Electric Two-Wheeler Registrations Cross 1 Million in H1 FY27 as September Volumes Surge 85%

India’s electric two-wheeler registrations surged 85% year on year to 2,03,411 units in September 2026, taking first-half FY27 volumes past the 1 million mark, according to Vahan data compiled by Nuvama.

September registrations increased 12% from August’s 1,82,078 units, crossing the 2 lakh mark again after July. Electric two-wheelers accounted for 11.4% of total two-wheeler registrations, up from 10.5% in August.

April–September registrations reached 11,08,606 units, an increase of 73% from 6,39,762 units a year earlier. The July–September quarter contributed 5,88,740 units, up 80% year on year.

“EV acceptance is improving due to higher aspirational value and availability of more model options across the price range,” Raghunandhan NL of Nuvama wrote in a research note.

He added that established manufacturers such as Hero, TVS and Bajaj, along with Ather Energy, had increased their market shares in the first half of the financial year.

TVS Retains Lead, Bajaj Closes The Gap

TVS Motor registered 53,989 electric two-wheelers in September, up 126% year on year and 10% over August. It retained the top position with a 26.5% share, although this eased from 27.1% in the previous month.

Bajaj Auto followed with 48,383 registrations, an increase of 139% year on year and 17% month on month. Its share rose to 23.8% from 22.7% in August, narrowing the gap with TVS to 5,606 units.

Ather Energy ranked third with 30,477 registrations, up 57% year on year and 5% over August. Its share declined to 15% from 16%, as its sequential growth trailed the overall market.

Hero MotoCorp recorded the strongest month-on-month growth among the top five manufacturers. Registrations rose 27% over August and 83% year on year to 24,305 units. Its share increased to 11.9% from 10.5%, a gain of 140 basis points.
TVS, Bajaj and Hero together accounted for 62% of September registrations.

Ola Loses Share as Rivals Expand

Ola Electric registered 13,449 units in September, down 3% year on year and 4% from August. Its share fell to 6.6%, compared with 7.7% in August and 12.6% in September last year.

Among smaller manufacturers, Greaves Electric registered 9,317 units, up 114% year on year. River Mobility grew 193% to 5,549 units, while Bgauss registrations nearly doubled to 5,023 units.

The first-half figures show a larger shift towards established manufacturers. TVS increased its share to 26.1% from 22.9% a year earlier, Bajaj to 22.8% from 18.7%, and Hero to 11.1% from 9.3%. Ather’s share edged up to 16.2% from 15.8%.

Ola’s first-half registrations declined 23% to 85,634 units, reducing its share to 7.7% from 17.4%.

TVS and Bajaj together accounted for nearly 49% of April–September registrations, compared with about 42% a year earlier. Bajaj and Hero more than doubled their volumes, while TVS grew 98% and Ather increased 78%.

With more than 1.1 million registrations in six months, the market is on course to exceed 2 million in FY27 at the current pace. It would need about 8.91 lakh registrations in October–March to reach that mark, below the volume recorded in the first half.