Growth is steady, but competition is getting tougher, and only those with strong products and good reach will keep growing.
Following the tempo of its ICE counterpart, India’s electric two-wheeler (E2W) market also continued its upward journey in FY26, with total retail volumes crossing 14 lakh units—up 21.8% year-on-year. EV penetration in the segment also improved to 6.5%, from 6.1% in FY25, indicating a gradual but steady shift towards electrification in personal mobility.
But unlike other EV segments, the two-wheeler space is witnessing a sharp churn in leadership, with established players strengthening their positions even as early leaders face pressure.
TVS Motor Company has emerged as the market leader, retailing 3.41 lakh units against 2.38 lakh last fiscal, registering a strong 43.5% growth. Its consistent expansion, strong product acceptance and growing network have helped it take the top spot.
Bajaj Auto follows closely with 2.89 lakh units (2.31 lakh) and a steady 25.2% growth, reinforcing its position as a key player in the segment with a balanced and scalable EV strategy.
Ather Energy continues to be a strong premium player, posting 2.39 lakh units (1.31 lakh) and an impressive 82.3% growth. Its focus on performance, technology and customer experience continues to drive demand. In contrast, Ola Electric witnessed a sharp decline of 52.3%, with volumes dropping to 1.64 lakh units this fiscal from 3.44 lakh registered in FY25. This marks a significant shift in the competitive landscape, indicating challenges in sustaining earlier momentum.
Hero MotoCorp has made a strong comeback, nearly tripling its volumes to 1.44 lakh units from 48,738 units in FY25, with a 196% growth, signalling a renewed push in the EV space backed by its scale and brand strength.
Among mid-tier players, Greaves Electric Mobility and BGauss posted steady growth of 53% and 51% respectively, reflecting stable demand in the affordable EV segment. Emerging players are also making their presence felt. River Mobility recorded a sharp 426% growth, while E-Sprinto and Simple Energy posted exponential growth of 793% and 319% respectively—albeit on smaller bases—highlighting the rapid entry and experimentation in the market.
PUR Energy and Kinetic Green reported moderate growth – 60% and 37% respectively, maintaining steady traction, while Revolt saw a slight decline of 9.7%, indicating mixed performance in niche segments. The “Others” category declined by 11.8%, suggesting consolidation as stronger players gain share and smaller ones face pressure.
Overall, the electric two-wheeler market is moving from an early adoption phase to a more competitive and structured landscape. Leadership is shifting, strategies are evolving and scale is becoming critical.
