TVS Motor overtakes Bajaj in terms of EV two-wheeler registrations in November

Interestingly, TVS was the only company in the top five to show positive month-on-month growth in November 2025.

TVS (iQube) also significantly increased its market share in November, while Ola Electric saw a sharp decline as of 4:30 PM on Sunday, according to Vahan data.

TVS registered 29,751 registrations in November with a market share of 26.12 percent, compared to 29,656 in October with 20.59 percent.

TVS was ahead of Bajaj (Chetak) by a margin of 4,677 units in the month.

Interestingly, TVS was the only company in the top five to show positive month-on-month growth in November 2025.

Ola’s volume fell by almost half to 8,254 units in November, down from 16,049 in October. The market share fell to 7.25 percent in November, compared to 11.14 percent in October. Overall, EV two-wheeler registrations fell 21 percent in November as demand waned after robust sales during the festival season in October.

EV2W registrations

However, industry sources say demand is likely to pick up in December. From January 1, 2025, to November 30, the total number of EV2W registrations stood at 2,76,859 compared to 1,97,053, an increase of 41 percent year-on-year, data showed.

Anuj Sethi, senior director, Crisil Ratings, said as per 2WEV November data, with effect from September 22, 2025, the GST reforms have revised rates for internal combustion engines (ICE), including petrol two-wheelers under 350cc, from 28 per cent to 18 per cent. The rate on EV two-wheelers (E2Ws) continued to attract 5 percent GST. This widens the price gap between the two, making EV2Ws relatively less cost attractive, although lifetime costs still work in favor of E2Ws. However, due to the festive season, EV2W sales grew by 37 percent in the month of October 2025 compared to September 2025, according to data from the Vahan portal. However, the short-term volatility in demand was observed in November 2025, when EV2W sales fell 20-22 percent compared to October 2025, which was also a high month.

In addition, some original equipment manufacturers also had to reduce production of EV2Ws in November 2025 due to a shortage of rare earth magnets, which ultimately impacted sales. This may continue for the next 1-2 months until the supply chain disruptions are resolved, Sethi said.

Published on November 30, 2025