In FY26, TVS Motor and Bajaj Auto led the segment while Ola Electric saw a sharp decline
The electric two-wheeler (E2W) segment recorded strong growth in Financial Year 2026 (FY26), crossing the 14 lakh unit mark. Growth was supported by new product launches, improving charging infrastructure and rising consumer acceptance.
Total retail sales in FY26 stood at 14,01,818 units, registering a 21.81% year-on-year (YoY) growth over 11,50,790 units sold in FY25. This translates to an increase of 2,51,028 units. Among leading OEMs, TVS Motor and Bajaj Auto gained significant market share, while Ola Electric reported a sharp decline in volumes.
Electric Two-Wheeler (E2W) Sales FY26
TVS Motor emerged as the segment leader in FY26 with total sales of 3,41,513 units. This marks a 43.54% YoY growth compared to 2,37,929 units in FY25. Growth was driven by strong demand for iQube along with newer offerings, while initiatives like the BaaS (Battery-as-a-Service) model introduced in March 2026 further supported volumes.
Bajaj Auto secured the second position with 2,89,349 units sold, registering a 25.71% YoY growth from 2,31,172 units in FY25. The Chetak electric scooter continues to be a key contributor to its performance. Ather Energy ranked third with 2,39,178 units, posting a strong 82.34% YoY growth compared to 1,31,172 units last year. Sales were driven by the Rizta family scooter and the 450 series.
Ola Electric, however, witnessed a significant drop in volumes. Sales declined by 52.28% to 1,64,295 units in FY26, down from 3,44,300 units in FY25. Hero MotoCorp recorded one of the highest growth rates in the segment, with sales rising 196.13% to 1,44,330 units, up from 48,738 units last year.
Greaves Electric also posted healthy growth, with sales increasing 53.26% to 61,563 units from 40,169 units. BGauss registered 26,201 units, up 51.08% from 17,343 units in FY25. River Mobility continued its rapid expansion, recording 22,354 units in FY26, a sharp 426.35% growth compared to 4,247 units last year, driven by its sole offering, River Indie.
Lower volume players show mixed trends
Among smaller players, Pure EV recorded 14,352 units, up 59.79% from 8,982 units in FY25. E-Sprinto posted the highest percentage growth, with 12,582 units sold, marking a 792.97% increase from 1,409 units. Kinetic Green registered 11,557 units, up 36.70% from 8,454 units. In contrast, Revolt saw a decline of 9.71%, with sales dropping to 10,444 units from 11,567 units last year.
Simple Energy reported 8,214 units in FY26, a 319.30% growth compared to 1,959 units in FY25. Other OEMs collectively contributed 55,886 units, reflecting an 11.78% decline from 63,349 units in the previous financial year.
Source: Bike - rushlane.com
