TVS Motor has overtaken Ola Electric to lead India’s EV two-wheeler market in FY26. It reflects a shifting consumer preference and intensifying competition, with Bajaj Auto and Ather Energy emerging as strong contenders in the electric mobility segment. FY26 marks a decisive reversal in market structure. Legacy players have outpaced startups, backed by stronger distribution networks, service depth, and supply chain control.
TVS Motor Company has emerged as the market leader in India’s electric two-wheeler segment for FY 26. The company has sold around 330,145 units, followed by Bajaj Auto at 276,518 units and Ather Energy at 229,565 units, according to Vahan data. Products such as TVS’s iQube, Bajaj’s Chetak, and Ather’s Rizta are now contributing nearly 70% of overall sales.
TVS’s ascent is not just about rank, as it marks a structural turning point. With nearly 39% growth, it has crossed the 3-lakh annual sales milestone. It has become the second company, after Ola Electric, to achieve this.
“The market is clearly moving beyond early adopters to more practical, everyday use cases, and that is where we are seeing strong traction,” said Hemant Kabra, founder and managing director, BGauss. “As the ecosystem matures, consistency in product performance and after-sales support will be key differentiators.”
India’s electric two-wheeler retail segment grew 17.3% year-on-year to 1.35 million units in FY26 (as of March 29). It is expected to close near the 1.5 million mark by the end of the fiscal year, which is up from around 1.1 million units recorded in FY25.
The overall E2W retail segment grew 17.3% year-on-year to 1.35 million units, a trajectory set to close near the 1.5 million mark by the fiscal end, a significant leap from the 1.1 million units recorded in FY25.
“The modern Indian buyer is no longer experimenting with electric mobility; they are replacing their internal combustion engines with platforms that offer a seamless transition into the commuter segment,” informed a top analyst.
CRISIL expects electric two-wheeler volumes to grow 20-22% in FY27, reaching 1.3-1.8 million units, significantly outpacing the 4-6% growth projected for ICE two-wheelers. It highlights how EV adoption is moving into the mainstream commuter segment.