Ola Electric Loses Market Share In May 2025; TVS, Bajaj Overtake
Ola S1 Pro Sona EditionDespite challenges, Ola Electric continues to focus on the road ahead by introducing new products and new-gen models
A major churn can be seen in the electric two-wheeler segment, with Ola Electric struggling to maintain its market share. While it was earlier ranked as the No.1 EV brand, Ola Electric has slipped to the third spot in May 2025. The battle for the top position is now between TVS Motor and Bajaj or iQube vs. Chetak. Let’s analyse some more data to understand where things stand in the electric two-wheeler segment in May 2025.
TVS Motor leads with 25% market share
Data from Vahan portal (as of May 26, 2025) reveals TVS Motor leading the race with vehicle registrations at 19,451 units. With that, TVS has a market share of 25% in May 2025 in the electric two-wheeler segment. That’s a YoY gain, as compared to 15.6% market share reported in May 2024. MoM analysis is also positive, as market share in April 2025 was at 22.3%.
At number two in the list is Bajaj Auto, with vehicle registrations at 17,167 units. Market share is at 22.6% in May 2025, as compared to 12.1% in May 2024. MoM market share analysis is also positive when compared to 21.4% share in April 2025. Bajaj Auto’s primary EV product, the Chetak electric scooter, contributes more than 10% to the company’s overall sales. Bajaj launched the Chetak 3503 in April, which is the most affordable in the 35 series with a starting price of Rs 1.10 lakh.
Ola Electric ranked third
Vehicle registrations of Ola Electric were at 15,221 units, which makes for a market share of 20%. Not very distant from TVS and Bajaj, but quite a big dip, considering Ola’s market share was 49.2% a year ago. MoM sales analysis is also negative with 22.1% market share reported in April 2025.
Ola Electric Loses Market Share in May 2025
Despite having a diversified portfolio, Ola Electric sales are down. The company has been facing multiple issues in recent times. There has been misconducts in sales as several Ola Electric outlets functioning without relevant trade certificates. Ola had also faced negative rep related to product quality and after-sales service. Ola Electric has a big task at hand to regain consumer trust and confidence, which is yet to happen.
Ola Electric’s cell manufacturing project is also facing challenges in execution. In the IPO prospectus, around Rs 1,277 crore was allocated for increasing lithium-ion cell production capacity. The target was to reach 6.4GWh from 5GWh under the second phase. However, these funds remain unutilized, according to monitoring agency ICRA.
Ather lists at 4th place
At number four is Ather Electric, with vehicle registrations at 9,962 units in May 2025. Market share is at 13.1%, as compared to 8.1% in May 2024. However, MoM market share analysis is negative since the share was 14.9% in April 2025.
In the coming months, the electric two-wheeler segment can see another churn with Hero MotoCorp EV sales gaining traction. The company is set to launch its new affordable Vida VX2 range, which can boost sales volumes. In April 2025, Hero MotoCorp was ranked 5th with a market share of 7%.
Source More