India's E2W Market Surges 21.81%, Crosses 14 Lakh Units in FY2026

India's electric two-wheeler (E2W) segment closed Financial Year 2026 on a strong note, with total retail registrations climbing to 14,01,818 units, a year-on-year increase of 21.81%, according to data released by the Federation of Automobile Dealers Associations (FADA). The sector's share of the overall two-wheeler market also expanded, rising from 6.1% in FY2025 to 6.5% in FY2026, underlining a steady consumer shift toward electric mobility.

The data, collated in collaboration with the Ministry of Road Transport and Highways (MoRTH), Government of India, was gathered from 1,463 out of 1,466 RTOs as of April 2, 2026.

TVS Motor Company retained its position as the top-selling electric two-wheeler manufacturer, retailing 3,41,513 units in FY2026, up 43.54% from 2,37,929 units in FY2025. Bajaj Auto followed in second place with 2,89,349 units, growing 25.17% year-on-year.

Ather Energy posted a notable performance, with retails jumping 82.34% to 2,39,178 units, placing it third overall. In contrast, Ola Electric Technologies, which led the segment in FY2025 with 3,44,300 units, recorded a sharp decline of 52.28%, falling to 1,64,295 units — slipping from first to fourth position. This reversal marks one of the most significant shifts in the segment's competitive landscape.

Hero MotoCorp emerged as the standout performer among established players, with its electric retails surging 196.13% to 1,44,330 units, up from just 48,738 units in FY2025, reflecting aggressive expansion of its electric portfolio.

Among smaller manufacturers, E-Sprinto Green Energy recorded the highest growth rate in percentage terms at 792.97%, albeit on a lower base, rising from 1,409 units to 12,582 units. River Mobility also posted exceptional growth of 426.35%, going from 4,247 units to 22,354 units. SimpleEnergy grew 319.30% to 8,214 units.

Greaves Electric Mobility, BGAUSS Auto, and Pur Energy all posted healthy double-digit growth, while Revolt Intellicorp and the aggregated "Others" category witnessed marginal declines of 9.71% and 11.78% respectively, suggesting consolidation at the lower end of the market.

The overall trajectory reflects a maturing electric two-wheeler ecosystem, with multiple manufacturers scaling volumes rapidly even as the segment's erstwhile leader lost significant ground. Industry observers note that competition is intensifying across all price points, and the entry of traditional internal combustion engine (ICE) manufacturers like Hero MotoCorp is reshaping the dynamics of the EV transition.

FADA noted that figures from Telangana (TS) are not included in the current dataset, which could marginally alter the final tallies once incorporated.