Every Fifth Scooter TVS Sold in Q1 FY2027 was Electric

Six-and-a-half years after TVS Motor Co. entered the electric two-wheeler market, the company has hit a new high in terms of electric vehicle (EV) penetration levels in its scooter sales which continue to grow rapidly year-on-year.

TVS, which manufactures and markets five ICE models (Jupiter 110 and 125, NTorq 125 and 150, Zest 110) and two electric models (iQube and Orbiter), clocked record wholesales of 126,716 e-scooters in Q1 FY2027. Considering the company dispatched 639,844 scooters (wholesales) in the April-June 2026 period, the iQube and Orbiter have a 20% share while the five ICE scooters have an 80% share. This effectively translates into the fact that every fifth scooter TVS sold in Q1 FY2027 was a zero-emission electric model. 

While EV penetration level has progressively risen to a new high of 19.80% in April-June 2026 for TVS, petrol scooter contribution to TVS’ overall scooter sales has fallen from 100% to 80% since FY2020. 

As the data table for seven fiscals and one quarter (shown above) also reveals, the rise of customer demand for TVS e-scooters has meant that, despite its ICE scooter sales growing rapidly in tandem with e-scooter sales, the share of ICE scooters in the overall TVS scooter pie has reduced. From a near-100% share in FY2020, when TVS sold 1.01 million scooters, the ICE scooter share has progressively fallen to its current level of 80% in Q1 FY2027. 

This decline in ICE penetration level vis-à-vis overall TVS scooter sales has a direct co-relation with the EV penetration level. TVS, which plugged into the India’s EV market with the iQube in January 2020 – when the Bajaj Chetak was also launched – has seen its EV wholesales progressively increase year-on-year. From just 62 units in FY2020 (January-March 2020), the company has gone on to become the e-scooter and e-2W market leader in FY2026, wresting the crown from Ola Electric. While the iQube’s sales between FY2020 to FY2023 were tepid, sales nearly doubled in FY2024 (189,896 units), with TVS’ EV penetration level jumping to 13 percent. Since then, TVS has surfed the wave of strong and surging demand which saw its e-scooter and EV penetration levels rise rapidly. 

In FY2025, TVS iQube sales rose 44% YoY to 273,063 units to deliver an EV penetration level of 15%, followed by FY2026’s record 367,501 units (with the Orbiter joining the iQube) and EV penetration rising to 16 percent. Now, in the just-ended first quarter of FY2027, the iQube and Orbiter (126,716 units) have registered a handsome 82% YoY growth (Q1 FY2026: 69,490 iQubes) which provides an EV penetration level of 19.80 percent – the highest yet for the company. 

Over the past six-and-a-half years, TVS has sold 1.06 million e-scooters alongside its petrol-engined Jupiter, NTorq and Zest models. This has helped it narrow the once-yawning sales gap with Honda.

EVs Help TVS Narrow the Scooter Sales Gap with Honda 

While Honda Motorcycle & Scooter India still rules the scooter segment, as it has done for the past 25 years since it rolled out the country’s best-selling scooter, the Activa, the rapid advance of TVS Motor Co, particularly since FY2024, has seen a dynamic shift in the two companies’ scooter market shares. A decade ago, in FY2017, HMSI had a 57% market share, accounting for 3.18 million scooters of the 5.60 million units sold in India that fiscal year.

Fast forward a decade, and Honda’s share of India’s much-expanded scooter market (8.11 million units) reduced to 39%, with dispatches of 3.16 million units comprising 2,845,052 Activas (110cc/125cc), 313,924 Dios (110cc, 125cc), along with 2,773 QC1 and 318 Activa-e zero-emission scooters. HMSI, which entered the EV market in early 2025, has not had much success with these two zero-emission models and has, till end-June 2026, dispatched 7,853 units of the Activa-e and QC1, and retailed 6,259 units.

The intense battle between Honda and TVS continues in the current fiscal. In FY2027’s first quarter, HMSI sold 753,117 scooters (up 17%) which gives it a 34.56% share of the scooter market – five percentage points less than the 38.95% it had in FY2026. TVS with 639,844 units sold in April-June 2026 (up 34%) had a 29.36% share in Q1 FY2027 – 1% more than the 28.36% in FY2026. Clearly, TVS is benefiting from its growing and sizeable e-scooter volumes which are helping it narrow the sales gap with Honda – 113,273 units in Q1 FY2027. 

As it did in FY2026, with sales of a record 8.11 million units with 8.15% growth, India Scooter Inc is on a roll in the current fiscal too. In Q1 FY2027, 2.17 million units make for stellar 31% growth. If this key 2W segment maintains the same momentum, and there is no reason to doubt that, FY2027 could see it nudge the 9 million milestone for the first time. As in April-June 2026, expect Honda and TVS, like the other legacy OEMs Bajaj Auto, Suzuki, Yamaha, Hero MotoCorp and Piaggio, and also EV startup Ather Energy to register their highest fiscal year sales. The biggest EV contribution though will come from electric scooter market leader TVS, which is well on track to achieve the half-a-million or 500,000 e-scooter wholesales milestone for the first time in FY2026. 

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