India’s electric two-wheeler (e-2W) segment continued its growth trajectory in 2025, recording over 1.18 million registrations between January and November, according to Vahan Portal data. This marks an increase from 1.07 million registrations in the same period last year.
The industry saw a noticeable surge in November registrations, supported by festival season demand. With this boost, the sector now reflects a 10% cumulative growth for the first eleven months of the calendar year. Analysts expect the full-year growth rate to settle in the 8–10% range, signalling continued consumer interest despite some market volatility.
Supply Constraints and Market Dynamics
Industry experts note that growth momentum has been tempered by supply-side pressures. A global shortage of rare-earth magnets, used in electric vehicle motors, has limited large-scale production. Additionally, slower-than-expected product rollout cycles—particularly from major players such as Ola Electric—have contributed to lower manufacturing output and delayed volume expansion.
Shift in Market Leadership
The competitive landscape witnessed notable movement, with established automotive players strengthening their positions.
Top e-2W Registrations (Jan–Nov 2025):
| Rank | Company | Registrations |
| 1 | TVS Motor Company | 272,874 |
| 2 | Bajaj Auto | 250,366 |
| 3 | Ola Electric | 190,088 |
| 4 | Ather Energy | 183,163 |
TVS Motor emerged as the segment leader, while Bajaj Auto’s strong response to demand for its Chetak EV positioned it firmly in second place. Notably, newer entrants Ola Electric and Ather Energy also remained key volume contributors.
Strong November Push
November recorded 116,849 e-2W registrations, making it the second-highest monthly sales volume in 2025. The spike indicates rising consumer acceptance, increasing dealer penetration and seasonal purchase sentiment.
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