EV Two-Wheeler Registrations Slip 27% MoM In February, Bajaj Takes Top Spot

Two-wheeler electric vehicle (EV) registrations in the country slipped 27% to hit a 10-month low of 71,847 units in February as compared to 98,246 units in the previous month, as per Vahan data as of February 28, 2025.

On a year-on-year basis, escooter registrations dipped 13% from 82,744 units.

Market leader Ola Electric lost its top spot in India’s electric two-wheeler (E2W) market to legacy automotive player Bajaj Auto yet again in February, as per Vahan data. However, it is pertinent to mention that Ola Electric said earlier this month that it was in the middle of renegotiating its existing deal with service providers Rosemerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd. This, it said, was expected to temporarily impact its vehicle registrations on the Vahan portal.

In a statement on Friday (February 28), Ola Electric claimed that it sold over 25,000 units in February and remained a leader in the E2W segment with a market share of 28%.

Meanwhile, as per Vahan data, Bajaj Auto vroomed past the Bhavish Aggarwal-led company as well as TVS Motor in terms of escooter registrations in February despite registrations of Chetak escooters slipping 6.6% to 20,006 units last month from 21,432 units in January.

Bajaj’s market share in the E2W segment rose to 27.8% in February from 21.8% in January. In December, Bajaj launched two new variants of its Chetak escooters. The automaker plans to export its Chetak-35 series of escooters to more than a dozen markets by the first quarter of the next financial year (FY26).

Amid challenging market conditions, TVS Motor managed to retain its second position in the E2W space, though registrations of its EV two-wheelers fell nearly 27% to 17,605 units from 23,979 units in January. 

Ather Energy’s registrations surpassed Ola Electric’s last month, as per Vahan data. The IPO-bound company’s registrations stood at  13,055 units, down 15% from 11,130 units in January. This resulted in Ather Energy capturing a 15.5% market share in the E2W market as compared to 13.3% in January.

Notably, Ather Energy is on track to become the second EV startup to go public in India after Ola Electric, which made its debut on Dalal Street in August last year. SEBI greenlit Ather’s INR 3,100 Cr+ initial public offering (IPO) in December 2024.

Meanwhile, smaller E2W original equipment manufacturers (OEMs) also faced a setback in February in terms of registrations. For instance, Greaves Electric Mobility, which sells its escooters under the brand ‘Ampere’, saw its monthly vehicle registrations decline 3% month-on-month (MoM) to 3,516 units in February.

Greaves is also gearing up for its IPO. In December 2024, it filed its draft red herring prospectus (DRHP) with markets regulator SEBI for an IPO worth over INR 1,000 Cr.

River, which launched its first EV in February 2023 and secured funding of $40 Mn in February last year, saw a 8% drop in its vehicle registrations to 561 units in February from 610 scooters in the preceding month. 

Electric motorcycle player Ultraviolette was among the biggest laggards last month, with its monthly EV two-wheeler registrations tanking 42% MoM to 45 units. The company said on Friday that it is entering newer EV two-wheeler segments as part of its expansion strategy and will unveil the roadmap on March 5.

While most EV players saw a decline in EV sales last month, the likes of Hero MotoCorp and Oben Electric bucked the trend. Hero MotoCorp, an emerging player in the space, registered a 56% MoM growth in its EV registrations to 2,529 units in February. Similarly, Oben Electric’s escooter registrations rose over 5% MoM to 196 units last month.

Overall, total EV registrations across categories declined over 24% to 1,36,721 units in February from 1,80,312 units in January. 

Notably, EV two-wheelers accounted for 80-90% of all EV units sold in India in 2024.