In tandem with the ongoing IPL 2026 T20 cricket tournament, the Indian electric 2-wheeler industry has hit a new monthly sales record in March 2026. The largest volume provider to the domestic EV industry has registered retail sales (customer deliveries) of 190,941 units! This makes for a daily ‘run rate’ of 6,159 units and constitutes handsome 45% YoY growth (March 2025: 131,460 units) to beat the previous best of 145,011 units by 45,930 units.
What’s more, this massive surge in demand has taken total 12-month e-2W retail sales in FY2026 to a record 1.4 million units (14,01,663 units) which is now the new benchmark, having surpassed FY2025’s 1.15 million units.
Typically, March always sees strong buying across sectors due to fiscal-year-ending dynamics but March 2026 had some added reasons. March 19 marked the festive day of Gudi Padwa, the Maharashtrian new year, as well as Ugadi which is celebrated as the new year in Andhra Pradesh, Telangana and Karnataka. Maharashtra and Karnataka are the top two e-2W buying states and both would have seen a high level of sales on that festive day.
Another growth catalyst was the PM E-Drive Scheme for e-2Ws which was to end on March 31, 2026 albeit four days before the deadline the government extended it for another four months till July 31, 2026 albeit with reduced subsidy. Add to all this is the ongoing global geopolitical crisis which has impacted the crude oil supply chain which helped accelerate EV buying across vehicle segments and also got fence-sitters to finally plug into zero-emission mobility.
What’s common to the e-2W segment’s standout performance in March 2026 as well as FY2026 is the stellar sales by the Top 4 manufacturers – TVS Motor Co, Bajaj Auto, Ather Energy and Hero MotoCorp’ Vida brand. These three legacy manufacturers and one start-up have each notched their highest monthly retail sales since they entered the market. Let’s look at the Top 10 e-2W OEMs in the record-making month of March 2026.
Combined sales of the Top 10 OEMs at 181,834 units accounted for 95% of the 190,941 units sold in March 2026. Barring Ola and E-Sprinto Green, all the other 8 OEMs hit their highest monthly sales.
Market leader TVS Motor delivered a record 49,304 e-scooters comprising the iQube and the new Orbiter. This marks 60% YoY growth (March 2025: 30,772 units) and gives TVS a 26% share of the e-2W market last month. TVS’ outstanding show in March beats its previous monthly best – 34,791 units in January 2026.
On March 12, in a move which accelerated demand for its e-2Ws, TVS rolled out the Battery-As-A-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance and peace of mind. The company also launched the new Orbiter V1 (1.8 kWh) at Rs 84,500 ((ex-showroom Delhi, inclusive of PM e-Drive) and Rs 49,999 (with BaaS).
Bajaj Auto, the strong No. 2, continues to soldier along with a single product, the Chetak e-scooter. The Pune-based major delivered 46,246 units last month, up 31% YoY to beat its previous monthly best (March 2025: 35,215 units) which was the sole month when the company had retailed over 30,000 units. Bajaj’s strong showing gives it a 24% share of March 202 retails. The company had a special Chetak buyer offer on hand till March 31, 2026 which would have energised demand.
Ather Energy, the firmly entrenched No.3 e-2W OEM, retailed a record 35,688 units in March, up 128% YoY) for a 19% market share. Last month was the fifth instance of the smart e-scooter start-up clocking 20,000-plus sales – all in FY2026 – and the first time that it has surpassed the 30,000 mark. At 239,118 units in FY2026, the company has surpassed the 200,000 sales mark for the first time in a fiscal.
Hero Vida, the EV arm of Hero MotoCorp, also registered its highest-ever monthly sales this March. The 21,434 units are a 128% YoY increase (March 2025: 8,039 units) and give the fourth-ranked OEM brand an 11% share, its highest ever in a single month. Last month saw the company, which is the title partner for the Kolkata Knight Riders (KKR) team in the going IPL 2026 T20 cricket tournament, launch the Vida VX2 Plus KKR e-scooter. This variant, called Knight Edition Evooter, features the team’s signature Knight Purple and Gold colours seamlessly integrated into the Vida VX2’s design.
Ola Electric is back to being the No. 5 e-2W OEM in monthly sales. Ola, which had slipped to No. 6 position in February 2026 and below Greaves Electric Mobility for the first time, sold 10,117 units in March 2026. This is a 57% YoY decline (March 2025: 23,634 units) and its best monthly performance in the past five months after October 2025 (16,064 units). Nevertheless, Ola is the sole OEM in the Top 10 listing to register a sales decline.
Greaves Electric Mobility (7,965 units, up 41% YoY) and Ampere Vehicles are back at No. 6 position they had occupied before February. GEM’s previous best monthly sales came in October 2025 (7,635 units) and Ampere (as a single entity) in November 2022 (12,260 units).
Other than Ather Energy, three other startups – Bgauss Auto, River Mobility and Simple Energy – also achieved their highest monthly retails sales. Bgauss Auto, which began sales in August 2022, sold 3,680 units last month, up 42% YoY (March 2025: 2,591 units).
Bengaluru-based River Mobility, which is witnessing growing demand for its sole product – the River Indie – delivered 4,146 units, up 417% YoY (March 2025: 802 units). This beats its previous monthly best of 2,602 units in January 2026.
Simple Energy, also operating from Bengaluru, delivered 1,744 e-scooters, up 352% YoY on a low year-ago base of 386 units. The company, which has a two-model portfolio in the form of the Simple One (4.5 kWh, 5 kWh) and OneS has recently announced the Ultra claimed to deliver a 400km travel range. In January this year, the company introduced its Gen 2 line-up which are updated versions of the existing models. The upcoming e-scooter, understood to be called the Simple Arrive, is a family-centric model which could rival the TVS iQube, Ather Rizta and Bajaj Chetak.
New Delhi-based E-Spring Green Energy, whose portfolio comprises two high-speed e-scooters and four low-speed models, wraps up the Top 10 list for March 2026 with 1,744 units, which makes for 727% YoY growth on a low year-ago base of 161 units. The company saw a surge in sales in the last two days, which pushed out electric motorcycle manufacturer Revolt Motors to 11th place. Revolt clocked retail sales of 1,328 units, down 5% YoY (March 2025: 1,398 units). In mid-February this year, the Haryana-based e-bike maker became the first Indian OEM to achieve 50,000 deliveries of its e-motorcycles.
Of the nearly 150 companies vying for a slice of India’s booming e-2W market, combined sales of these Top 10 OEMs at 181,834 units accounted for 95% of the 190,941 units sold in March 2026, leaving the remaining five percent to be fought over by 140 players. The Top 4 OEMs – TVS, Bajaj Auto, Ather Energy and Hero Vida – though maintained their stranglehold over the segment. This quartet (152,672 units) commanded an 80% share of the record March 2026 retails. This makes for a 70% YoY increase in combined sales and a 12% YoY increase from the 68% they had a year ago (89,676 units from March 2025 retails of 131,460 e-2Ws). This itself reveals just how strongly thes four OEMs are steering the growth path of the Indian e-2W industry.