The fight for leadership in India’s fast-growing electric two-wheeler (e-2W) segment is getting fiercer by the day. Just fifteen days into November 2025, TVS Motor Company has stormed back to the No. 1 spot, displacing Bajaj Auto which had briefly snatched the crown in October.
According to the latest Vahan retail registration data for November 1–15, TVS sold 15,344 units of its popular iQube electric scooter, beating Bajaj Auto’s Chetak (13,717 units) by a clear margin of 1,627 units. Ather Energy retained its strong third position, while Hero MotoCorp made a significant move by overtaking Ola Electric to claim the No. 4 rank.
October Flashback: Bajaj’s Short-Lived Reign
The festive month of October 2025 turned out to be a record-breaker for the Indian e-2W industry, with 1,44,315 units retailed — the highest-ever monthly volume. It was also the month when Bajaj Auto (31,337 Chetaks) finally ended TVS’s six-month winning streak (April to September), pushing the Hosur-based manufacturer to second place with 29,586 iQube units.
TVS had openly attributed the October dip to temporary production constraints at its Hosur plant caused by delayed supplies of rare-earth magnets — a critical component in electric motors. Those bottlenecks now appear resolved, enabling TVS to ramp up output aggressively and reclaim the lead within the first half of November.
Rural India: The Next Big Battlefield
TVS is not resting on its laurels. The company sees rural and semi-urban India as the next growth frontier for electric two-wheelers, especially as GST rationalisation and improved road connectivity make personal mobility more affordable.Speaking during the Q2 FY2026 earnings call, KN Radhakrishnan, CEO, TVS Motor Company, emphasised:
“I’m very sure GST reform is going to help rural (India) and (road) connectivity. I believe that for mobility needs in India, which has a lot of self-employed people, the two-wheeler is the best mobility solution. And rural is the most important driver. I’m very confident that rural will start growing in line with urban.”
Orbiter: TVS’s New Affordable Urban Warrior
To strengthen its portfolio and accelerate rural penetration, TVS recently launched the Orbiter electric scooter at an aggressive ₹99,900 (ex-showroom Bengaluru, inclusive of PM E-Drive subsidies). Notably, this prices the Orbiter — equipped with a larger 3.1 kWh battery and an IDC-certified range of 158 km — at par with the base variant of the iQube that uses a smaller 2.2 kWh pack.With a top speed of 68 kmph, the Orbiter is tailored for daily urban commuting while offering better value than most rivals in its price band. Deliveries of the Orbiter have already commenced in Karnataka, with other states to follow quickly.
What’s Next?
With supply chains stabilised, a refreshed product lineup, and a clear rural-focused strategy, TVS looks determined to hold on to the e-2W crown for the remainder of FY2026. Bajaj Auto, Hero MotoCorp, Ather, and Ola are all scaling up aggressively, ensuring that the battle for India’s electric two-wheeler market will only get more exciting in the months ahead.For now, the iQube (and the new Orbiter) have put TVS firmly back on top — a reminder that in India’s EV race, momentum can shift in a matter of weeks.
