India’s electric two-wheeler (E2W) market continued to expand in October 2026, with registrations increasing 2.9% month on month to 2,14,654 units. The growth marked a second consecutive month of rising registrations and a 48.1% increase compared with the same period last year, according to Vahan data reported by Inc42.
The latest numbers also highlight a shift in the competitive landscape. TVS Motor retained its position as India’s largest electric two-wheeler manufacturer, while Hero MotoCorp recorded the strongest monthly growth among the top five companies. In contrast, Bajaj Auto, Ather Energy and Ola Electric reported month-on-month declines in registrations.
Key Takeaways
- India registered 2,14,654 electric two-wheelers in October 2026, up 2.9% from September.
- Registrations increased 48.1% year on year, compared with 1,44,980 units in October 2025.
- TVS Motor led the market with 58,425 registrations and a 27.2% share.
- Hero MotoCorp’s registrations increased 17.5% to 28,720 units, lifting its market share to 13.4%.
- Bajaj Auto remained second, while Ather Energy held third place despite a monthly decline.
- Ola Electric registrations fell 13.7% to 11,614 units, reducing its market share to 5.4%.
- Capacity constraints and production expansion plans are becoming important factors in the competition.
India’s Electric Two-Wheeler Market Records Another Month of Growth
Electric two-wheeler registrations increased from 2,08,688 units in September to 2,14,654 units in October. This represented a month-on-month increase of approximately 2.9%.
The market also recorded substantial annual growth. October’s registrations were 48.1% higher than the 1,44,980 units registered in October 2025.
September had already delivered a strong recovery. Its latest reported registration tally of 2,08,688 units was higher than August’s revised 1,84,671 units. This means the market maintained its upward movement for a second consecutive month.
However, October’s growth rate was slower than September’s reported rebound. The figures suggest that demand remained strong, although monthly momentum moderated.
| Metric | September 2026 | October 2026 | Change |
|---|---|---|---|
| E2W registrations | 2,08,688 | 2,14,654 | +2.9% |
| Year-on-year growth | — | — | +48.1% |
| October 2025 registrations | — | 1,44,980 | — |
Source: Vahan registration data reported by Inc42. October figures were based on data available on October 31, 2026.
Registrations measure vehicles recorded with transport authorities and provide an indication of retail-market activity. They are different from wholesale dispatches, which measure vehicles shipped by manufacturers to dealers.
TVS Motor Retains Market Leadership
TVS Motor remained India’s largest electric two-wheeler manufacturer in October, increasing its registrations and market share.
The company registered 58,425 electric two-wheelers, compared with 54,399 units in September. This represented month-on-month growth of 7.4%.
Its market share increased from 26.1% to 27.2%, strengthening its position at the top of the industry.
TVS has built its electric two-wheeler presence around products such as the iQube and its expanding electric scooter portfolio. Its established dealership network, manufacturing capabilities and after-sales infrastructure also provide advantages as the market becomes more competitive.
The company has announced plans to increase its electric two-wheeler production capacity to 80,000 units per month by March 2027. The planned expansion could help it serve additional demand and strengthen its position against competitors.
Hero MotoCorp Gains Ground on Ather Energy
Hero MotoCorp emerged as the fastest-growing manufacturer among the top five electric two-wheeler companies in October.
Its registrations increased 17.5% month on month to 28,720 units, compared with 24,446 units in September. Its market share rose from 11.7% to 13.4%.
This brought Hero closer to Ather Energy, which remained in third place with 30,380 registrations.
The gap between the two manufacturers narrowed to 1,660 units in October, compared with 6,507 units in September.
| Manufacturer | September registrations | October registrations | October market share | MoM change |
|---|---|---|---|---|
| TVS Motor | 54,399 | 58,425 | 27.2% | +7.4% |
| Bajaj Auto | 48,740 | 46,658 | 21.7% | -4.3% |
| Ather Energy | 30,942 | 30,380 | 14.2% | -1.8% |
| Hero MotoCorp | 24,446 | 28,720 | 13.4% | +17.5% |
| Ola Electric | 13,458 | 11,614 | 5.4% | -13.7% |
Source: Vahan data reported by Inc42. Figures are registrations, not wholesale sales.
Hero’s progress reflects the growing presence of established two-wheeler manufacturers in India’s electric mobility market. Its VIDA electric scooter business is competing in a segment where brand recognition, distribution reach, financing options and service availability can influence purchasing decisions.
The latest figures also show that the competition is no longer limited to specialist electric vehicle startups. Traditional manufacturers are increasingly important players in the market.
Ather and Bajaj Face Production Constraints
Although Bajaj Auto and Ather Energy remained among India’s largest electric two-wheeler manufacturers, both recorded lower registrations in October.
Ather Energy registered 30,380 units, down 1.8% from September. Bajaj Auto registered 46,658 units, a decline of 4.3%.
Both companies have previously highlighted production limitations as a factor affecting their ability to meet demand.
Ather has estimated that it misses around 20,000 potential retail sales every month because of supply constraints. Its customer pre-orders more than doubled to approximately 1.8 lakh during the September quarter, equivalent to around 60,000 units per month.
However, its average monthly production during the period was approximately 33,000 units.
The company’s Hosur manufacturing facility reached 98% capacity utilisation during peak production in the second quarter of FY27. Ather plans to add 2.25 lakh units of annual production capacity across its facilities by the second quarter of FY28, taking its combined installed capacity to approximately 11.4 lakh units.
Bajaj Auto has also acknowledged manufacturing limitations across its electric vehicle business. CFO Dinesh Thapar said during the company’s earnings call that production constraints meant it could deliver only around 75% of its planned volumes.
The company plans to increase monthly Chetak production capacity to approximately 80,000 units by the fourth quarter of FY27, compared with around 64,000 units currently.
These expansion plans could become important competitive factors. Manufacturers that can increase production while maintaining product quality and service standards may be better positioned to capture demand.
Ola Electric Registrations Decline Further
Ola Electric continued to face pressure in October, with registrations falling 13.7% month on month.
The company registered 11,614 electric two-wheelers, compared with 13,458 units in September. Its market share declined from 6.4% to 5.4%.
The decline comes as Ola works to strengthen its sales and distribution network while expanding its focus on more affordable electric scooters and in-house battery technology.
The company is also dealing with intense competition from established manufacturers and newer electric vehicle brands. Its ability to stabilise registrations, improve customer experience and strengthen after-sales support will be important to its recovery.
Ola’s position contrasts with the performance of TVS and Hero, both of which increased their registrations during the month.
Smaller Electric Two-Wheeler Brands Also Record Growth
Several smaller manufacturers reported positive registration growth in October.
Greaves Electric Mobility registered 10,468 units, an increase of 12.3% month on month. River recorded 6,533 registrations, up 15.7%.
E-Sprinto registered 2,124 units, increasing 6.4% from September. The company also launched its G1 family electric scooter in October, marking its entry into the business-to-consumer segment.
E-Sprinto plans to begin deliveries of the G1 from January 1, 2027, and is targeting sales of approximately 5,000 units by March 2027.
While these companies operate at a smaller scale than the leading manufacturers, their growth indicates that India’s electric two-wheeler market continues to attract competition across different price segments.
What Is Driving Competition in India’s Electric Two-Wheeler Industry?
The electric two-wheeler industry is entering a more competitive phase as manufacturers focus on production capacity, product pricing and distribution.
Several factors are shaping the market:
1. Wider product availability: More manufacturers are introducing electric scooters across different price ranges, giving customers additional choices.
2. Manufacturing scale: Companies such as TVS, Bajaj and Ather are investing in production capacity to meet demand and reduce supply constraints.
3. Distribution and after-sales service: Established automotive companies can use existing dealership and service networks to reach customers across more cities.
4. Technology and batteries: Battery performance, charging time, range and software features are becoming important areas of product differentiation.
5. Customer confidence: Reliability, warranty coverage, spare-parts availability and service quality remain important considerations for buyers switching from petrol scooters.
As the market expands, manufacturers will need to balance growth with profitability. Higher registrations alone do not guarantee financial success, particularly when companies are investing heavily in factories, distribution and technology.
The Bigger Picture
October’s registration data points to a maturing electric two-wheeler market in India. The segment is growing rapidly, but the competitive balance is changing. TVS has strengthened its leadership, Hero is closing the gap with Ather, and Bajaj continues to hold a significant position despite its monthly decline.
The numbers also highlight the importance of execution. Demand can create an opportunity, but manufacturers must have enough production capacity, reliable supply chains and service infrastructure to convert that demand into registrations. Companies facing capacity limitations may struggle to maintain market share even when customer interest remains strong.
Looking Ahead
The next few quarters will show whether the capacity expansions announced by TVS, Bajaj and Ather translate into higher registrations. If production increases as planned, competition could intensify further, particularly among the leading manufacturers.
For Ola Electric and smaller players, the challenge will be to stabilise sales and build customer confidence while competing against companies with larger distribution networks. India’s electric two-wheeler market appears positioned for continued growth, but the next stage will increasingly reward manufacturers that can combine product demand with reliable execution and sustainable economics.
Frequently Asked Questions
1. How many electric two-wheelers were registered in India in October 2026?
India recorded 2,14,654 electric two-wheeler registrations in October 2026, according to Vahan data reported by Inc42 on October 31.
2. Which company led India’s electric two-wheeler market in October 2026?
TVS Motor led the market with 58,425 registrations and a 27.2% market share.
3. Which electric two-wheeler company recorded the fastest growth?
Hero MotoCorp recorded the strongest month-on-month growth among the top five manufacturers, with registrations increasing 17.5% to 28,720 units.
4. What was Ola Electric’s market share in October 2026?
Ola Electric held a 5.4% share of India’s electric two-wheeler registrations in October, down from 6.4% in September.
5. Why did Ather Energy and Bajaj Auto registrations decline?
Both companies have highlighted production and capacity constraints. Ather has reported strong customer pre-orders relative to its monthly production, while Bajaj has said manufacturing limitations affected planned deliveries.
6. What is the difference between electric two-wheeler registrations and sales?
Registrations are vehicles recorded with government transport authorities after retail purchases. Wholesale sales or dispatches refer to vehicles shipped by manufacturers to dealerships. The two figures can differ because of timing and inventory movements.
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