Legacy auto firms corner 40% of e-scooter market in FY25, led by TVS and Bajaj
Legacy automakers
TVS Motor
and
Bajaj Auto
jointly cornered nearly 40 per cent of India's electric two-wheeler (E2W) market in FY25, up from around 31 per cent in FY24, according to JMK Research & Analytics. Their combined share reflects a rising trend in electric vehicle (EV) adoption even as they continue to operate large internal combustion engine (ICE) portfolios.
TVS held a 20.84 per cent share while Bajaj Auto accounted for 19.73 per cent of the E2W market in FY25. The expansion comes in the backdrop of several factors including product diversification, timely EV launches, and wider aftersales and dealer networks.
Bajaj Auto's market share gain is attributed to its focused EV strategy. The company expanded dedicated Chetak Experience Centres (CECs) and launched the Chetak 35 series in December 2024, which helped it reach urban and semi-urban consumers. Although its overall two-wheeler volumes stayed flat year-on-year, EV penetration in Bajaj's portfolio rose from 5.36 per cent in FY24 to 11.01 per cent in FY25.
TVS Motor recorded an 11.32 per cent year-on-year growth in overall sales in FY25. EV penetration in its portfolio increased from 6.77 per cent to 7.59 per cent over the same period. The company offers a wider pricing range than Bajaj, with products targeting both entry-level and premium segments.
'The data suggests a broadening of the competitive landscape, where established players with multi-powertrain portfolios are now capturing a growing share of the E2W market,' said JMK Research. It added that this shift indicates a maturing industry where leadership is no longer exclusive to electric-first companies.
Pure-play EV firms such as Ola Electric, Ather Energy and Ampere Vehicles still hold significant market presence. Ola's scooters cater to entry-level buyers with competitive pricing, while Ather's range is priced slightly higher. Ampere continues to operate in an affordable pricing bracket. In contrast, legacy firms are employing multi-tier pricing to attract a broader consumer base.
The study noted that total E2W sales growth was modest but increasing EV penetration among legacy firms pointed to structural changes in the sector. Their brand familiarity, manufacturing scale, and infrastructure gave them an advantage as the market evolved.
The report further stated that with new entrants like Honda also moving into the E2W segment, the competitive landscape will likely see more innovation, performance upgrades and price differentiation going forward.
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