India’s E2W Market Clocks Strong Growth in FY2026
India’s electric two-wheeler (E2W) market delivered a solid performance in FY2026, with retail registrations rising to 14,01,818 units, up from 11,50,790 units in FY2025. This translates to a 21.81% year-on-year growth, as per data released by the Federation of Automobile Dealers Associations (FADA).
What stands out to me is not just the growth, but the consistency. Even as subsidy structures evolve and competition intensifies, demand continues to expand steadily.
The segment’s penetration also improved, with its share in the overall two-wheeler market rising from 6.1% to 6.5%, reflecting a gradual but clear consumer shift toward electric mobility.
Quick Highlights:
- India’s E2W market grew 21.81% YoY, crossing 14,01,818 units in FY2026.
- TVS Motor Company retained leadership, while Ola Electric saw a sharp 52% decline.
- Ather Energy and Hero MotoCorp emerged as strong gainers with rapid growth.
- Market share rose to 6.5%, signaling steady EV adoption across India.
| OEM | FY'26 | FY'25 | YoY% |
| TVS Motor | 3,41,513 | 2,37,929 | 43.54% |
| Bajaj Auto | 2,89,349 | 2,31,172 | 25.17% |
| Ather Energy | 2,39,178 | 1,31,172 | 82.34% |
| Ola Electric | 1,64,295 | 3,44,300 | -52.28% |
| Hero MotoCorp | 1,44,330 | 48,738 | 196.13% |
| Greaves Electric | 61,563 | 40,169 | 53.26% |
| BGAUSS | 26,201 | 17,343 | 51.08% |
| River Mobility | 22,354 | 4,247 | 426.35% |
| Pur Energy | 14,352 | 8,982 | 59.79% |
| e-Sprinto | 12,582 | 1,409 | 792.97% |
| Kinetic Green | 11,557 | 8,454 | 36.70% |
| Revolt | 10,444 | 11,567 | -9.71% |
| Simple Energy | 8,214 | 1,959 | 319.30% |
| Others | 55,886 | 63,349 | -11.78% |
| Total | 14,01,818 | 11,50,790 | 21.81% |
Leadership Battle Intensifies Among Top OEMs
The biggest story this year is the complete reshuffle in market leadership.
- TVS Motor Company held onto the top position, retailing 3,41,513 units, marking a 43.54% growth
- Bajaj Auto secured second place with 2,89,349 units, up 25.17%
- Ather Energy climbed to third, posting a strong 82.34% jump to 2,39,178 units
However, the most dramatic shift came from Ola Electric.
Once the segment leader in FY2025, the company’s sales plunged 52.28% to 1,64,295 units, pushing it down to fourth place. In my view, this marks a turning point—the market is clearly moving from early dominance to balanced competition.
Hero MotoCorp’s EV Push Pays Off
Legacy players are no longer on the sidelines. Hero MotoCorp emerged as one of the biggest gainers, with sales surging 196.13% to 1,44,330 units.
This kind of growth shows how traditional OEMs are rapidly adapting, leveraging their scale, distribution, and brand trust to capture EV demand.
Emerging Players Deliver Breakout Growth
Several smaller manufacturers posted exceptional growth rates, albeit on a lower base:
- E-Sprinto Green Energy grew 792.97%
- River Mobility jumped 426.35%
- Simple Energy rose 319.30%
Additionally, Greaves Electric Mobility, BGAUSS Auto, and Pur Energy reported steady double-digit growth.
At the same time, Revolt Intellicorp and the “Others” category saw slight declines, hinting at market consolidation at the lower end.
What This Means for India’s EV Transition
From my perspective, FY2026 signals a maturing E2W ecosystem:
- Leadership is no longer concentrated in one player
- Legacy OEMs are scaling aggressively
- Startups continue to innovate and expand
- Consumers are steadily embracing EVs across segments
The sharp decline of a former leader alongside the rise of multiple competitors suggests one thing clearly: India’s EV market is entering a more competitive and stable phase.
The data was compiled in collaboration with the Ministry of Road Transport and Highways (MoRTH), covering 1,463 out of 1,466 RTOs as of April 2, 2026.
FADA noted that Telangana data is currently excluded, which may slightly revise final figures once included.
Frequently Asked Questions — FAQs
Q. How much did India’s EV two-wheeler market grow in FY2026?
- The market grew 21.81% year-on-year, reaching 14,01,818 units.
Q. Which company led the E2W market in FY2026?
- TVS Motor Company retained the top position with 3,41,513 units sold.
Q. Why did Ola Electric lose its leadership position?
- Ola Electric saw a 52.28% drop in sales, leading to a fall from first to fourth position.
Q. Which companies showed the fastest growth?
- Startups like E-Sprinto Green Energy and River Mobility recorded the highest percentage growth.
Q. What is the current market share of EV two-wheelers in India?
- EV two-wheelers now account for 6.5% of the total two-wheeler market, up from 6.1% last year.
Q. Is the EV two-wheeler market in India still growing?
- Yes, the market continues to expand steadily, with increasing competition and broader consumer adoption driving growth.
