In a dramatic shift in India’s electric two-wheeler (E2W) market, Ather Energy has clinched the third position in September 2025 sales, surpassing long-time rival Ola Electric for the first time. This milestone comes as legacy automakers and fresh product launches ramp up the rivalry, injecting new energy into a segment that saw total registrations climb to 104,056 units last month.
The Bengaluru-based startup’s steady climb, fueled by premium offerings like the 450 series, propelled it past Ola, which slipped to fourth amid ongoing challenges. Meanwhile, TVS Motor Company solidified its lead at the top, while Bajaj Auto held firm in second.The E2W market, which has been navigating headwinds like subsidy cuts and supply chain glitches, regained momentum in September, buoyed by a GST reduction on internal combustion engine (ICE) vehicles and the festive Navratri season kickoff. This resurgence highlights the segment’s resilience, with overall registrations reflecting an 18% year-on-year uptick in the first half of FY26.
September 2025 Sales Breakdown: Top Brands in the Spotlight
Vahan dashboard data paints a clear picture of the month’s winners and laggards. TVS retained its crown with a commanding performance, despite a slight 7.41% month-on-month dip, thanks to strong demand outstripping supply for models like the iQube. Bajaj staged a remarkable comeback to second place, overcoming August’s production woes tied to rare earth magnet shortages that had hampered output. The Pune giant cleared a backlog of bookings, posting over 19,000 units and edging closer to TVS.Ather’s ascent to third was no fluke—its sales held steady with a focus on tech-savvy urban riders, while Ola grappled with a nearly 30% month-on-month decline, largely attributed to persistent after-sales service complaints and customer support issues.
Hero MotoCorp’s VIDA brand rounded out the top five, buoyed by its innovative Battery-as-a-Service (BaaS) model and aggressive marketing campaigns that pushed it past the 10,000-unit threshold for the first time. Here’s a snapshot of the top five E2W brands based on Vahan registrations for September 2025:
| Rank | Brand | Units Sold | Market Share | MoM Change |
|---|---|---|---|---|
| 1 | TVS Motor | 22,482 | 21.6% | -7.41% |
| 2 | Bajaj Auto | 19,519 | 18.8% | +65.1% |
| 3 | Ather Energy | 18,109 | 17.4% | Flat |
| 4 | Ola Electric | 13,371 | 12.9% | -30% |
| 5 | Hero MotoCorp (VIDA) | 12,736 | 12.2% | -4.7% |
Source: Vahan data via Entrackr and EVIndia
Bajaj’s Broader Triumph and Hero’s Rising Star
Bajaj’s EV success story extends beyond two-wheelers. The company reported over 5.10 lakh units across its entire portfolio in September, marking a 9% year-on-year growth and underscoring its recovery from supply constraints.
In the E2W space, the Chetak and Freedom models benefited from resolved magnet shortages, allowing Bajaj to not only reclaim second place but also narrow the gap with TVS to under 3,000 units.Hero’s VIDA, meanwhile, is emerging as a dark horse. The 12,736 units registered represent a climb past the 10,000 mark, driven by BaaS—which lets riders subscribe to batteries for lower upfront costs—and targeted promotions during Navratri. Industry experts credit this duo for VIDA’s momentum, positioning Hero as a formidable challenger in the affordable premium segment.
Ola’s Struggles: A Month-on-Month Slide, But YTD Lead Intact
Ola Electric’s fall from grace in September is stark: from a market leader earlier in the year to fourth place, with sales dipping below 14,000 units. The company’s month-on-month declines have persisted through much of 2025, exacerbated by service network woes and intensified competition from established players.
Despite this, Ola retains a comfortable year-to-date (YTD) lead in the January-September period, with 1.6 lakh units sold—well ahead of Ather’s 1.3 lakh.
This buffer provides breathing room as Ola works to stabilize operations ahead of the festive peak.Ather, on the other hand, has shown consistent growth, inching toward Bajaj’s turf. Its September haul of 18,109 units reflects a 17.4% market share, up from prior months, thanks to innovations in fast-charging infrastructure and software updates that appeal to tech-forward consumers
Festive Tailwinds and the Road Ahead
The GST cut on ICE bikes—slashing rates from 28% to 18% for certain categories—may have indirectly boosted E2Ws by making electric options relatively more attractive, especially as Navratri sparked a buying spree in key markets like Gujarat and Maharashtra.
With Diwali on the horizon, analysts predict the market could hit 1.2 lakh units in October, driven by pent-up demand and new launches.As legacy giants like TVS, Bajaj, and Hero flex their manufacturing muscle, startups like Ather and Ola face pressure to innovate. Ather’s overtake signals a maturing market where quality and service trump sheer volume. For Ola, September’s slip is a wake-up call—addressing customer pain points could reclaim its edge. In this high-stakes race, India’s E2W sector is charging toward a 30% penetration by 2030, promising greener roads and fiercer battles.
