India Electric Two Wheeler Sales Hit Record 224064 Units in October 2026 Led by TVS and Bajaj
India's electric two-wheeler (E2W) market reached an all-time high in October 2026, driven by intense festive buying, rising retail network reach, and expanding product portfolios. Total retail registrations climbed to 2,24,064 units, representing a 48.49% year-on-year (YoY) increase compared to 1,50,890 units registered in October 2025. On a month-on-month (MoM) basis, retail volume increased by 8.08% from 2,07,314 units recorded in September 2026, adding 16,750 units in net sequential volumes.
According to Federation of Automobile Dealers Associations (FADA) retail registration data, legacy two-wheeler manufacturers continued to solidify their dominance over pure-play electric startups. TVS Motor Company and Bajaj Auto alone accounted for 1,09,616 units, capturing approximately 48.9% of total electric two-wheeler sales nationwide.
TVS and Bajaj Strengthen Grip at the Top
TVS Motor Company retained its top spot in October 2026, clocking 60,490 units in retail sales. This marked a 94.66% YoY increase from 31,075 units sold in October 2025, alongside an 11.94% MoM rise over September 2026 volumes of 54,037 units. TVS became the first manufacturer in India to cross the 60,000 monthly sales mark in the E2W segment.
Bajaj Auto retained the second position with 49,126 units (accounting for roughly 21.9% market share). Bajaj recorded a 51.33% YoY increase compared to 32,462 units sold in October 2025 and a 1.44% MoM growth over the 48,429 units registered in September 2026.
Ather Holds Third Spot as Hero Vida Accelerates
Ather Energy maintained its third position in the rankings, recording 31,833 units. This reflected a 5.25% YoY increase against 30,246 units in October 2025 and a 4.26% MoM improvement from 30,533 units in September 2026.
Hero MotoCorp recorded the sharpest sequential jump among the major brands, posting 29,923 retail registrations for its Vida electric scooter range. This represented an 81.36% YoY surge from 16,499 units in October 2025 and a 23.03% MoM growth compared to 24,321 units sold in September 2026.
Ola Electric Contracts While Challengers Surge
In contrast to the broader industry expansion, Ola Electric Technologies continued its downward trajectory. The company registered 12,098 units in October 2026, marking a 26.41% YoY contraction from 16,439 units in October 2025 and a 10.06% MoM drop from 13,451 units in September 2026.
Among mid-tier players, Bengaluru-based River Mobility emerged as the fastest-growing brand in percentage terms, logging 6,817 units—a 273.94% YoY surge from 1,823 units in October 2025. Greaves Electric Mobility sold 10,839 units (up 39.98% YoY), while BGauss Auto achieved 5,556 units (up 80.57% YoY).
October 2026 Electric Two-Wheeler Sales Breakdown:
- TVS Motor Company: 60,490 units (+94.66% YoY)
- Bajaj Auto: 49,126 units (+51.33% YoY)
- Ather Energy: 31,833 units (+5.25% YoY)
- Hero MotoCorp: 29,923 units (+81.36% YoY)
- Ola Electric: 12,098 units (-26.41% YoY)
- Greaves Electric Mobility: 10,839 units (+39.98% YoY)
- River Mobility: 6,817 units (+273.94% YoY)
- BGauss Auto: 5,556 units (+80.57% YoY)
- Others: 17,382 units (+50.81% YoY)
Market Implications
Commenting on the sales performance, FADA President Sai Giridhar highlighted that buyer demand ran ahead of vehicle supply during October. Improved driving ranges, parity in acquisition costs compared to internal combustion engine (ICE) scooters, and elevated fuel prices pushed retail availability to become the primary constraint rather than underlying customer appetite.
For investors tracking Indian automobile equities, October's retail trajectory signals that established OEMs with nationwide distribution, strong balance sheets, and established after-sales infrastructure are steadily taking pricing power and volume leadership away from early-stage pure-play EV manufacturers.
