India’s electric two-wheeler market saw a strong performance in March 2025, with Bajaj Auto emerging as the top seller, recording 30,133 unit sales and securing a 25.8% market share. This strong growth comes despite a 7% drop in overall vehicle retail sales in February 2025, as reported by the Federation of Automobile Dealers Associations (FADA).

Bajaj Auto Leads EV Sales in March 2025

Bajaj Auto made a remarkable impact in March, selling 30,133 units, solidifying its position as a dominant player in India's electric two-wheeler market. Its consistent performance underscores the rising consumer demand for EVs, particularly in the premium and mid-range segments.

TVS iQube and Ather Follow Closely

The TVS iQube came in second, with 26,481 units sold, capturing a 22.6% market share. TVS’s continuous focus on expanding its charging network and improving vehicle efficiency has helped maintain strong sales figures.

Meanwhile, Ather Energy secured the third spot, selling 14,447 units, which translates to a 12.3% market share. Ather’s consistent sales growth indicates a steady rise in consumer confidence in its offerings.

Hero Vida Lags Behind in the Competition

Hero MotoCorp’s Vida electric scooter trailed behind the competition, with only 6,539 units sold, capturing a 5.6% market share. The brand has struggled to gain strong momentum, primarily due to pricing, infrastructure, and competition from well-established players like Bajaj and TVS.

EV Market Gains Despite a Sluggish Two-Wheeler Industry

The overall two-wheeler market declined 6% year-on-year in February 2025, with total sales dropping from 14,44,674 units in February 2024 to 13,53,280 units. FADA attributed the decline to:

• Low customer interest due to pricing concerns.

• Financing challenges, limiting purchasing power.

• Stock inconsistencies among dealerships.

Despite this slowdown, electric two-wheelers continued to thrive in March, driven by government incentives, lower operational costs, and increasing fuel prices.

What’s Driving the Surge in EV Sales?

The resilience of electric scooters in March can be credited to several factors:

• Subsidies and tax benefits under FAME-II and state-level EV policies.

• Growing charging infrastructure, boosting consumer confidence.

• Rising fuel costs, making EVs a more attractive alternative.

Ola Electric’s Market Position

While Bajaj, TVS, and Ather dominated the charts, Ola Electric’s sales figures remain undisclosed for March. Ola had been leading in previous months but faces stiff competition from Bajaj Auto’s aggressive expansion strategy.

The Road Ahead for India’s EV Market

With increasing adoption of electric mobility, automakers are expanding production capabilities to meet the growing demand. Bajaj Auto, TVS, and Ather are expected to launch new models, further intensifying competition.

The Current active IPO are Aten Papers & Foam Limited, Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited,Identixweb Limited.

The Closed IPOs are  ATC Energies System Limited, Shri Ahimsa Naturals Limited, Desco Infratech Limited

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.