The last few weeks/months have been an emotional affair for the industry. Some of the most promising startups in the global E2W industry that were battling bankruptcy have been rescued. Their new lease of life comes with new business plans and a new perspective on things.
India-based Ather Energy reported an 87% year-over-year jump in revenues for Q1 FY 2026. With the startup nearly doubling sales, margins improved.
The July 2025 registration data indicate that the Indian E2W market declined by nearly 3% over June 2024 and declined by 4.5% year over year.
Developing a performance electric motorcycle is special, but things just hit a higher pitch when any startup takes the test-track path to performance testing. We saw that with Positive, and we love the seriousness with which they have approached motorcycle development.
The Honda Grom has an enviable market position. It sells a lot in the USA - more than 10,000 units in some years, and at the same time is a cult motorcycle. There are riders' clubs for the Grom, something you would associate with a Harley-Davidson, not a 125cc runabout.
It is still the market leader by far in the ICE scooter space, even with products that are outmatched by the competition. However, it is the electric scooter segment where Honda is lagging and may have gotten its pricing strategy wrong.
The company paints a positive picture, and there is a big improvement from last quarter, but the financials have deteriorated on a year-on-year basis. Also, the results open up some questions.
Niu released its Q2 2025 sales numbers and there is a near 37% increase in sales. However, the numbers are driven by China even as the sales numbers in the international markets remained depressed.
We are in good times. After years of promises and numerous vaporware, this is now an era where multiple startups are ready with competent electric street-sports motorcycles. Soon, every dominant two-wheeler geography would have multiple options to choose from.
With E2W tech getting commoditised and a funding winter across the globe for manufacturers, we are in tough times where new entrants need to find an edge, fast.
In June, TVS stays the market leader in sales, followed by Bajaj Auto, with Ola Electric, Ather Energy, Hero-Vida, and Greaves-Ampere bringing up the next four slots. The pecking order has stabilised in a market that is beginning to strengthen amidst a quest for profitability.
Electric mobility for the masses would be driven by two-wheelers. The real success of the E2W revolution would be if it managed to create a Tesla-scale global success story in two-wheelers. Unfortunately, even the most significant players are regional and small. Would that change?
