Startups initially ignited India's electric two-wheeler revolution, but traditional leaders of the internal combustion engine era like TVS Motor Co. Ltd. and Bajaj Auto Ltd. are increasingly turning to Ola Electric. Ola Electric still retains the top position.

TVS Motor became India's second largest electric two-wheeler maker a few months ago and is fast closing the gap with Ola Electric. Bajaj Auto emerged as the third largest company in October, overtaking Ather Energy from fourth place.

Ola Electric's three-month rolling average market share, which peaked at 34% in August, declined to 30% in October. Ather Energy also fell to 11% from 13%. In contrast, TVS Motor's electric two-wheeler market share rose from 14% in January to 24% in October, while Bajaj Auto's share rose to 11% from 4%, according to vehicle data on three-month rolling automobile registrations.

In October, 77% of the 74,261 e-two-wheelers sold in India were accounted for by four companies – Ola Electric, TVS Motor, Bajaj Auto and Ather. Five companies had this market share in June. Leaders expanded their production, distribution and product offerings, while others such as Greaves Ampere, Okinawa Autotech and Hero Electric faced setbacks due to government restrictions on their FAME-II incentive claims, which affected their sales.

E-two-wheeler sales in October were 17% higher than the previous month, but 4% lower than last year, which was attributed to the earlier arrival of the festive season last year. The internal combustion engine two-wheeler segment declined 16% year-on-year but grew 10% month-on-month.

As a result, e-two-wheeler penetration reached 5.1% in October, a significant increase from 4.8% in September. Consumers are gradually adopting electric two-wheelers due to their eco-friendliness, low operating costs and ongoing improvements in electric vehicle infrastructure, although low FAME-II subsidies have slowed the market growth.