Top Companies in Electric Two Wheeler Market Industry

The electric two wheeler market is projected to grow from USD 4.78 billion in 2025 to USD 9.71 billion by 2032 at a CAGR of 10.6%. In Europe, stringent CO2 emission targets under the EU’s “Fit for 55” package and urban low-emission zones are compelling cities such as Paris, Milan, and Barcelona to promote electric two-wheelers through purchase subsidies and free parking benefits. ASEAN markets such as Indonesia and Thailand are offering fiscal incentives for local EV component manufacturing and mandating electric fleet conversion targets for ride-hailing platforms, anchoring early mass-market adoption. In China, the government’s New Energy Vehicle (NEV) policy mandates regional electrification targets, while Tier 1 cities such as Beijing and Shanghai restrict new ICE registrations, forcing a shift toward high-performance e-motorcycles. India’s FAME II scheme and state-level programs such as Maharashtra’s subsidy of INR 5,000 (USD 56.41)/kWh and exemption from road tax have sharply lowered the total cost of ownership, pushing brands such as Ola Electric and TVS to undertake aggressive scale-up. In the US, the federal Clean Vehicle Tax Credit, which offers up to USD 7,500, and state programs, such as California’s CORE initiative, are now extended to light electric motorcycles. Cities like Austin and San Francisco are integrating electric scooter-sharing into their public mobility frameworks.

Some of the major players in the electric two wheeler market with a significant global presence include Ola Electric (India), Bajaj Auto Ltd. (India), TVS Motor Company (India), Ather Energy (India), and Yadea Technology Group Co., Ltd. (China). These companies have adopted a mix of organic and inorganic growth strategies, such as product launches, strategic partnerships, joint ventures, mergers and acquisitions, and expansion of production facilities, to strengthen their international foothold and capture a larger market share. Through these strategies, they have expanded across regions by offering a diverse portfolio of electric two-wheelers tailored to local market needs, featuring advanced battery technologies, connected mobility solutions, and competitive pricing to attract a wider customer base.

To know about the assumptions considered for the study download the pdf brochure

In September 2025, TVS Motor Company (India) signed a MoU with ALT Mobility to deploy up to 3,000 electric three-wheelers during FY 2025–26. The agreement includes both passenger and cargo variants, which will be leased through ALT Mobility’s network under a drive-to-own model for independent drivers and fleet operators. ALT Mobility will provide complete asset management services, including 24/7 vehicle monitoring and preventive maintenance, to ensure high uptime and efficiency. The leasing plan will also cover maintenance, insurance, roadside assistance, servicing, and vehicle fitness, offering users a complete ownership and support solution.

In September 2025, Ather Energy (India) unveiled the EL platform, a next-generation electric scooter architecture developed using 2.6 million kilometers of real-world data. The platform features a redesigned chassis, powertrain, and electronics system, enabling up to 15% faster assembly and twice the speed of periodic servicing, with an extended service interval of 10,000 km. Ather also introduced the Redux concept scooter, featuring a lightweight aluminum frame, 3D-printed seat, advanced body panels, adaptive ride dynamics, and a context-aware digital display.

In June 2025, Ola Electric (India) started rolling out its MoveOS 5 software update for the S1 scooter series and Roadster X motorcycles. The update brought several enhancements in performance, safety, and convenience across all Ola vehicle models. It upgraded the in-house Motor Control Unit (MCU) and introduced advanced battery management, improved regenerative braking, and better energy efficiency. Key new features include a DIY Mode that allows riders to customize settings such as top speed, throttle response, and regenerative braking, along with additional modes like Road-Trip Mode and Easy Park, providing added flexibility.

Ola Electric (India) is rapidly expanding its retail and service network. The company is focusing on vertical integration and cost optimization to enhance profitability, aiming for gross margins of around 35–40%, and has introduced rare-earth-free motors to reduce dependency on imports. Ola is also diversifying its portfolio by launching new scooters (S1 Gen 3) and entering the electric motorcycle segment with the Roadster X series to reach a wider customer base.

Bajaj Auto Ltd. (India) is leveraging its strong manufacturing base and export capabilities to grow its electric two-wheeler business. Electric vehicles now account for nearly 20% of its domestic sales, and the company continues to strengthen its portfolio with new models such as the “Chetak 35 Series.” The company is also collaborating with partners, such as Yulu, to develop electric platforms for urban mobility and last-mile delivery applications.

TVS Motor Company (India) is following a broad-based EV strategy by developing new electric two- and three-wheelers and timing their launches based on market demand. It is expanding internationally through acquisitions, such as ION Mobility in Southeast Asia, and partnering with major companies, including Amazon India, to enhance EV adoption and charging infrastructure. TVS continues to invest in R&D, diversify its product range across premium and affordable segments, and strengthen its domestic and export presence to capture the growing electric mobility market.

Ather Energy (India) is developing a modular EV platform, known as the “EL platform,” to reduce costs and enable multiple vehicle types to utilize shared components, thereby making its lineup more flexible and affordable. The company is also emphasizing connected mobility through data-driven features, including its partnership with Qlik for analytics, to improve customer experience. Ather is further expanding its retail and service network across India, with a focus on northern, eastern, and western regions, to support wider adoption of its products.

Yadea Technology Group Co., Ltd. (China) is pursuing global expansion, exporting to over 100 countries across the world, and positioning itself as a leading international brand in electric two-wheelers. It is localizing production in markets such as Brazil to reduce costs, improve supply efficiency, and meet local demand. The company is also investing in advanced battery technologies, including sodium-ion batteries, and launching high-performance models such as the “Kemper” smart electric motorcycle to move into premium market segments.

Market Ranking

The electric two wheeler market is competitive, with five main players such as Ola Electric (India), Bajaj Auto Ltd. (India), TVS Motor Company (India), Ather Energy (India), and Yadea Technology Group Co., Ltd. (China) collectively holding 36-46% of the total market. Ola Electric is focusing on expanding its nationwide retail and service network, achieving cost efficiency through vertical integration, and diversifying its portfolio with new scooters and electric motorcycles. Bajaj Auto is leveraging its manufacturing strength and export base while expanding its electric portfolio and forming partnerships for urban mobility and last-mile delivery solutions. TVS Motor Company is pursuing a comprehensive EV strategy by developing new models, expanding globally through acquisitions and partnerships, and investing in R&D to serve both premium and budget segments. Ather Energy is focusing on cost-efficient modular platforms, connected mobility solutions, and expanding its retail footprint to strengthen its presence across India. Yadea Technology Group is executing a global expansion strategy by localizing production, adopting advanced battery technologies, and entering premium segments with high-performance electric models. The remaining 54%-64% of the market is shared among other regional and emerging players, contributing to extensive competition and offering opportunities for smaller players to establish a footprint.

Related Reports:

Electric Two Wheeler Market by Vehicle (E-Scooter/Moped, E-Motorcycle), Voltage Type, Motor Type (Hub, Mid-drive), Battery (Li-ion, lead acid), Motor Power, Technology (Battery, Plug-in), Vehicle Class, Usage, Region - Global Forecast to 2032

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com