India Electric Two-Wheeler Registrations Rise 65% in August 2026

India’s Electric Two-Wheeler Market Accelerates in August

Electric two-wheeler registrations in India increased 65% year over year to 180,569 units in August 2026, based on Vahan data compiled by Nuvama Institutional Equities. The result highlights continued expansion in electric mobility despite a month-to-month slowdown. Registrations were 11% lower than July’s 203,070 units, while electric two-wheelers represented 10.5% of total two-wheeler registrations during August, compared with 11.1% in the previous month. Across the first five months of FY2026-27, cumulative registrations reached 903,420 units, marking a 70% increase from 529,941 units recorded during the comparable period of the previous year.

Leading Manufacturers Strengthen Their Market Positions

TVS Motor remained the largest electric two-wheeler manufacturer in August, recording 48,873 registrations. Its volume increased 91% from August 2025, although registrations declined 12% compared with July. The company’s market share reached 27.1%, up from 23.4% a year earlier. Bajaj Auto moved closer to the market leader after registrations more than tripled to 41,018 units from 12,240 units in August 2025. Its share climbed to 22.7% from 11.2%, representing an 11.5-percentage-point increase.

Ather Energy maintained third place with 28,707 registrations, representing 49% year-over-year growth and a 6% sequential decline. Its market share was 15.9%, compared with 17.5% in August 2025 and 15.1% in July. Hero MotoCorp recorded 18,977 electric two-wheeler registrations, an increase of 38% from the same month last year. Its market share was 10.5%, compared with 11.3% in July. Together, TVS, Bajaj, Ather and Hero accounted for 76.2% of August registrations, up from 64.7% a year earlier.

Ola Electric Faces a Significant Share Decline

Ola Electric ranked fifth in August with 13,849 registrations. Its registrations declined 29% year over year and 3% from July, leaving the company with a 7.7% market share. That compares with a substantially higher 17.7% share in August 2025, when Ola was the second-largest electric two-wheeler manufacturer. The change indicates a major shift in the competitive structure of the segment, as established and expanding manufacturers have captured a larger portion of registrations while Ola’s volumes and market share have weakened.

FY27 Registrations Show Broad-Based Growth Among Leaders

Performance during the first five months of FY2026-27 further demonstrates the scale of growth among the leading manufacturers. TVS registrations increased 92% to 235,302 units, while Bajaj registrations climbed 106% to 204,551 units. Ather recorded an 82% increase to 148,023 units, and Hero delivered the strongest growth among the four, with registrations rising 114% to 99,023 units. In contrast, Ola Electric registrations declined 26% to 72,036 units during the same period. Its market share fell to 8%, compared with 18.4% a year earlier.

Smaller Manufacturers Also Deliver Strong Growth

Growth was not limited to the largest manufacturers, with several smaller electric two-wheeler companies posting substantial increases in August. Greaves Electric recorded 8,614 registrations, representing 88% year-over-year growth. River Mobility reached 5,134 registrations, an increase of 170%, while BGauss Auto registered 4,844 units, marking 180% growth from the corresponding period a year earlier. Although their absolute volumes remain considerably below those of the market leaders, the growth rates indicate that competition is expanding beyond the largest manufacturers and that customers are gaining access to a broader selection of electric two-wheelers.

Product Choice and Scale Become Increasingly Important

“Electric two-wheeler adoption is gaining momentum as customers get access to more aspirational products across a wider range of price points. The year-to-date gains recorded by TVS, Bajaj, Hero and Ather also indicate that scale, distribution and a broader product portfolio are becoming increasingly important in this market,” said N L Raghunandhan, Director, Nuvama Institutional Equities. The August registration data supports this assessment, with leading manufacturers combining strong year-over-year growth with expanding market shares. At the same time, the performance of smaller manufacturers shows that the competitive field continues to broaden as electric mobility adoption increases across India.

Frequently Asked Questions

How many electric two-wheelers were registered in India in August 2026?
India recorded 180,569 electric two-wheeler registrations in August 2026, representing a 65% increase compared with August 2025, according to Vahan data compiled by Nuvama Institutional Equities. Registrations were lower than the 203,070 units recorded in July, resulting in an 11% sequential decline. Electric two-wheelers represented 10.5% of total two-wheeler registrations during August, down from 11.1% in July. The data indicates strong annual growth in electric mobility while also showing some month-to-month moderation in registration volumes.