Ola, Bajaj, TVS: Who’s Winning the EV Scooter Race?

India’s electric two-wheeler (E2W) market is witnessing a fierce contest for supremacy. What was once a one-horse race dominated by Ola Electric has now become a monthly battle among three serious contenders—TVS Motor, Bajaj Auto, and Ola Electric. With shifting leadership, aggressive pricing, network expansion, and changing consumer sentiment, the dynamics of India’s electric vehicle (EV) scooter landscape are evolving rapidly.

In this blog, we break down the latest trends, sales numbers, and market shifts to understand who’s gaining ground, who’s under pressure, and what lies ahead in India’s EV scooter race.

TVS Leads in April and May

TVS Motor, the legacy internal combustion engine (ICE) giant, has steadily climbed to the top of the EV leaderboard. It captured the number one spot in both April and May 2025, selling 19,749 and 24,563 units, respectively, translating to a 21.5% market share in April and 24.49% in May.

The TVS iQube Electric has emerged as the brand’s growth engine. Its strong product positioning, affordable pricing, variant diversity (including long-range ST 5.1), and a real-world range of up to 150 km have appealed to both urban and semi-urban commuters. Backed by an expanding dealership network (over 750 touchpoints) and upcoming product launches, TVS appears to have struck a balance between performance and accessibility.

Notably, the company’s ability to sustain momentum even during a broader dip in E2W sales in May reflects the underlying resilience in demand for the iQube. TVS now appears well-positioned to cross the 200,000-unit mark in FY25, its highest ever.

Bajaj Auto: Catching Up Fast with Chetak

Once lagging in the EV race, Bajaj Auto is now firmly back in the picture. It sold 19,011 units in April, followed by a strong 21,777 units in May, claiming a 21.71% market share that month. Bajaj’s iconic Chetak , reimagined for the EV era, is driving this resurgence.

What stands out is Bajaj’s ability to post consistent month-on-month growth, building on the momentum from February and March when it held the top spot. The company has more than doubled its year-on-year E2W sales, aided by new launches such as the Chetak 35 Series, which offers an extended range of up to 153 km, with pricing that appeals to both premium and family buyers.

Bajaj is also eyeing the gig economy with specially designed variants. With a broadening sales network and continued product innovation, its FY25 target of 220,000 units seems increasingly within reach. The brand is not just chasing numbers; it is investing in long-term volume, tech integration, and consumer trust.

Ola Electric: The Former Leader Under Pressure

For much of the past year, Ola Electric led the Indian EV scooter segment. But since December 2024, when it first lost its crown, the company has struggled to maintain its dominance.

In January 2025, Ola briefly reclaimed the top position with 24,330 units sold, narrowly beating TVS by 542 units. However, this win was short-lived. In April, Ola slipped to second place with 19,709 units, and by May, its sales had dropped further to 18,500 units, accounting for only 18.45% of the market—a significant decline from the 37,388 units sold in May 2024.

This decline has had a noticeable impact on the company’s financial performance. Ola posted a 62% revenue drop in Q4 FY25, reporting ₹611 crore versus ₹1,598 crore in Q4 FY24. While Ola has tried to revive interest with the launch of new scooters (S1 X, S1 Pro+, S1 Z series) and upcoming deliveries of the Roadster X motorcycle, delivery delays and regulatory scrutiny have dented its image.

Discrepancies between Ola’s reported sales and Vahan portal data have led to inquiries from the Ministry of Heavy Industries and the Ministry of Road Transport. As legacy automakers gain ground, Ola now faces the challenge of regaining both market share and consumer trust.

Ather and Others: Competitive, but Not Yet Contenders

Ather Energy, which recently went public, remains a solid fourth player with consistent monthly volumes. It sold 13,173 units in April and 12,844 units in May, achieving a 12.8% market share. While Ather hasn’t yet challenged the top three in terms of volumes, it has managed to narrow its losses, improve gross margins, and create a niche with products such as the Rizta and 450 series.

Other OEMs such as Greaves Electric Mobility and Hero MotoCorp’s Vida brand are gradually growing, but with monthly sales still below the 5,000-unit mark, they don’t yet pose a threat to the top four.

Market Dynamics: A New EV Order is Emerging

India’s EV two-wheeler market is now at an inflection point:

• Monthly leadership is rotating—January (Ola), February–March (Bajaj), April–May (TVS).

• Legacy internal combustion engine players have bridged the tech gap and now offer competitive EV products at scale.

• Pricing, range, service network, and brand trust are becoming more decisive factors than first-mover advantage.

• Regulatory transparency and data integrity have emerged as key differentiators, particularly in the face of increased government oversight.

With just a few months left in FY25, the top three players are racing toward the million-unit milestone. Ola may still regain lost ground through upcoming launches and marketing efforts. However, as of now, TVS and Bajaj are the ones gaining ground the fastest.

Conclusion

The Indian electric scooter market is no longer a monopoly; it has become a battleground. While Ola Electric remains a formidable player, momentum has shifted towards TVS and Bajaj, who bring decades of trust, refined distribution strategies, and reliable after-sales service to the table.

If FY24 was about disruption, FY25 is shaping up to be a year of consolidation. Traditional players are adapting faster, and market share is up for grabs every month. For investors and EV watchers alike, the sector promises rapid shifts, bold bets, and fierce competition.

The real winner? The Indian EV consumers who have more choices, better products, and brands that are stepping up their game.

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