While overall sales remained flat, the penetration of E2Ws has now reached 8.09%, the highest in the last six months. This was despite the recent GST impact that made ICE two-wheelers cheaper. The GST impact came into effect from Sept 22nd.
Within the numbers, TVS maintained its leadership with 22,482 units (21.61% share) registered. The brand’s sales numbers are a 6.7% decline on a month-on-month basis.
Bajaj had a bad August, with production coming to a standstill due to a limited supply of rare-earth (magnets for motors) from China. With supply lines restored, sales and production have normalised, and the brand reported sales of 19,519 units. This represents an 18.76% share of the market.
Ather is on a roll and easily maintained its third spot with sales of 18,109 units. This was a marginal improvement from last month, and Ather now has a 17.4% share of the market. The Bengaluru-based manufacturer is narrowing the gap to #2 each month. Considering that Ather’s sales network of about 500 dealers is a fraction of what Bajaj and TVS maintain, the sales momentum indicates that Ather, as a brand, has found its “fans”, and this sales momentum is sustainable.
This month, Ather also reported that it was impacted by the rare earth crisis and has decided to forego subsidies of INR 260 million. This indicates that the company’s motor supplier (Mahle) imported magnets or complete motors to keep the supply chains running. Under the Government of India’s FAME-2 norms, magnets have to be locally sourced, though the rare-earth metals used for manufacturing can be imported.
Ola continues to decline, and the September sales numbers of 13,371 units were a 29.5% decline from August 2025 numbers. The brand now has a 12.85% share of the market, the lowest level it has fallen to in this financial year. This was despite the brand selling inventory at less than INR 50,000 on select model configurations. The company had claimed that it was not impacted by the rare earth supply issues, with the media speculating that it may gain market share.
After improving sales for the previous few months, Hero-Vida lost some momentum in September with sales of 12,736 units, a 4.35% drop on a month-on-month basis. The brand had a 12.24% share of the market.
