July 2025 marks a turning point as traditional manufacturers like TVS and Bajaj surge ahead while overall Two-Wheeler EV registrations face headwinds
India’s electric two-wheeler revolution hit its first roadblock in FY26 as July 2025 recorded a decline in registrations, ending months of consistent growth. However, the real story lies in the dramatic shift of market leadership, with legacy automotive giants outpacing EV-first startups.
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July 2025 E2W Market Performance Overview
| Brand | July Sales | Growth Rate | Market Position |
|---|---|---|---|
| TVS Motor | 27,600+ units | +31.6% YoY | Market Leader |
| Bajaj Auto | 25,500+ units | +95.8% YoY | Strong #2 position |
| Ola Electric | 18,499 units | -51% YoY | Losing ground |
| Hero MotoCorp | 9,471 units | +23% MoM | Defying market decline |
| Ather Energy | 16,100+ units | Steady performance | Premium segment leader |
Legacy Brands Drive the Charge
TVS Motor and Bajaj Auto continued to dominate electric vehicle two-wheeler (E2W) registrations in July, showcasing how traditional manufacturers are successfully transitioning to electric mobility. TVS’s iQube has become so popular that it outsold the sporty 125 cc scooter by 9.67 per cent in recent months.
Bajaj’s Chetak experienced remarkable momentum with a whopping 95.83 per cent year-on-year sales growth, proving that established automotive expertise translates well into the EV space.
Market Dynamics Shift Against Startups
The most striking development is Ola Electric’s declining market share. Once the undisputed leader, Ola’s market share fell to 18% in May 2025, down from 21% last month, reflecting challenges in sustaining early mover advantages.
Meanwhile, Hero MotoCorp witnessed a 23% increase in its E2W registrations to 9,471 in July, defying the broader market decline, thanks to its recently launched Vida V2 platform.
What’s Behind the July Slowdown?
The first decline in FY26 signals market maturation and seasonal adjustments. However, the bigger picture remains optimistic. The electric two-wheeler segment not only registered strong 21% YoY growth but also increased its share of overall EV industry sales to 58.49% in FY25.
Industry experts attribute the July dip to inventory adjustments and consumer buying patterns shifting toward the upcoming festive season, when historically higher sales are expected.
Future Outlook: Legacy vs Innovation
The success of traditional manufacturers suggests that legacy brands like TVS and Bajaj take the lead by leveraging existing dealer networks, manufacturing expertise, and brand trust. However, startups continue to drive innovation in features and technology.
Stay updated with the latest developments in India’s EV revolution at IndiaEVNews.com and explore our comprehensive EV buying guides.
Data sources: Vahan Dashboard and Society of Indian Automobile Manufacturers
