TVS Takes the Lead While Ola Electric Slips | May 2025 Scooter Market Share YoY Analysis
The Indian scooter market witnessed a dramatic shakeup in May 2025. While TVS Motor surged ahead to claim the top spot, Ola Electric, once a dominant EV player, saw a sharp decline in market share.
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Scooter Sales & Market Share Comparison
(Year-on-Year: May 2024 vs May 2025)
| Company | Registrations (May 2024) | Market Share (May 2024) | Market Share (May 2025) | YoY Change |
|---|---|---|---|---|
| TVS Motor | 19,451 | 15.6% | 25.0% | 🔼 +9.4% |
| Bajaj Auto | 17,167 | 12.1% | 22.6% | 🔼 +10.5% |
| Ola Electric | 15,221 | 49.2% | 20.0% | 🔽 -29.2% |
| Ather Energy | 9,962 | 23.8% | 13.1% | 🔽 -10.7% |
Market Analysis
TVS Motor Company Ltd
Stock Price (May 2025): ₹2,150
P/E Ratio: ~29x (slightly above industry average)
EPS (TTM): ₹74.1
Fundamentals:
Strong balance sheet with low debt-to-equity ratio.
Consistent revenue and profit growth over the last 3 years.
Rapid EV expansion under the iQube brand.
Technical Overview:
Trading above 50-DMA and 200-DMA – bullish trend.
RSI ~68, near overbought zone – momentum is strong.
MACD shows a positive crossover – further upside expected.
Investor Sentiment:
Positive due to robust EV sales, expansion into new cities, and rising exports.
Bajaj Auto Ltd
Stock Price (May 2025): ₹9,050
P/E Ratio: ~25x
EPS (TTM): ₹362
Fundamentals:
Solid dividend history, low debt, strong brand legacy.
Chetak EV is growing rapidly in tier-1 and tier-2 markets.
Diversified export portfolio (Africa, SE Asia).
Technical Overview:
RSI at 72 – strong upward momentum.
Stock has broken resistance at ₹8,750 – bullish breakout confirmed.
Volume support strong – signs of institutional buying.
Investor Sentiment:
Positive on account of strong execution in EV and ICE segments.
Ola Electric Mobility Pvt. Ltd. (Unlisted)
Status: Not listed on stock exchanges yet.
IPO News: Delay in public listing; internal audits and resignations have created investor concern.
Financial Concerns:
Recent reports suggest cash burn is high.
Sales are falling sharply in Q1 FY25.
Investor exits and auditor resignations raise red flags.
Market Reaction:
Brand perception is taking a hit due to service complaints, delivery delays, and rising competition from legacy players.
Ather Energy
Status: Unlisted
Valuation: Estimated at ~$800 million as per the latest funding rounds.
Recent Developments:
Strong competition from TVS and Bajaj in price-sensitive segments.
Still holds the urban premium segment but is under pressure.
Challenges:
Scalability and pricing strategy.
Need for faster dealership and charging infrastructure expansion.
Conclusion
The Indian two-wheeler EV market is shifting fast:
Winners: TVS and Bajaj have leveraged their R&D, branding, and service networks to take the lead.
Losers: Ola and Ather, despite being early movers, are now struggling with scale, consistency, and consumer satisfaction.
What’s Next?
Can Ola Electric make a strong comeback with newer models and service improvements?
Will TVS and Bajaj continue to eat into the EV market?
Let us know your thoughts in the comments!
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