Legacy OEMs Overtake Startups in April 2025 Electric Two-Wheeler Sales Surge

FY2026 Begins with Record Electric Two-Wheeler Sales

India’s electric two-wheeler (e-2W) market has opened FY2026 on a strong and decisive note. April 2025 witnessed total e-2W sales of 91,791 units, marking a robust 40% year-on-year (YoY) growth and surpassing the previous April 2023 record of 66,878 units. What makes this month’s sales particularly notable is the significant shift in the competitive landscape; legacy internal combustion engine (ICE) OEMs have now overtaken their startup rivals, stamping their authority on India’s dynamic EV market.

Legacy Players Dominate with 55% Market Share

A combined effort from TVS Motor, Bajaj Auto, Hero MotoCorp, Greaves Electric Mobility, and Kinetic Green Energy saw these five traditional two-wheeler manufacturers notch up 50,166 units, capturing 55% of the total e-2W market in April 2025. In stark contrast, the top 20 EV startups, including names like Ola Electric, Ather Energy, Pur Energy, and Revolt Motors, collectively sold 38,386 units, accounting for 42% market share. The remaining 3% was split among 163 other companies.
This reversal of trends is a clear indicator of how legacy OEMs are leveraging R&D strength, nationwide dealer networks, brand equity, and higher localisation to challenge startup agility and innovation.

The Legacy OEMs vs The Start-ups

TVS, Bajaj, and Hero Lead the Charge

Among the legacy players, TVS Motor Company has emerged as the market leader for the first time with 19,736 units sold, narrowly edging out Bajaj Auto, which retailed 19,001 units. Hero MotoCorp, with its Vida brand, clocked 6,123 units, while Greaves Electric Mobility and Kinetic Green sold 4,000 and 1,268 units, respectively.

Startups Feel the Heat; Ola and Ather Still Strong

While the legacy players are surging, startups like Ola Electric and Ather Energy continue to be major forces in the market. Ola sold 19,709 units, accounting for 21% market share, while Ather registered 13,167 units, translating to a 14% share. However, beyond these two, the performance drops sharply, with Pur Energy at 1,449 units and 17 other startups contributing a total of 4,061 units.

Motorcycles: The One Area Startups Still Lead

While scooters dominate the e-2W volumes, startups continue to have a foothold in the electric motorcycle segment. Brands like Revolt Motors, Oben Electric,Odysse EV, Ultraviolette Automotive, and Ola Electric (which is testing multiple e-bike concepts) have launched electric motorcycles to varying levels of market success.

Among the legacy players, TVS is developing its X electric motorcycle, while Hero MotoCorp is collaborating with Zero Motorcycles for premium offerings. However, significant volumes from legacy OEMs in this segment are yet to materialise.

 Legacy OEMs to Consolidate Further in FY2026

As the battle between legacy giants and agile startups intensifies, FY2026 promises to be a pivotal year for India’s e-2W industry. With increased product launches, deeper localisation, stronger policy incentives, and rising consumer acceptance, legacy OEMs are well poised to consolidate their early FY2026 gains.

That said, startups are not out of the race. Their innovation cycles, digital sales strategies, and youth-centric branding still offer strong appeal in urban markets. But the scale, consistency, and reliability of legacy players are proving to be tough to beat.

Also Read: Mahindra Posts 32% Sales Growth in April 2025, Driven by SUV and Export Surge