The use of electric vehicles (EVs) continues to surge amid steady demand environment. As per data shared by financial advisory firm Equirus Securities, the electric 2-wheeler sales grew 32% year-on-year to 105k units in June 2025 as compared to the same month previous year. The 2EW penetration rate also reached 7.3% from 5.8% in June 2024.
Of this, legacy players like TVS Motors holds nearly 24% market share and Bajaj Auto 21.8%. TVS Motors tops the E2W market for third consecutive month and Q1FY26. These companies continued to dominate the E2W market due to their network expansion efforts.
It is pertinent to note that TVS slashed the prices of its E2W and increased the battery capacity of some of its variants in May 2025, which might have helped it to increase its market share. Despite the improved penetration rate, E2W sales could be impacted in the coming months due to ban of rare earth magnets by China.
Apart from TVS and Bajaj, the market share of Hero MotoCorp has also improved to 7.3% in June 2025 from 7.1% last year. On the contrary, Ola Electric’s sales were down by 45% (YoY) and had a market share of 19.2% last month.
In addition, the share of E3W (electric three wheelers) has also increased to 60% last month from 55% in June 2024. M&M remains the dominant player in the e-auto market, holding a 43% market share in June 2025.
After a period of consistent market share decline in H1FY25, the company had stabilised its market share around 40% in H2FY25 and over the past three months has increased its market share from 38% in April 2025 to 43% in June 2025, the report said.
On the other hand, Piaggio experienced a consistent decline over the past one year, with its market share consistently dropping from 12% in June 2024 to 6% in June 2025. Meanwhile, Bajaj's e-auto, launched in June 2023, has steadily gained market share over the past couple of years, and has now stabilised its market share around 38%, it added.
