TVS, Bajaj, Hero and Ather Power EV Boom; Ola Electric Loses More Ground

India's electric two-wheeler market continued its rapid expansion in the first half of 2026, with registrations rising 53.3% year-on-year to 970,993 units, up from 633,599 units in the corresponding period last year, according to data from the Federation of Automobile Dealers Associations (FADA).

The growth was led overwhelmingly by established automakers. TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy together accounted for 95.6% of the industry's incremental registrations, cementing their dominance in the fast-growing EV segment.

Market Leaders Tighten Their Grip

The four manufacturers collectively added 322,621 units out of the industry's total incremental volume of 337,394 vehicles during the six-month period.

As a result, their combined market share climbed to 76.7% from 66.6% a year earlier, reflecting increasing consolidation.

While newer player River continued to expand from a small base, early electric scooter brands such as Okinawa, Hero Electric and Ampere together contributed less than 1% of total registrations.

TVS Retains Lead as Bajaj Closes the Gap

TVS Motor remained the country's largest electric two-wheeler manufacturer, registering 251,438 units during the first half of the year, a 65.7% increase over the same period in 2025.

Its market share improved to 25.9%, with the company contributing nearly 30% of the industry's incremental volumes.

Bajaj Auto retained second position with 218,089 registrations, up 48% year-on-year. Although its market share slipped slightly to 22.5%, the company gathered momentum through the second quarter.

Monthly registrations rose from 26,575 units in January to 43,306 units in June, significantly narrowing the gap with TVS.

The strong performance followed the launch of the more affordable Chetak C2501, with brokerage Motilal Oswal noting that the company is targeting leadership in the electric two-wheeler segment through fresh product launches and capacity expansion.

Hero and Ather Register Strong Growth

Hero MotoCorp recorded the fastest growth among the leading manufacturers. Registrations more than tripled to 106,019 units, lifting its market share to 10.9%.

The company added over 71,000 units year-on-year and nearly matched its entire 2025 sales volume within the first six months of 2026.

Ather Energy also posted robust growth, with registrations rising 91.1% to 169,020 units. Its market share expanded to 17.4%, making it the second-largest contributor to industry-wide volume growth after TVS.

Ola Electric Loses Ground Despite Sequential Recovery

In contrast, Ola Electric witnessed a sharp slowdown. Registrations fell 44.1% year-on-year to 65,999 units, reducing its market share from 18.6% to 6.8%.

However, the company showed signs of improvement during the second quarter. Monthly registrations more than doubled from 7,808 units in January to 16,150 units in June, while second-quarter volumes nearly doubled compared with the first quarter.

Even so, Ola's current run rate suggests annual registrations of around 132,000 units in 2026, well below the 204,527 units sold last year. In comparison, the broader electric two-wheeler market is on track to register nearly 1.94 million units this year, underscoring the widening gap between the market leader and the once-dominant EV pioneer.