From Petrol to Plug! India’s electric 2-wheeler sales surge 32% YoY in June, reveals Equirus Securities

The overall 2-wheeler retails in June 2025 increased by 5% YoY with North region growing at 10% YoY, as per the data release by Financial services firm Equirus Securities. East and West & Central grew by 4% YoY whereas South was up marginally by 1% YoY. While the electric 2-wheeler (E2W) sales grew 32% YoY to approximately 105k units in June 2025 with a penetration of 7.3% in June 2025 against 5.8% in June 2024. However, E2W sales could be impacted in the coming months due to ban of rare earth magnets by China.

Passenger Vehicle retail sales increased 2% YoY in June 2025, with East and West & Central region growing in mid-single digit whereas North and South region witnessed marginal decline.

Market Leaders: TVS, Bajaj Continue to Dominate

As per the data, legacy 2-wheeler players like TVS Motors (24% market share) and Bajaj Auto (21.8% market share) continued to dominate the E2W market on the back of their network expansion efforts. TVS motors also slashed the prices of its E2W and increased the battery capacity of some of its variants in May which has helped it to increase its market share. TVS Motors tops the E2W market for third consecutive month and Q1FY26.

Hero MotoCorp is gaining market share (7.3% in June against 7.1% in May and 3.9% in June 2024) post its model transition to Vida V2 range which includes a newly introduced affordable scooter (sub-one lakh). Hero Motocorp’s network expansion for its E2W has also helped it increase its market share.

Ola Electric Loses Ground!

The data also showcases that Ola Electric’s sales were down by about 45% YoY and had a market share 19.2% in June, which was down considerably from 46.1% in June. Ola also began customer deliveries of its Roadster X electric motorcycle in May. Moreover, Bajaj Auto’s CNG bike has failed to gain significant traction so far with sales of just 3.1k units in June. The limited availability of CNG stations in many areas, along with customer hesitation in adopting new technology, has led to the overall poor response to the CNG bike so far.

When it comes to three wheelers, the share of CNG has been on a declining trend over the last one year and stands at 25% in June against 30% in June 2024 whereas the share of E3W has increased to 60% against 55% in June 2024. However, month on month, the share of CNG has increased by 230bps whereas the share of Electric 3W has decreased by 300bps during the same period. Bajaj continues to dominate the CNG market with 87% market share in June. Electric 3-wheeler sales in June was around 60.5k units increasing 16% YoY. E-Auto sales was at 17k units increasing 55% YoY.

Read More: June 2025 auto sales dip amidst subdued demand; Maruti, Hyundai, Tata post sharp decline

E-Auto Segment: M&M Gains, Piaggio Declines

M&M remains the dominant player in the E-Auto market, holding a 43% market share in June. After a period of consistent market share decline in H1FY25, the company had stabilized its market share around 40% in H2FY25 and over the past three months has increased its market share from 38% in April to 43% in June.

On the other hand, Piaggio experienced a consistent decline over the past one year, with its market share consistently dropping from about 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 stabilized its market share around 38%.

Meanwhile, petrol’s share has dropped below 50% for fifth consecutive month and currently stands at 48%. Electric vehicle penetration in June stands at 4.4% against 4.3% in May and 2.5% in June 2024.

Read More: Auto sales up by 4.84% in June 2025 YoY; Dealers anticipate slowdown in July: FADA