India's electric two-wheeler market remains highly concentrated, with five brands accounting for approximately 83% of sales, even as the number of models available to consumers has increased nearly 30% since 2023, according to a report by Boston Consulting Group (BCG).
The report, titled Electric in Charge: How India's Electric Two-Wheelers Are Moving into the Mainstream, highlights the growing competition in the segment as manufacturers expand their product portfolios and consumer acceptance of electric vehicles improves. The number of electric motorcycle models has also doubled since 2023, indicating that manufacturers are expanding beyond scooters into new product categories.
Recent retail sales data also reflect this concentration. According to September 2026 data released by the Federation of Automobile Dealers Associations (FADA), TVS Motor led electric two-wheeler sales with 54,037 units, followed by Bajaj Auto at 48,429 units and Ather Energy at 30,533 units. Hero MotoCorp recorded 24,321 units, while Ola Electric sold 13,451 units.
Together, these five manufacturers accounted for approximately 82% of the 2,07,314 electric two-wheelers retailed during September. TVS Motor and Bajaj Auto alone contributed nearly half of the sales, highlighting the growing presence of established two-wheeler manufacturers in the electric vehicle segment.
The concentration comes amid strong growth in overall demand. Electric two-wheeler retail sales increased 88.7% year on year in September, while their share of the overall two-wheeler market rose to 11.6%, compared with 8.2% in September 2025, according to FADA.
BCG's report also points to improving consumer acceptance of electric two-wheelers. The proportion of respondents actively considering an electric two-wheeler for their next purchase increased to 43% in 2026 from 30% in 2024. Meanwhile, the share of consumers rejecting electric two-wheelers declined from 38% to 29%.
This growing acceptance is also reflected in market penetration. Electric two-wheelers accounted for 9.9% of overall two-wheeler sales in FY27 year-to-date through August 2026, compared with 5.5% in FY24. Within the scooter segment, electric vehicle penetration increased from 16.8% to 24.1% over the same period, according to BCG analysis.
However, BCG noted that consumer requirements are becoming more diverse as electric two-wheelers move towards mainstream adoption. Its research identified ten distinct consumer groups with different expectations around affordability, comfort, performance, range, durability and vehicle usage.
The report found that while electric two-wheelers generally meet or exceed customer expectations on running costs, comfort, storage and performance, concerns remain around long-term vehicle lifespan, rough-road capability and highway suitability.
These changing expectations could make product differentiation and after-sales support increasingly important for manufacturers seeking to expand their market presence.
BCG recommended that manufacturers develop product portfolios around specific consumer requirements rather than relying only on price or vehicle type. It also highlighted the importance of modular platforms, flexible product architectures and stronger ownership support through servicing, battery warranties, insurance, and resale or exchange options.
The report said the next phase of electric two-wheeler growth would favour manufacturers that understand different consumer requirements and tailor their products, brand positioning and sales strategies accordingly.