FY2026 has turned out to be the record fiscal for India’s electric vehicle (EV) industry which has clocked retail sales of over 2.45 million units, up 25% YoY (FY2025: 19,67,547 EVs). This is mainly due to the stellar performance of the most affordable sub-segment – electric two-wheelers. As per the latest retail sales statistics on the Vahan portal (April 1, 2026), 1.40 million e-2Ws (14,01,663 units) were delivered to customers in FY2026.
This marks handsome 22% YoY growth on a large base (FY2025: 11,50,780 e-2Ws) and a 57% share of India EV Inc’s record EV sales comprising all four sub-segments of 2- and 3-wheelers, passenger and commercial vehicles. Importantly, this strong growth has come on a high year-ago base and in the face of the considerably reduced price differential between IC engine two-wheelers and EVs as a result of the sharp reduction in GST from September 2025. In FY2026, the e-2W penetration level has increased to 6.54% in the total 21.41 million 2Ws (ICE and EV) sold in India versus 6.09% in FY2025 (18.89 million ICE and EV 2Ws).
India e-2W Inc’s performance in FY2026 would have been even better if it weren’t dragged down by the lacklustre performance of FY2925’s market leader – Ola Electric (164,294 units) – whose sales fell sharply by 52% YoY to less than 200,000 units and its position dropped by three ranks to No. 4.
As the monthly retail sales split (given above) reveals, the e-2W industry achieved six-figure sales in 10 of the past 12 months versus just four in FY2025. In FY2026, two months – October 2025 and March 2026 – stood out. Until March 2026, the festive Diwali month of October with 145,011 units was the one with the highest retails. However, the fiscal year-ending March 2026 with 190,941 units and handsome 45% growth has raised the sales bar even higher. Key drivers of this accelerated growth have been the PM e-Drive Scheme which was to have ended on March 31 but has now been extended to July 31, 2026, Gudi Padwa and Ugadi on March 19 in top two e-2W buying states of Maharashtra and Karnataka, and the ongoing Iran oil crisis which has had ICE-to-EV fence-sitters rush to put their money on a zero-emission scooter or motorcycle.
ELECTRIC 2W SHARE OF INDIA EV MARKET: 57%
In FY2026, e-2Ws had a 57% share of the overall 2.45 million EVs sold in India. While this is down from the 58% share the e-2W segment had in FY2025 when it accounted for 1.15 million of the total 1.96 million EVs sold across all segments, the fact is that each of the other three sub-segments have also hit their best-ever annual sales in FY2026 as they did in CY2025.
While the initial cost of an electric two-wheeler typically remains higher than its petrol-engine sibling, the promise of wallet-friendliness with long-term ownership as well as a much wider e-2W portfolio continues to draw buyers albeit at a slower pace than expected, more so after GST 2.0. Stiff petrol prices (Rs 103.50 a litre on March 31 in Mumbai) continue to burn a hole in motorists’ pockets.
Along with the demand for personal mobility, e-2W manufacturers are also benefiting from sustained demand for last-mile deliveries from urban India as well as town and country, which is acting as a sales catalyst for e-two-wheelers deployed for e-commerce and food deliveries. This is thanks to the key advantage stemming from TCO (Total Cost of Ownership), particularly for fleet operators who clock plenty of kilometres each day.
Like the aircraft industry, e-vehicles used for fleet operations make money the more they are on the road. It’s a plug-in-plug-out seamless operation for them – while 50% of the fleet would be out on the job, the other half is getting charged, ready to replace their parched brethren when they come in for their ‘juice’ of electricity.
In a field comprising 222 players – up from 180 in FY2024 – there are five OEMs which have had the giant’s share of the market in FY2026. They have each registered six-figure sales and, barring Ola Electric, have clocked their best-ever annual retail sales.
Combined sales of these five players at 11,78,525 units sees them command 84% of India’s total e-2W sales in FY2026, leaving the balance 16% to the other 217 players in the e-2W arena. Here’s taking a closer look at the top five OEMs and also the sixth – Greaves Electric Mobility – who were the movers and shakers of the Indian e-two-wheeler industry in FY2026. We also check out the performance of the three mass-market Japanese players who have entered the e-2W industry: Honda, Yamaha and Suzuki.
TVS MOTOR CO
FY2026: 341,471 units, up 44% / Market share: 24%
FY2025: 237,928 units, up 30% YoY / Market share: 21%
FY2024: 183,192 units / Market share: 19%
With best-ever retails of 341,471 e-scooters, TVS Motor Co is the new e-2W market leader for FY2026, wresting the crown from Ola Electric which was the No. 1 OEM for three straight fiscals from FY2023 to FY2025. Year on year, TVS has sold an additional 103,543 units.
The Chennai-based TVS, which topped the monthly sales chart 11 times in the past 12 months, had a straight run as the monthly sales leader right from April to September, losing the crown only in October to Bajaj Auto but regaining it in November and firmly keeping it for the remaining four months of FY2026 – December 2025, January, February and March 2026. FY2026 saw TVS surpass the 30,000-unit mark five times: November (30,701 units), December (34,791 units), January (34,791 units), February (31,859 units) and March (49,304 units).
The manufacturer of the iQube and the recently launched Orbiter e-scooters delivered a record 341,471 units to consumers in FY2026, which marks robust 44% YoY growth and gives it a 24% e-2W market share which is well over the 21% and 19% share TVS had in FY2025 and FY2024 respectively. March 2026, when TVS registered its highest-ever monthly retails of 49,304 units, saw the company roll out the Battery-As-A-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance and peace of mind.
If TVS maintains its rapid rate of growth in FY2027, the company could go on to beat Ola Electric, the first Indian e-2W OEM to achieve a million sales.
BAJAJ AUTO
FY2026: 289,323 units, up 25% / Market share: 21%
FY2025: 231,172 units, up 117% / Market share: 20%
FY2024: 106,632 units / Market share: 11%
Bajaj Auto came close to achieving 300,000 sales in FY2026 but missed the milestone by 10,677 units, which could be attributed to the 30% YoY sales decline in August 2025 (11,831 units) as a result of slower production due to inadequate supplies of rare earth magnets.
Bajaj Auto, with 289,323 e-scooters (up 25% YoY) moved up to No. 2 podium position in FY2026 from being third in FY2025 (231,172 units) and fourth in FY2024 (106,632 units). The Pune-based manufacturer of the Chetak and Yulu e-scooters surpassed the 250,000 milestone for the first time, which gives it a 21% market share, rising from the 20% in FY2025 and 11% it had in FY2024.
On January 14 this year, Bajaj Auto launched the new and more affordable Chetak C2501 priced at Rs 91,399 (ex-showroom Bengaluru). Powered by a 2.5kWh battery, the Chetak C2501 has a claimed IDC range of 113km on a full charge and goes head-to-head against the TVS iQube 2.2kWh and the Hero Vida VX2 Go. Q4 FY2026 saw Bajaj sell 97,494 units, up 25% YoY, to which the C2501 could be the key growth provider.
ATHER ENERGY
FY2026: 239,124 units, up 82% / Market share: 17%
FY2025: 131,173 units, up 20% / Market share: 11%
FY2024: 109,169 units / Market share: 11%
Ather Energy, which was listed on the stock exchange last year, achieved the 200,000 sales milestone for the first time in FY2026. The Bengaluru-based smart electric scooter startup, which produces the 450X, 450S, 450 Apex and Rizta, sold 239,124 units to achieve handsome 82% YoY growth (FY2025: 131,173 units). As a result, its market share has jumped to 17% from the 11% it had in FY2025 and FY2024. Monthly sales, which crossed the 20,000-unit mark for the first time in October 2025, hit a new high in March 2026: 35,688 units.
The growth accelerator has been the premium Rizta family scooter which accounts for around 70% of its sales. The Rizta, with an IDC range of 159km per charge, has marked a strategic product shift for Ather. Designed and developed with a focus on practicality – and also to take on the competition in the form of the TVS iQube, Bajaj Chetak and Hero Vida – the Rizta’s highlights include the largest two-wheeler seat in India, ample storage space and a host of user-friendly features.
What has also drawn buyers to Ather products is its BaaS business model which has enabled a reduction of the upfront price of the Rizta S to Rs 76,000, making the premium family scooter far more affordable.
Ather is set to expand its manufacturing capacity from the current 420,000 units per annum from its
Will the startup, whose third plant is to go on stream in FY2027 in Maharashtra and expand capacity to 1.42 million units, upset the two legacy OEMs? In FY2026, Ather was 50,199 units behind No. 2 OEM Bajaj Auto but with a growing sales network and an expanding reach into Tier 2 and 3 markets, the start-up is taking the battle into the top two legacy players’ camp.
OLA ELECTRIC
FY2026: 164,294 units, down 52% / Market share: 12%
FY2025: 344,300 units, up 4% / Market share: 30%
FY2024: 329,956 units / Market share: 35%
The just-concluded fiscal year has been a big climbdown for Ola Electric. India’s e-2W market leader for three straight fiscals – FY2023, FY2024 and FY2025 – has lost its crown to TVS Motor in FY2026. The 164,294 units are a massive 52% YoY decline (FY2025: 344,300 units). This results in Ola’s market share dropping to 12%, which is a huge drop after the market-leading 30% it had in FY2025 and 35% in FY2024. As a result of the lacklustre performance, Ola has slipped three ranks in FY2026 to be the No. 4 e-2W OEM.
Ola’s highest monthly sales in FY2026 were in June 2025 (20,285 units), after which retail demand kept falling and hit a 42-month low in February 2026 (3,973 units) albeit March 2026 (10,117 units) saw the company clock five-figure sales after a four-month gap. Among the few positives for the company was Ola commencing mass deliveries of e-2Ws equipped with its indigenously manufactured 4680 Bharat Cell battery packs in early December and receiving Rs 366.78 crore under the PLI-Auto Scheme. It is imperative that Ola Electric will have to come up with a renewed customer-friendly product and sales strategy if it is to regain the vigour and shine it had displayed not very long ago as the e-2W market leader.
HERO MOTOCORP (VIDA)
FY2026: 144,313 units, up 196% / Market share: 10%
FY2025: 48,736 units, up 175% / Market share: 4%
FY2024: 17,719 units / Market share: 2%
A near-200% YoY sales increase means the world’s largest two-wheeler manufacturer has been among the key newsmakers of FY2026, both on the ICE and EV fronts. As a result of surging demand for its Vida VX2 e-scooter, Hero MotoCorp (Vida) surpassed the 100,000 milestone for the first time. In FY2026, Hero Vida retail sales were 144,313, up 196% YoY (FY2025: 48,736 units). This gives it a market share of 10%, a marked improvement on the 4% in FY2025 and 2% in FY2024. Monthly sales crossed 6,000 units for four straight months (March-June) and then crossed the 10,000-units mark for the first time in July (10,547 units) and maintained that momentum for nine straight months. March 2026 (21,434 units) is now its best month to date.
Hero Vida’s robust performance in a competitive market is amply reflected in the monthly Top 10 e-2W OEM listing where it has been a consistent entry from early CY2025 year. Ranked No. 7 in January 2025, Hero MotoCorp rose to sixth in February, maintained its No. 5 position in March, April, May, June, July, August, September, and October and then wrested No. 4 rank from Ola Electric in November where it has remained till March 2026.
GREAVES ELECTRIC MOBILITY
FY2026: 61,651 units, up 51% / Market share: 4%
FY2025: 40,892 units, down 26% / Market share: 4%
FY2024: 55,048 units / Market share: 6%
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton which markets the Ampere brand of e-scooters, remains the firm No. 6 on the OEM ranking list with retail sales of 61,651 units (up 51% YoY) and a 4% market share. This is GEM’s highest fiscal year retail sales after FY2024 (55,048 units). GEM and Ampere Vehicles, which are witnessing a revival of demand driven by new products like the Nexus, Magnus Neo and the Grand, has surpassed cumulative retail sales of 275,000 units since market entry in CY2019.
Meanwhile, Bgauss Auto, a Mumbai-based startup spawned by electrical solutions major RR Kabel, is ranked seventh amongst the Top 10 e-2W OEMs. Bgauss sold 26,200 units (up 51%) of its e-2Ws comprising the RUV 350 and Max C12.
Bengaluru-based River Mobility, which has a single product – the River Indie – is now a regular fixture in the Top 10 e-2W listing and the No. 8 OEM in FY2026. The company sold 22,350 Indie e-scooters, up 426% YoY on a low year-ago base (FY2025: 4,247 units). River Mobility, whose sales crossed the 1,000-unit mark for the first time in June 2025 (1,264 units), has gone on to scale a new monthly high this March (4,146 units).
Kinetic Green Energy, Kinetic Green, which sells the E-Zulu and Zing e-scooters along with the E-Luna moped, registered sales of 11,557 units, up 37% YoY while e-motorcycle maker Revolt Motors (10,443 units) was down 10% YoY.
The three mass-market Japanese OEMs sold 4,746 electric scooters in FY2026, split between Honda (3,856 QC1 and Activa-e), Suzuki (854 e-Access) and Yamaha (36 EC-06).
HONDA, SUZUKI AND YAMAHA SELL LESS THAN 5,000 UNITS IN FY2026
Compared to homegrown legacy OEMs like Bajaj Auto, TVS and Hero MotoCorp, the top three mass-market Japanese manufacturers Honda, Yamaha and Suzuki have been late in plugging into the Indian e-2W market. As per the Vahan retail sales data, combined sales of this triumvirate in FY2026 were just 4,746 units, split between Honda (3,856 units), Suzuki (854 units) and Yamaha (36 units).
Much was expected of Honda, which was the first to launch its e-scooters (Activa-e and QC 1) in February 2025. However, the market response has been extremely underwhelming and Honda Motorcycle & Scooter India managed to retail only 3,723 units in the first 12 months of sale.
Suzuki Motorcycle India, which began sale of its e-Access in January 2026, has sold 854 units: January (202 units), February (332 units), March (320 units). Priced at Rs 188,000, Suzuki’s first e-scooter for India is among the expensive two-wheeled EVs.
India Yamaha Motor entered the EV market in early February this year with the EC-06 and dispatched 92 units to its premium Blue Square showrooms that month. Priced at Rs 167,600 (ex-showroom, Delhi), it is available only in select cities in three states – Karnataka, Tamil Nadu and Maharashtra – through Yamaha’s. This explains the double-digit sales (00 units) in the past two months.
WHAT’S THE GROWTH OUTLOOK FOR FY2027?
Having set a new annual sales benchmark of 1.4 million units in FY2026, where does the e-2W industry go from here? Will it continue to achieve high double-digit growth throughout FY2027 or will growth falter after the PM e-Drive Scheme subsidy expires on July 31, 2026 and OEMs are compelled to hike prices? Or will the current global and Iran crude oil crisis accelerate consumer buying towards zero-emission two-wheelers?
The answers to these questions are difficult to pin down at the beginning of the new fiscal but what’s true is the resilience shown by the e-2W industry. When GST 2.0 with its ICE-price-reducing dynamics kicked in from end-September, it was felt that the EV industry will bear the brunt but the high double-digit growth witnessed from December 2025 through to March 2026 proves otherwise.
The draw of the two-wheeled EV remains its lower cost of operation, far easier on the pocket than tanking up on expensive petrol – e-2Ws cost as little as 30 paise per kilometre compared to Rs 2 per kilometre for petrol-powered e-2Ws. Furthermore, with no need for oil change or regular servicing, maintenance costs for EVs are far lower. And, of course, the e-2W user is contributing to the larger mission of green mobility and a cleaner world.
Stay firmly plugged into Autocar Professional as we bring you up-to-date on the advance of the e-mobility segment, across categories, in India and worldwide. And also take a closer look at the comprehensive data table of India’s Top 35 electric 2W manufacturers in FY2026, given below.