3rd) |
| 1 | TVS iQube | 24,087 | 22,230 | +8.3% | +37% | Steady (1st) |
- River India (10th): Slipped one spot but showed solid momentum with 9% MoM growth. Their YoY surge of 518% indicates they’re catching up, though volumes remain low.
- BGauss (9th): Down one position, but 8% MoM and 54% YoY growth keeps them competitive in the mid-tier.
- Kinetic Green (8th): A big leap from 10th, thanks to 23% MoM growth. Their 359% YoY jump highlights strong expansion in urban markets.
- Pure EV (7th): Steady at seventh with modest 5% MoM, but explosive 510% YoY growth shows they’re building a niche.
- Greaves Electric (6th): Holding firm with 7% MoM and 59% YoY, driven by models like Ampere Nexus.
- Bajaj Chetak (5th): The big story—down three spots from second. Sales halved MoM due to the rare earth crisis, which slashed production by up to 50% in July. YoY dipped 29%, but Bajaj has since redesigned motors to use lighter rare earth alternatives and secured supplies for festive demand. This setback cost them dearly, but recovery is underway.
- Hero Vida (4th): Climbed to fourth with a stellar 26% MoM growth, fueled by the new Vida V2 Plus and its bass system. 180% YoY marks them as a rising star.
- Ather Energy (3rd): Up one spot with 10% MoM and 64% YoY. Models like Rizta S continue to drive family-oriented sales.
- Ola Electric (2nd): Narrowed the gap with TVS via 4% MoM growth, but YoY fell 32%. Their S1X remains a volume puller, though the rare earth issue indirectly affected the ecosystem.
- TVS iQube (1st): Retained the top spot with 8.3% MoM and 37% YoY growth. The iQube’s reliability and recent price cuts have solidified TVS’s lead.
The top five brands accounted for over 85% of sales, with intense competition in the “gala kardo” (cutthroat) top tier. Guess who went negative? Bajaj—comment below if you predicted it!
The Rare Earth Crisis:
Why Bajaj TumbledThe rare earth elements shortage, exacerbated by China’s export curbs in April 2025 (in response to U.S. tariffs), has been a game-changer. These magnets are essential for EV motors, and India imports over 80% from China. Bajaj was hit hardest, with production halving in July and August sales reflecting the lag. Other brands like TVS and Ather mitigated impacts through stockpiles and redesigns, but Bajaj’s high-volume Chetak felt the full brunt. By late August, Bajaj resumed full production after securing alternative supplies, but the damage to rankings was done. This crisis underscores the need for diversified supply chains—expect more OEMs to invest in domestic rare earth processing.
Cheetah and Turtle of the Month
- Cheetah of the Month: Hero Vida – With 26% MoM growth, thanks to the Vida V2 Plus launch. Applause for their surge!
- Turtle of the Month: Bajaj Chetak – -40% MoM due to supply woes. A temporary setback, but ouch!
Emerging Players and Honorable Mentions
- Simple One: Jumped from 467 units in July to 667 in August (+42% MoM). Good job on building momentum!
- Smaller brands like Matter Energy saw minor dips, but the segment’s positivity shines through.
Electric Motorcycles: Steady Growth
Shifting to electric motorcycles, the segment showed mixed but overall positive trends:
- Matter Energy: 52 units (-3.7% MoM from 54).
- Oben Electric: 290 units (+27% MoM from 227).
- Ultraviolette: 138 units (+11% MoM from 124). Gaining traction as India’s premium e-bike.
- Revolt Motors: Leader with 1,073 units (+31% MoM from 817).
Excluding Matter, all showed MoM growth, signaling maturing demand for performance e-bikes.
Disclaimer and Final Thoughts
This data is sourced from the Vahan website, where minor fluctuations may occur as registrations update. Actual retail numbers could vary slightly due to reporting delays.
August 2025 was a tough but telling month for India’s EV2W market—strong overall growth, but the rare earth crisis exposed vulnerabilities. TVS iQube’s dominance and Hero’s rise are highlights, while Bajaj’s fall serves as a wake-up call. With subsidies under PM E-DRIVE and festive demand ahead, the segment is poised for a rebound. Whether you’re a commuter going green or eyeing performance, there’s something for everyone. Which brand are you rooting for? Like, share, and subscribe for more updates—stay charged!
