As it has done from March 2026, the domestic electric 2-wheeler (e-2W) industry has again delivered a stellar performance in May 2026. The 170,570 zero-emission scooters, motorcycles and mopeds registered last month are a 63% YoY jump (May 2025: 104,896 units) and the second highest monthly score for the segment after March 2026 (199,268 units). While the combined sales of the first two months of FY2027 at 327,895 units are also up 63% YoY (April-May 2025: 201,350 units), cumulative sales in the first five months of CY2025 at 774,807 units constitute a 48% YoY increase (January-May 2025: 522,868 units).
While India e-2W Inc had opened FY2027 on a strong note with 157,325 units and 63% growth, retail sales in May 2026 got a booster shot from the sharp increase in the price of petrol, which likely saw some ICE 2W buyers go electric to save money on costly petrol. The second fortnight of May saw oil marketing companies implement four hikes in petrol price in a span of 10 days, starting May 15. In Mumbai, petrol (priced at Rs 104.21 on May 14) became costlier by Rs 7 and 7% to Rs 111.21 a litre.
A quick look at the Vahan-sourced retail sales data for the first half of May and the second half reveals just how strongly the market has reacted. While the May 1-15 period saw a total of 66,487 e-PVs sold, the May 16-31 period saw deliveries of 104,083 units. Percentage-wise, this works to 39% in the first-half and 61% in the second-half of the month. Interestingly, this is the same level of buying seen in the electric passenger vehicle segment in May 2026.
The surge in demand was powered by the top 10 players led by TVS Motor Co, Bajaj Auto, Ather Electric, Ola Electric and Greaves Electric Mobility. While the top four OEMs clocked their second-highest monthly sales to date, a few others posted their best-ever numbers. Let’s take a closer look at their performance in a month which sets the tone for a record FY2027.
Market leader TVS Motor Co delivered 42,415 e-scooters in May 2026, up 64% YoY (May 2025: 25,804 units). This gives the company a 25% e-2W market share for the month and is its second-highest monthly retail sales after the record 51,593 iQubes and Orbiters sold in March 2026. What has helped drive demand is the strategic move to offer the Battery-As-A-Service (BaaS) across its EV portfolio. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance and peace of mind. While the flagship iQube remains the model with the highest share of sales, the Orbiter is witnessing growing demand. Two months ago, TVS launched a new edition in the form of the Orbiter V1 (1.8 kWh) at Rs 84,500 (ex-showroom Delhi, inclusive of PM e-Drive) and Rs 49,999 (with BaaS).
The surging demand for its e-scooters has seen TVS expand its EV manufacturing capacity. Speaking at the Q4 FY2026 earnings call on May 13, K N Radhakrishnan, CEO, TVS Motor Co, said: “Last year, our (monthly) average was about 32,000. We have now moved to around 40,000, and we will soon move to 50,000 (units) per month. We will definitely be ahead of the industry. We are constantly looking at our capacity versus demand and expansion in the network.”
Bajaj Auto sold 39,142 Chetak scooters in May 2026, up 73% YoY (May 2025: 22,643 units). Like TVS, this is also the second-highest monthly retail sales for Bajaj after March 2026 (47,733 units). Last month was also the closest Bajaj has been to arch rival TVS in the past five months. In May, the difference was 3,273 units compared to January (9,559 units), February (7,156 units), March (3,860 units) and April (5,556 units). In May, Bajaj had a 23% share of the e2W market compared to 22% in May 2025.
Following the launch of the Chetak C25 in January this year, the Pune-based auto major has seen a sharp spike in demand. The C25, which expands the Chetak portfolio to five variants including the 3001, 3503, 3502 and 3501, retains the iconic Chetak design language despite being built on a ground-up new architecture with every panel redesigned. It is understood Bajaj Auto plans to further expand its e-scooter portfolio in FY27. According to Rakesh Sharma, joint MD, Bajaj Auto, the new products will include changes in “form and features,” indicating that Bajaj Auto may look beyond battery-size upgrades. “You are going to see new scooters, but they will all be under the Chetak umbrella,” he added.
Third-ranked Ather Energy continues to witness strong growth and doubled its sales YoY. The EV start-up, which surpassed 600,000 cumulative retail sales recently, delivered 28,211 units to its customers in May 2026. Like TVS and Bajaj, this is also its second-highest monthly sales after March 2026 (36,333 units) and gives it a 17% market share with handsome 100% YoY growth (May 2025: 14,101 units). This is the seventh instance of the smart e-scooter start-up clocking 20,000-plus sales. The Rizta family e-scooter, which has crossed the 300,000 wholesales milestone, remains its most popular product in a portfolio which includes the 450X, 450S and 450 Apex.
Hero Vida, the EV arm of Hero MotoCorp, is now well entrenched as the No. 4 e-2W OEM. In May 2026, the company sold 19,051 units, up 158% YoY (May 2025: 7,385 units). This gives Hero MotoCorp an e-2W market share of 11% for May. In fact, the strong growth means that with a 11% market share versus 7% in May 2025, Hero Vida has made the highest e-2W share gains. Last month also saw cumulative sales of the Vida brand surpass 250,000 units. The surge in demand for Hero Vida e-scooters has come over the past 18 months. While the first 100,000 sales took 33 months, the run from 100,001 to 200,000 units took a little over seven months. The last 50,000 units to achieve the 250,000 milestone have delivered in less than 90 days or three months.
Meanwhile, Ola Electric, the market leader not very long ago, is back in the ‘game’ with a revival in demand. In May, Ola maintained its No. 5 rank for the third month in a row with sales of 15,141 units. This is its best performance in the past five months after January (7,808 units), February (4,167 units), March (10,256 units) and April (12,327 units). However, year on year, Ola’s May 2026 numbers are still down by 20% (May 2025: 18,967 units). Its market share in May was 9%, halved from the 18% it had in May 2025. The company is putting its shoulder to the wheel to recover sales and market share.
Ola has cited strong sales recovery across states along with stabilised services. In its Q4 FY202 commentary, the company said: “The most important operating development of the quarter was service. It was the largest constraint on demand and brand trust through FY26. That has now materially stabilised. Average service TAT reduced by 88%, from around 9 days in October 2025 to nearly 1 day in March 2026. Service backlog reduced from 14 days to 6 days. Same-day closures improved to about 87%, and parts pendency reduced by 69% from October to April. This came from better parts stocking, higher technician productivity, stronger repair capability, tighter daily governance and a shift from replacement-led to repair-led economics.”
Greaves Electric Mobility (GEM), the EV division of Greaves Cotton, also witnessed a surge in demand for its e-scooters. GEM sold 7,696 units last month – this makes for 78% YoY growth (May 2025: 4,325 units) and is the company’s second-highest month after March 2026 (7,979 units). The strong performance sees GEM’s e-2W share rising to 4.51% from 4% a year ago. On April 24, GEM launched the new Ampere Magnus Neo, a lighter and redesigned variant which is aimed at urban commuter buyers. GEM’s EV portfolio comprises the Nexus (EX and ST), Magnus (G Max, Grand, Neo) and Reo 80 brands.
Bengaluru-based River Mobility, which is witnessing growing demand for its sole product – the River Indie – delivered 3,717 units, up 245% YoY (May 2025: 1,078 units). This sees the company double its e-2W market share to 2 per cent. The EV startup had clocked its highest monthly sales in March 2026 (4,254 units) and has sold 37,230 Indies to date since the e-scooter’s rollout in October 2023.
Another EV startup, Bgauss Auto, which began sales in August 2022 and is now a regular in the monthly Top 10 OEM list, sold 3,296 units last month, up 205% YoY (May 2025: 1,082 units) to be ranked eighth.
In its second listing in the monthly Top 10, Haryana-based Bounce Electric has moved up from No. 10 in April to No. 9 in May with 1,346 units, up 163% YoY on a low base of 512 units a year ago.
Wrapping up the Top 10s, Simple Energy, which is also witnessing good demand for its e-scooters, sold 1,288 units last month, up 338% YoY (April 2025: 235 units). The company, which has a three-model portfolio in the form of the Simple One (4.5 kWh, 5 kWh), OneS and the recently launched Ultra, has outlined a future sales target of 10,000 units a month by March 2027. The company could be banking on the upcoming e-scooter, understood to be called the Simple Arrive, which is a family-centric model which could rival the TVS iQube, Ather Rizta and Bajaj Chetak.
TVS and Bajaj in Pitched Battle for Supremacy
The Indian e-2W market currently has 175 companies vying for a slice of the booming sales. However, the Top 6 – TVS Motor Co, Bajaj Auto, Ather Energy, Hero MotoCorp, Ola Electric and Greaves Electric Mobility – command the bulk of the sales. In May 2026, combined sales of these six EV makers at 151,656 units accounted for 89% of the 170,570 e-2Ws sold.
Nevertheless, the top two players, TVS and Bajaj Auto, continue to slug it out month after month. TVS, which had grabbed market leadership for the first time in April 2025 by unseating Ola Electric, has maintained its numero uno status since then. However, a resurgent Bajaj Auto is snapping at its heels, and it will be interesting to see how this battle between these two legacy OEMs, which have diversified into e-mobility in January 2020, pans out this year. Stay firmly plugged into Autocar Professional as we bring you the latest market updates and real-world retail sales statistics on EVs on two, four and more wheels.
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