India's electric two-wheeler market crossed a significant milestone in the April-June quarter, with retail registrations crossing the five lakh mark for the first time. Registrations rose 68 percent year-on-year to a record 523,548 units, up from 311,857 units in the same quarter last year.
The momentum carried into June, when registrations climbed 75 percent year-on-year and 12 percent over May to 193,495 units, according to Vahan data.
"The electric two-wheeler market continues to benefit from improving consumer acceptance, a wider choice of products and the increasing aspirational appeal of EVs," said Raghunandan, Vice President, Institutional Equities, Nuvama Institutional Equities.
He said incumbent manufacturers such as Hero MotoCorp, TVS Motor and Bajaj Auto, along with Ather Energy, have steadily increased their share of the market this year, pointing to stronger execution and rising customer confidence.
The growth is also reflected in the category's share of the overall two-wheeler market. Electric two-wheelers accounted for 10.6 percent of registrations in June, up from 9.3 percent in May, taking penetration into double digits.
TVS Motor remained the market leader in June with 46,999 registrations, giving it a 24.3 percent share. Bajaj Auto followed with 43,234 units and a 22.3 percent share, while Ather Energy retained third place with 31,188 units, accounting for 16.1 percent of the market.
Hero MotoCorp registered 21,792 units, almost three times its June 2025 volumes, raising its market share to 11.3 percent. Ola Electric remained fifth with 16,144 registrations, with its market share falling to 8.3 percent from 18.7 percent a year earlier.
Hero MotoCorp was the fastest-growing mainstream manufacturer on a year-on-year basis. Greaves Electric more than doubled its registrations to 10,933 units, while River Mobility recorded more than three-fold growth.
Month-on-month, Honda Motorcycle posted the sharpest increase at 70 percent, followed by Greaves Electric at 42 percent, Kinetic Green at 35 percent, BGauss at 19 percent and River Mobility at 16 percent.
The June rankings underline how quickly the market has changed over the past year. TVS Motor and Bajaj Auto together accounted for nearly half of all electric two-wheelers registered during the month, while Ather strengthened its hold on third place. Hero MotoCorp is steadily closing the gap on the leaders, even as newer entrants face increasing pressure in a market where scale, distribution and brand trust are becoming decisive.