India Electric Two-Wheeler Sales Hit Record 2.24 Lakh Units in October 2026 as TVS Crosses 60,000 Mark and Ola Slips
India’s electric two-wheeler (E2W) industry achieved a historic milestone in October 2026, registering its highest-ever monthly retail sales as volumes reached 2,24,064 units. According to vehicle registration data released by the Federation of Automobile Dealers Associations (FADA) and tracked by industry portals including BikeAdvice, the sector expanded 48.5% year-on-year (YoY) compared to 1,50,890 units registered in October 2025. Month-on-month (MoM) volumes rose by 8.08% from 2,07,314 units logged in September 2026.
The retail surge coincided with the peak festive season, where consumer uptake was bolstered by price parity with internal combustion engine (ICE) models, broader model availability, and expanding charging infrastructure. Electric models accounted for a 9.7% share of total two-wheeler registrations across India in October 2026, up sharply from 4.7% in October 2025.
Commenting on the October 2026 retail numbers, FADA President Sai Giridhar highlighted the structural shift: “Tellingly, demand ran ahead of supply this month: with petrol and diesel prices continuing to remain elevated, electric vehicle driving ranges now materially improved and EV prices increasingly at par with comparable petrol and diesel models, buyer pull strengthened to the point where availability — not demand — became the binding constraint. This steady, broad-based shift to cleaner mobility — holding firm even in a base-distorted month — is among the most encouraging structural signals in Indian auto retail today.”
OEM-Wise Performance in October 2026:
- TVS Motor Company: Retained its position as India’s leading E2W manufacturer, becoming the first brand to surpass 60,000 monthly electric registrations. The company clocked 60,490 units in October 2026, surging 94.7% YoY from 31,075 units in October 2025 and rising 11.9% MoM from 54,037 units in September. TVS held a commanding market share of approximately 27%.
- Bajaj Auto: Maintained second place with 49,126 registrations, up 51.3% YoY from 32,462 units in October 2025 and rising 1.4% MoM from 48,429 units in September. Driven by its expanding Chetak dealership footprint, Bajaj secured roughly 21.9% market share.
- Ather Energy: Held the third spot by dispatching 31,833 units, representing a 5.2% YoY increase compared to 30,246 units in October 2025 and a 4.3% MoM growth over 30,533 units in September.
- Hero MotoCorp (Vida): Ranked fourth, recording one of the fastest growth trajectories among top manufacturers. Hero MotoCorp registered 29,923 Vida units, jumping 81.4% YoY from 16,499 units in October 2025 and 23% MoM from 24,321 units in September.
- Ola Electric: Continued to face market headwinds, sliding to fifth position. The company posted 12,098 registrations in October 2026, dropping 26.4% YoY from 16,439 units in October 2025 and declining 10.1% MoM from 13,451 units in September.
Among other players, Greaves Electric Mobility (Ampere) recorded 10,838 units, while BGauss Auto posted 5,556 units (up 80.6% YoY). Bengaluru-based River Mobility also logged exponential growth, up over 270% YoY.
Market Implications for Investors
The October sales trajectory highlights an accelerating consolidation in India's electric mobility landscape. Legacy internal combustion engine stalwarts — TVS Motor Company, Bajaj Auto, and Hero MotoCorp — now account for well over 60% of the country’s electric two-wheeler market. Their deep retail networks, established supply chains, and customer trust in after-sales service have enabled them to capture festive buyer volume efficiently.
Conversely, pure-play pioneer Ola Electric continues to shed market share amid heightened competition and persistent scrutiny over service delivery. For equity markets, robust volumes from TVS and Bajaj provide strong visibility on electric division profitability, proving that incumbent two-wheeler manufacturers are successfully navigating the EV transition without sacrificing volume leadership.
