Ather Energy Ltd. (Ather), the pure-play E2W player, has been consistently gaining market share over the last few months ever since it launched the new range of ‘Rizta’ scooters targeting the family convenience segment.
Ather Energy’s market share was 11.9% in March FY25 and 13% for Q4 FY25. Like other major players, Ather too had a record month in March 2025. The 15,467 units sold by Ather are the e-scooter start-up's second-best monthly retail sales since October 2024's 16,233 units. The trend indicates that Ather is gaining in a converging market share scenario. The market share of the closest peer (also a market leader) dropped from 52% in April 2024 to 30% in the whole of FY25, as per Drivio's analysis and report.
In Gujarat, Ather grew its market share from 5% in July 2024 to 25% in December 2024 in just about five months' time. It doubled market share in Delhi and almost doubled the same in Maharashtra.
Ather Energy clocked retail sales of 130,945 units in FY2025. This is a 20% YoY increase, having sold an additional 21,784 units. Ather has a market share of 11. 9% in Q4 FY25 compared to 11.50% in Q4 FY2024 when it had sold 109,161 units.
Ather has market leadership in South India (except Telangana) as per Vahan (Ministry of Road Transport & Highways (MoRTH), Government of India) data having sold 46.230 units from October 2024 to March 2025 (22.07% market share for the six months period as per analysis).
Additionally, Ather emerged as the number 1 or number 2 player in key states post the Rizta launch, including Goa, Karnataka, Kerala, Gujarat, Uttarakhand, Jammu & Kashmir, and the North East region.
In Kerala and Goa, Ather maintained market-leading positions consistently between October 2024 and March 2025. In Karnataka, the company captured a strong double-digit share, reinforcing its leadership in South India.
According to data from the CRISIL Report, the Southern zones only accounted for approximately 33% of the total E2W sales in India, while 48% of Ather’s experience centres are located in the South Zone, which contributed to 61% and 68% of Ather’s sales in nine months ended December 31, 2024 and Fiscal Year 2024 respectively.
South Zone accounted for Ather's 65,914 units (out of a total 107,983 units) sold for the 9MFY25 period, while West, North, East and Central Zones contributed 16,812 units, 10,471 units, 7,230 units, and 6,338 units, respectively, during 9MFY25.
Ather’s main growth driver is the Rizta family e-scooter, launched a year ago. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta’s highlights include the largest two-wheeler seat in India and storage space aplenty. The Ather Rizta also won Autocar India's Electric Two-Wheeler of the Year 2025 award.
Ather plans to continue to leverage its asset-light distribution model to quickly expand and deepen the non-South distribution network while maintaining its focus on quality and customer satisfaction.
Ather had 266 Experience Centres (dealer touchpoints) while peers have 700-800 nos indicating the significant headroom for growth.
With Ather’s entry into the convenience scooter segment through the launch of the Rizta, it is able to address a larger portion of the scooter market as it expands distribution. Ather aims to partner with additional third-party retail partners to expand its network of experience centres and service centres within India, especially in less penetrated regions, to grow its customer base and drive sales in a cost-effective manner. While Ather increased the number of its experience centres by 58% as of December 31, 2024, compared to December 31, 2023, it plans to continue to increase market penetration by opening more experience and service centres in regions where it already has a presence.
To ensure that customers have easy access to service centres, Ather aims to achieve a ratio of service centres to experience centres of greater than one. As of December 31, 2024, its ratio of service centres to experience centres in India was 0.9. As Ather grows its distribution network, it plans to continue offering marketing support and training to the sales agents and technicians at retail partners, experience centres, and service centres to ensure a consistent and high-quality customer service.
