TVS IQube Leads Electric Two-Wheeler Sales Amid Production Issues

Updated: Monday, August 4, 2025, 18:10 [IST]

In July 2025, India's electric two-wheeler market experienced a mixed performance. While cumulative sales for the first seven months reached 7,08,905 units, accounting for 62 percent of CY2024's total, monthly sales saw a 4 percent decline year-on-year to 1,02,924 units. This ended a three-month growth streak and was likely due to production delays caused by rare earth magnet shortages.

Among the 207 original equipment manufacturers (OEMs), the top ten accounted for a significant 94 percent of sales. All top five brands surpassed the 10,000-unit mark in July. Hero MotoCorp achieved this milestone for the first time. However, both TVS and Bajaj faced slowing demand, indicating potential supply-side pressures that could impact future volumes.

TVS Motor

TVS Motor maintained its leading position in electric two-wheeler sales for the fourth consecutive month in July 2025. The company sold 22,242 iQubes, securing a 22 percent market share with a year-on-year increase of 13 percent. Despite this growth, it marked their lowest sales in three months. From April to July FY2026, TVS sold 92,457 units, up by 73 percent year-on-year.

Bajaj Auto

Bajaj Auto held onto the second spot in July with sales of 19,669 Chetaks. This represented an 11 percent increase year-on-year and captured a market share of 19 percent. From April to July, Bajaj's sales rose by an impressive 92 percent to reach 83,949 units. The introduction of the new entry-level Chetak variant priced at Rs 99,990 likely contributed to this growth.

Ola Electric

Ola Electric experienced a significant drop in retail sales in July 2025. The company's sales fell sharply to 17,850 units — down by 57 percent year-on-year — reducing its market share from last year's 39 percent to just 17 percent. Once a segment leader, Ola has been overtaken by Bajaj and TVS since January.

Ather Energy

Ather Energy had a strong performance in July with retail sales reaching 16,241 units — up by an impressive 59 percent year-on-year — securing a market share of 16 percent. The Rizta family scooter contributed over half of these monthly sales. Ather introduced new variants like the Rizta S and launched longer-range models such as the Ather Stack during Community Day.

Hero MotoCorp

Hero MotoCorp achieved its best-ever monthly electric scooter sales in July with deliveries of 10,495 Vida e-scooters — marking a remarkable increase of 107 percent year-on-year. This achievement pushed Hero's monthly market share to double that of July last year at 10 percent.

Greaves Electric Mobility

Greaves Electric Mobility (GEM) secured a 4 percent market share with sales of 4,197 e-scooters in July under its Ampere brand. FY2026 saw GEM's sales rise by 60 percent from April to July compared to last year while CY2025 recorded an increase of 62 percent so far.

DriveSpark Thinks

The Indian electric two-wheeler market is navigating challenges like production delays due to rare earth magnet shortages while witnessing varied performances among key players such as TVS Motor Co., Bajaj Auto Ltd., Ola Electric Pvt Ltd., Ather Energy Pvt Ltd., Hero MotoCorp Ltd., and Greaves Electric Mobility Pvt Ltd.