Bajaj Auto e2Ws on full charge in FY25; Ola Electric's lead flickers

Bajaj Auto has staged a remarkable turnaround in the electric two-wheeler market. After a sluggish start, the legacy automaker accelerated sharply in FY25, more than doubling its electric scooter registrations and nearly doubling its market share within 12 months — largely at the expense of its key rival, Ola Electric. Competitors TVS Motor Company and Ather Electric managed to hold their ground, maintaining their market shares at FY24 levels.

 

Bajaj Auto’s electric scooter registrations surged by 109 per cent to 224,056 units in FY25, according to VAHAN data as of March 30, up from just 107,000 in FY24 This growth far outpaced the overall market, which expanded by a modest 19 per cent in the same period. Bajaj’s market share climbed from around 10 per cent in FY24 to 20.5 per cent by the end of FY25, closing in on TVS (21 per cent) and comfortably ahead of Ather (11.8 per cent).

 

Bajaj Auto’s strategy was straightforward: Challenge Ola Electric in the sub-₹1 lakh segment, where the latter had been dominant. Leveraging its extensive distribution network, Bajaj managed to capture an estimated 36 per cent of this market. The impact was significant — the electric two-wheeler market, once skewed towards premium models priced above ₹1 lakh, has now split evenly between high-end and sub-₹1 lakh offerings. 

 

Ola Electric, the market leader, felt the heat. VAHAN data indicates that Ola Electric’s overall market share declined from 36 per cent in FY24 to 31.4 per cent in FY25, with its registrations inching up by less than 4 per cent year-over-year. This fell short of the company’s expectations; its executives had projected monthly sales crossing 100,000 units by the end of 2024, a milestone that remains elusive.

 

Ola Electric has attributed part of its struggle to an ongoing dispute with a vendor responsible for facilitating registrations, arguing that its actual sales figures are higher. However, even with adjusted numbers, the company’s performance remains weaker than in FY24.

 

Despite Bajaj Auto’s aggressive push, Ola Electric retains its position as the market leader, albeit with a narrowing lead. TVS Motor, with just 7,000 more registered scooters than Bajaj, holds onto the second spot, while Bajaj ranks third. Ather, despite the strong reception of its family-oriented electric scooter, has struggled to expand its market share.

 

In the quarter ending March 2025, Bajaj has emerged as the frontrunner with a 26 per cent market share, followed by TVS at 24 per cent, and Ola trailing at just over 20 per cent.