Electric Two-Wheeler Sales September 2026: TVS Motor Leads With 26.1% Share
Every electric two-wheeler registered in India in September 2026, brand by brand: volumes, market share inside the segment, month-on-month and year-on-year change, and who gained or lost share.
How September went
India registered 2,08,806 electric two-wheelers in September 2026, +90.0% on September 2025 and +12.9% on August.
Across the 9 completed months of 2026 to September, 15,72,402 electric two-wheelers have been registered, +63.5% on the same months of 2025.
Electric two-wheelers were 11.6% of every two-wheeler registered in September 2026, against 8.2% in September 2025 (+3.4pp).
Monthly electric two-wheeler registrations, 2023–2026
One line per calendar year. The dashed end of the current year is the month so far.
Electric Two-Wheeler market share, September 2026
TVS Motor led the month with 54,430 registrations — 26.1% of the electric two-wheeler market — ahead of Bajaj Auto on 48,757 (23.4%), a gap of 5,673 units. TVS Motor also led August.
Bajaj Auto has gained the most share against September 2025, +4.90pp to 23.4%; Ola Electric has lost the most, −6.17pp to 6.4%.
The top three hold 64.3% of the segment; 115 manufacturers registered at least one electric two-wheeler.
Top 10 electric two-wheeler makers, September 2026
Electric two-wheeler registrations only — every other vehicle type these companies make is excluded.
Share is of every electric two-wheeler registered in the month. MoM and YoY compare each maker's own volume; the last column is its change in share of the segment.
| # | Manufacturer | Sep 2026 | Share | MoM | YoY | Share vs Sep 2025 |
|---|---|---|---|---|---|---|
| 1 | TVS Motor | 54,430 | 26.1% | +10.3% | +127.5% | +4.29pp |
| 2 | Bajaj Auto | 48,757 | 23.4% | +17.8% | +140.5% | +4.90pp |
| 3 | Ather Energy | 30,977 | 14.8% | +6.2% | +57.9% | −3.02pp |
| 4 | Hero MotoCorp | 24,451 | 11.7% | +27.6% | +84.2% | −0.37pp |
| 5 | Ola Electric | 13,459 | 6.4% | −3.5% | −2.9% | −6.17pp |
| 6 | Greaves Electric | 9,319 | 4.5% | +8.0% | +114.1% | +0.50pp |
| 7 | River Mobility | 5,659 | 2.7% | +8.1% | +198.6% | +0.99pp |
| 8 | BGauss | 5,024 | 2.4% | −0.4% | +99.0% | +0.11pp |
| 9 | Bounce Electric 1 | 3,069 | 1.5% | +192.6% | +242.9% | +0.66pp |
| 10 | E-Sprinto Green Energy | 1,997 | 1.0% | +1564.2% | +108.7% | +0.09pp |
| 11 | Oben Electric Vehicles | 1,428 | 0.7% | +121.7% | +342.1% | +0.39pp |
| 12 | Simpleenergy | 1,378 | 0.7% | −17.4% | +103.5% | +0.04pp |
| 13 | Lectrix E Vehicles | 1,154 | 0.6% | +35.6% | +135.0% | +0.11pp |
| 14 | Honda 2W (HMSI) | 1,108 | 0.5% | +25.6% | +178.4% | +0.17pp |
| 15 | Revolt Motors | 1,037 | 0.5% | +13.1% | +46.3% | −0.15pp |
| All others (100 makers) | 5,559 | 2.7% |
Exact: Vahan's maker x month table filtered to battery-electric fuels (PURE EV, ELECTRIC(BOV)) and the segment's vehicle classes — not a company total multiplied by anything.
Who is gaining
Monthly share of the electric two-wheeler market for the six largest makers this month, over the last 15 completed months.
Electric Two-Wheeler market share by month
Share of the segment each month, in per cent.
Market share, 2026 to September
The same table over 2026 to September, set against the same months of 2025.
| # | Manufacturer | Units | Share | vs 2025 | Volume YoY |
|---|---|---|---|---|---|
| 1 | TVS Motor | 4,11,583 | 26.18% | +2.79pp | +83.0% |
| 2 | Bajaj Auto | 3,54,415 | 22.54% | +1.69pp | +76.8% |
| 3 | Ather Energy | 2,62,087 | 16.67% | +1.55pp | +80.3% |
| 4 | Hero MotoCorp | 1,72,727 | 10.98% | +3.47pp | +139.1% |
| 5 | Ola Electric | 1,07,934 | 6.86% | −10.79pp | −36.4% |
| 6 | Greaves Electric | 71,894 | 4.57% | +0.49pp | +83.3% |
| 7 | River Mobility | 38,850 | 2.47% | +1.32pp | +250.8% |
| 8 | BGauss | 35,170 | 2.24% | +0.51pp | +112.0% |
| 9 | Simpleenergy | 11,836 | 0.75% | +0.33pp | +187.8% |
| 10 | E-Sprinto Green Energy | 10,794 | 0.69% | +0.12pp | +99.6% |
| 11 | Bounce Electric 1 | 9,242 | 0.59% | +0.20pp | +145.3% |
| 12 | Revolt Motors | 8,478 | 0.54% | −0.31pp | +3.3% |
| 13 | Lectrix E Vehicles | 7,972 | 0.51% | +0.08pp | +95.1% |
| 14 | Motovolt Mobility | 6,236 | 0.40% | +0.25pp | +339.2% |
| 15 | Quantum Energy | 5,601 | 0.36% | +0.20pp | +261.8% |
How electric are two-wheelers?
The battery-electric share of all two-wheelers registered each month — the adoption curve behind the brand race above.
EV share of two-wheelers by month
Battery-electric registrations as a per cent of the whole segment. The dashed end of the current year is the month so far.
How electric is each two-wheeler maker?
Every two-wheeler maker's September 2026 volume, split into battery-electric and everything else (petrol and CNG). Leave the EVs out and Honda 2W (HMSI) leads the non-electric two-wheelers market with 29.5%.
Among the established makers, Bajaj Auto has gone furthest: 29.2% of its two-wheelers were electric.
| # | Manufacturer | All two-wheelers | Electric | Non-EV | EV share of its sales | Share of non-EV market |
|---|---|---|---|---|---|---|
| 1 | Honda 2W (HMSI) | 4,71,530 | 1,108 | 4,70,422 | 0.2% | 29.5% |
| 2 | Hero MotoCorp | 4,35,677 | 24,451 | 4,11,226 | 5.6% | 25.8% |
| 3 | TVS Motor | 3,66,777 | 54,430 | 3,12,347 | 14.8% | 19.6% |
| 4 | Bajaj Auto | 1,67,184 | 48,757 | 1,18,427 | 29.2% | 7.4% |
| 5 | Royal Enfield | 1,05,309 | 13 | 1,05,296 | 0.0% | 6.6% |
| 6 | Suzuki 2W | 1,02,854 | 658 | 1,02,196 | 0.6% | 6.4% |
| 7 | Yamaha India | 64,774 | 234 | 64,540 | 0.4% | 4.0% |
| 8 | Ather Energy | 30,977 | 30,977 | 0 | 100.0% | — |
| 9 | Ola Electric | 13,459 | 13,459 | 0 | 100.0% | — |
| 10 | Greaves Electric | 9,319 | 9,319 | 0 | 100.0% | — |
| 11 | River Mobility | 5,659 | 5,659 | 0 | 100.0% | — |
| 12 | BGauss | 5,024 | 5,024 | 0 | 100.0% | — |
| 13 | Classic Legends | 4,694 | 0 | 4,694 | 0.0% | 0.3% |
| 14 | Piaggio | 3,867 | 0 | 3,867 | 0.0% | 0.2% |
| 15 | Bounce Electric 1 | 3,069 | 3,069 | 0 | 100.0% | — |
All two-wheelers: Vahan maker x month for the segment's vehicle classes, every fuel. Electric: the same table, battery-electric fuels only. Non-EV is the difference — petrol and CNG.
Where they sell
Maharashtra registered the most electric two-wheelers in September 2026 — 31,256, 15.0% of the national total. Karnataka (25,171) and Tamil Nadu (22,585) followed.
| # | State | Units | Share | YoY |
|---|---|---|---|---|
| 1 | Maharashtra | 31,256 | 15.0% | +96.4% |
| 2 | Karnataka | 25,171 | 12.1% | +69.0% |
| 3 | Tamil Nadu | 22,585 | 10.8% | +94.4% |
| 4 | Uttar Pradesh | 16,851 | 8.1% | +107.1% |
| 5 | Madhya Pradesh | 14,959 | 7.2% | +64.7% |
| 6 | Odisha | 13,336 | 6.4% | +128.1% |
| 7 | Kerala | 12,189 | 5.8% | +69.5% |
| 8 | Rajasthan | 11,915 | 5.7% | +91.6% |
| 9 | Gujarat | 9,543 | 4.6% | +55.1% |
| 10 | Telangana | 9,316 | 4.5% | +93.2% |
| 11 | Delhi | 8,825 | 4.2% | +104.6% |
| 12 | Andhra Pradesh | 8,188 | 3.9% | +144.0% |
Frequently asked questions
How many electric two-wheelers were sold in India in September 2026?
Which company sold the most electric two-wheelers in September 2026?
What is the electric two-wheeler market share of each brand?
What share of two-wheelers sold in India are electric?
Which state buys the most electric two-wheelers?
How are these numbers measured?
Electric Two-Wheeler sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit. A free, auto-updating electric two-wheeler sales widget can go on any website.
