Electric Two-Wheeler Registrations Rise 65% in August, FY27 Volumes Cross 9 Lakh

Electric two-wheeler registrations in India rose 65% year on year to 180,569 units in August 2026, according to Vahan data compiled by Nuvama Institutional Equities.

Registrations declined 11% from 203,070 units in July. Electric two-wheelers accounted for 10.5% of overall two-wheeler registrations during August, compared with 11.1% in the previous month.

Cumulative registrations during the first five months of FY2026-27 increased 70% to 903,420 units, from 529,941 units in the corresponding period last year.

“Electric two-wheeler adoption is gaining momentum as customers get access to more aspirational products across a wider range of price points. The year-to-date gains recorded by TVS, Bajaj, Hero and Ather also indicate that scale, distribution and a broader product portfolio are becoming increasingly important in this market,” said N L Raghunandhan, Director, Nuvama Institutional Equities.

TVS, Bajaj and Ather Lead August Electric Two-Wheeler Sales

TVS Motor retained the lead with 48,873 registrations in August, up 91% year on year but down 12% from July. Its market share increased to 27.1% from 23.4% a year earlier.

Bajaj Auto narrowed the gap with TVS after registrations more than tripled to 41,018 units from 12,240 units in August 2025. Its market share rose to 22.7% from 11.2%, an increase of 11.5 percentage points.

Ather Energy remained in third place with 28,707 registrations, up 49% year on year but down 6% sequentially. Its market share stood at 15.9%, compared with 17.5% a year earlier and 15.1% in July.

Hero MotoCorp registered 18,977 electric two-wheelers, an increase of 38% year on year. Its market share declined to 10.5% from 11.3% in July.

Ola Electric ranked fifth with 13,849 registrations, down 29% year on year and 3% from July. Its market share stood at 7.7%, compared with 17.7% in August 2025. Ola was the second-largest electric two-wheeler manufacturer a year earlier.

TVS, Bajaj, Ather and Hero together accounted for 76.2% of registrations in August, up from 64.7% a year earlier.

FY27 Manufacturer-wise Electric Two-Wheeler Registrations

During the first five months of FY27, TVS registrations rose 92% to 235,302 units, while Bajaj grew 106% to 204,551 units. Ather increased 82% to 148,023 units and Hero rose 114% to 99,023 units.

Ola’s registrations declined 26% to 72,036 units during the same period. Its share of the market fell to 8% from 18.4% a year earlier.

Smaller EV Two-Wheeler Makers Post Strong Growth

Among the smaller manufacturers, Greaves Electric registered 8,614 units in August, up 88% year on year. River Mobility registrations increased 170% to 5,134 units, while BGauss Auto grew 180% to 4,844 units.