India’s electric two-wheeler market maintained strong momentum in November 2025, with leading OEMs continuing to post solid registration numbers despite the post-festive cooling that usually follows October.
TVS Motor, Bajaj Auto, and Ather Energy led the month, holding dominant market share, while Ola Electric slipped further, reflecting an ongoing correction phase. Hero MotoCorp, Greaves, and BGAUSS maintained steady contributions, with River and Kinetic showing marginal improvements.
Based on Vahan Dashboard data (as of December 1, 2025), the industry held a stable trajectory after October’s festive spike.
| Manufacturer | Oct 2025 Sales | Nov 2025 Sales | MoM Growth (%) |
|---|---|---|---|
| TVS Motor | 29,661 | 30,309 | +2.1% |
| Bajaj Auto | 31,393 | 25,527 | –18.7% |
| Ather Energy | 28,407 | 20,324 | –28.5% |
| Hero MotoCorp | 16,014 | 12,199 | –23.8% |
| Ola Electric | 16,049 | 8,400 | –47.6% |
| Greaves Electric Mobility | 7,632 | 5,763 | –24.5% |
| BGAUSS Auto | 2,936 | 2,566 | –12.6% |
| River Mobility | 1,635 | 1,798 | +10.0% |
| Kinetic Green | 1,191 | 1,340 | +12.5% |
| Pure Energy | 1,707 | 1,071 | –37.2% |
Source: Vahan Dashboard (1,400+ RTOs, Telangana excluded)
TVS Motor took the #1 position in November with 30,309 registrations.
Bajaj dropped to #2 after a strong October, likely due to supply corrections.
Ather Energy maintained a healthy share despite a sizeable dip from October highs.
Ola Electric saw the sharpest decline among top OEMs, falling to 7.18% share.
River and Kinetic Green were the only manufacturers showing meaningful growth this month.
TVS delivered a stable performance, inching up slightly from October’s 29,661.
The iQube series continues to be a benchmark for consistent, predictable demand across retail and fleet segments.
The ST variant rollout is supporting TVS in defending its position in the mid-premium category, helping it return to the top spot this month.
Bajaj registered a notable correction after its exceptional October run.
While November numbers dropped to 25,527, the brand’s year-long trajectory remains strong.
Dealership replenishment phases and back-end adjustments likely caused the pullback.
Even with the dip, Bajaj’s Chetak lineup maintains strong acceptance in metros and Tier-1 markets.
Ather saw lower volumes compared to October’s 28,407.
The drop partially reflects a cooling after the festive surge.
Despite this, Ather still commands a robust 17.39% market share in November, supported by its steady expansion into Tier-2 regions.
Hero delivered 12,199 units in November.
The Vida line remains a growing contender in Hero’s portfolio, especially in non-metro markets.
While numbers softened this month, Hero’s deeper EV groundwork, including component localization , continues to lay the foundation for long-term volume stability.
Ola experienced a steep decline from October’s 16,049.
With 8,400 units in November, the brand posted one of its lowest months of 2025.
The company’s shift to a hybrid service model and ongoing network restructuring may have influenced short-term retail performance.
However, Ola still holds significant cumulative leadership, and upcoming Gen-3 platform updates may help it recover.
Greaves recorded a controlled decline this month after October’s peak of 7,632.
Ampere-branded vehicles continue to perform well in the value segment, but supply adjustments and regional slowdowns affected November outcomes.
BGAUSS remained steady, posting 2,566 units.
The brand’s design focus and urban-commuter appeal continue to keep it relevant despite limited scale.
River was one of the few OEMs that showed positive sequential growth.
Its utility-centric scooters are gaining acceptance among urban professionals.
If River maintains its delivery pace, it could break into mid-tier rankings in early 2026.
Kinetic delivered a respectable 1,340 units.
The company’s improving distribution footprint and sharper product positioning are gradually reflected in numbers.
Pure EV saw a deeper decline this month.
With 1,071 units in November, the brand will need stronger retail interventions and a refreshed product strategy to counter rising competition.
November 2025 reflected a more normalised demand curve after the high-growth festive season of October.
While overall registrations softened, the market’s structure remained stable:
TVS regained the top position
Bajaj and Ather stayed strong despite the month’s correction
Ola saw the sharpest dip but remains influential
River and Kinetic stood out as the only growth stories this month
As OEMs enter the final stretch of 2025, sustained momentum will depend on fresh launches, supply discipline, and policy clarity around FAME incentives.
