EV Race Heats Up: Ather Climbs to No. 2 as Bajaj Falls Behind

Ather Energy is in focus after the company jumped to the number two position by market share in August 2025. In the first 21 days of the month, Ather recorded a market share of 17% according to government website VAHAN.

The VAHAN portal is used to track retail sales and shows a significant jump for Ather. TVS continues to maintain leadership with 25% market share. Ola Electric maintains its No. 3 position with 16% market share.  

Ather has been expanding from its traditional stronghold South Indian markets into non-South regions. It has expanded aggressively in Maharashtra and Gujarat with the new Rizta. The company currently has 446 stores and is looking to reach 700 stores by the end of FY26.

Amongst other key winners, Hero MotoCorp has now jumped into the top 5 for the first time. Hero MotoCorp jumped to the number 4 spot on the back of new Vida VX2 launch, which is the cheaper of its current models priced at roughly Rs. 82,000. The new launch comes with a Battery-As-A-Service for its consumers as well, which means they don’t have to pay the price of the battery in full at the time of purchase. The price of the BAAS option drops to Rs. 57,000.

Meanwhile, Bajaj Auto has slipped to the number 5 spot with 12% market share. The company has been clocking in 20% market share across the past few months. But with the festive season of Ganpati starting in Maharashtra starting August 27, one could see some gains in market share in the last few days of the month.

As we advance, the electric 2-wheeler sales have been hovering at 1 Lakh Units per month and the growth has been strong given multiple new launches in the sub 1-Lakh price point. Companies are now looking to launch newer features and schemes like BAAS to drive growth but who maintain their position will be key.