India’s electric two-wheeler and three-wheeler segments delivered strong performances in May 2026, with both categories recording meaningful year-on-year growth and expanding market share — further evidence that electric mobility is moving well beyond the early-adopter phase in the country.
E2W
Total electric two-wheeler retail registrations reached 1,70,733 units in May 2026, an 8.53% sequential rise from April’s 1,57,314 units and a robust 62.76% year-on-year jump from 1,04,896 units in May 2025. EV penetration in the two-wheeler segment climbed to 9.3% in May 2026, up from 7.9% in April 2026 and 6.1% in May 2025 — a steady and significant upward trajectory.
TVS Motor Company retained the top spot with 42,459 units in May 2026, a 6.09% sequential rise from 40,020 units in April and a strong 64.54% year-on-year growth from 25,804 units in May 2025. The consistent volume leadership reflects the OEM’s well-rounded EV portfolio and distribution strength.
Bajaj posted 39,202 units in May 2026, a notable 13.46% month-on-month jump from 34,552 units in April and an impressive 73.14% year-on-year surge from 22,642 units in May 2025. Bajaj is clearly gaining momentum and is now firmly positioned as the second-largest electric two-wheeler player in the country, with the gap to TVS narrowing.
Ather Energy registered 28,240 units in May 2026, virtually flat month-on-month with a marginal 0.84% dip from April’s 28,479 units, but a standout 100.27% year-on-year growth from 14,101 units in May 2025. Doubling volumes year-on-year is a significant achievement and reflects Ather’s growing brand strength and network expansion.
Hero MotoCorp posted 19,067 units in May 2026, a strong 19.88% month-on-month jump from 15,905 units in April and an extraordinary 158.19% year-on-year surge from just 7,385 units in May 2025. Hero’s electric journey has clearly gained significant traction, and the consistent sequential growth suggests the company is building real momentum in the segment.
Ola Electric registered 15,141 units in May 2026, a 22.79% sequential jump from April’s 12,331 units, but the year-on-year picture tells a different story — a 20.17% decline from 18,967 units in May 2025. While the sequential recovery is encouraging, Ola has lost considerable ground over the past year as competition has intensified. Reversing the year-on-year trend will be a key challenge for the company in the months ahead.
Greaves registered 7,695 units in May 2026, a 9.79% sequential rise from 7,009 units in April and a healthy 77.92% year-on-year growth from 4,325 units in May 2025. The company is building its position quietly and consistently.
River Mobility sold 3,720 units in May 2026, marginally up 1.06% from April’s 3,681 units, but a staggering 245.08% higher year-on-year from just 1,078 units in May 2025. For a relatively newer entrant, tripling volumes in twelve months is a strong signal of growing consumer acceptance.
BGauss registered 3,297 units in May 2026, up 2.11% month-on-month from 3,229 units and a 204.71% year-on-year surge from 1,082 units in May 2025. Like River Mobility, BGauss has more than tripled its volumes in a year — a testament to expanding reach and product acceptance.
Electric 3-Wheelers
The electric three-wheeler segment delivered total retail registrations of 71,867 units in May 2026, a 10.33% sequential rise from April’s 65,140 units and an 8.59% year-on-year growth from 66,185 units in May 2025. EV market share in the three-wheeler segment climbed to 64.4% in May 2026 — up sharply from 59.2% in April 2026 and above May 2025’s 61.5%. At nearly two-thirds of all three-wheeler sales, electric has effectively become the default powertrain in this segment.
Bajaj topped the electric three-wheeler chart with 11,905 units in May 2026, a 19.22% sequential jump from 9,986 units in April and an 86.80% year-on-year surge from 6,373 units in May 2025. The strong sequential recovery and near-doubling of volumes year-on-year underline Bajaj’s commanding position in the electric auto-rickshaw space.
The Mahindra Group registered 11,168 units in May 2026, an 8.47% sequential rise from 10,296 units in April and a 69.29% year-on-year jump from 6,597 units. Virtually all volumes came from Mahindra Last Mile Mobility, which sold 11,149 units, while Mahindra and Mahindra’s direct contribution was just 19 units — down 17.39% month-on-month and 29.63% year-on-year. The group is running a close second to Bajaj and the competition between the two at the top is intensifying.
TVS Motor Company registered 3,590 units in May 2026, up 10.97% sequentially from 3,235 units in April and a strong 122.02% year-on-year growth from 1,617 units in May 2025. More than doubling volumes year-on-year is a significant achievement and signals TVS’s growing ambition in the electric three-wheeler space.
YC Electric sold 2,270 units in May 2026, up 17.56% month-on-month from 1,931 units, but down 38.28% year-on-year from 3,678 units in May 2025. The sequential recovery is encouraging, but the year-on-year decline suggests the brand has lost ground to larger, better-resourced competitors over the past year.
Dilli Electric registered 1,501 units in May 2026, a 13.11% sequential rise from 1,327 units, but a 13.49% year-on-year decline from 1,735 units in May 2025. The brand maintains a meaningful presence in the segment but needs to arrest the year-on-year slide.
Saera sold 1,458 units in May 2026, up 5.12% sequentially from 1,387 units, but down 27.21% year-on-year from 2,003 units in May 2025. As with several mid-tier players, the pressure from the top two — Bajaj and Mahindra — is clearly being felt.
Piaggio registered 1,251 units in May 2026, up 4.42% month-on-month from 1,198 units and 19.94% higher year-on-year from 1,043 units in May 2025. A consistent performer, Piaggio is holding its ground in the premium electric three-wheeler space.
Aahana Commerce posted 847 units in May 2026, a 31.93% sequential jump from 642 units in April and a 75.36% year-on-year surge from 483 units in May 2025. For a smaller player, this kind of consistent double-digit growth is impressive and worth watching.
The Bigger Picture
The electric two and three-wheeler data for May 2026 paints a clear and confident picture of a market in full stride. EV penetration in the two-wheeler segment crossing 9% and the three-wheeler segment holding above 64% are milestones that reflect genuine consumer preference shifts rather than policy-driven spikes. The competitive dynamics are evolving rapidly — established players are scaling fast, newer entrants are gaining ground, and only Ola Electric among the larger players is showing year-on-year stress. As the festive season approaches and new products enter the market, the second half of FY27 looks set to be even more competitive.
