India Electric Two-Wheeler Registrations Rise 85% in September

India electric two-wheeler registrations reached 203,411 units in September 2026, rising 85% from the same month a year earlier, according to Vahan data compiled by Nuvama. Registrations also increased 12% from August, when the market recorded 182,078 units. Electric two-wheelers represented 11.4% of total two-wheeler registrations in September, compared with 10.5% in August. The monthly total moved above the 200,000-unit threshold again after July, highlighting continued expansion in the segment. The broader first-half FY27 performance was also strong, with April–September registrations reaching 1,108,606 units, up 73% from 639,762 units during the corresponding period a year earlier.

Electric Two-Wheeler Market Passes One Million Units

The April–September period established a significantly higher volume base for India’s electric two-wheeler market. Registrations during the July–September quarter totaled 588,740 units, representing an 80% year-over-year increase. Nuvama attributed improving EV acceptance to higher aspirational value and the availability of more model choices across different price points. The shift was also reflected in the performance of established manufacturers, with TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy increasing their market positions during the first half of FY27. The data indicates that market growth is increasingly being accompanied by stronger participation from major established manufacturers.

TVS Motor Maintains September Leadership

TVS Motor retained the leading position in September with 53,989 electric two-wheeler registrations. Its volume increased 126% year on year and 10% from August, giving the company a 26.5% market share. That share was slightly lower than the 27.1% recorded in August, despite the increase in registrations. Bajaj Auto moved closer to the market leader after recording 48,383 units, up 139% year on year and 17% month on month. Bajaj’s share increased from 22.7% to 23.8%, reducing the numerical gap with TVS Motor to 5,606 registrations. Together, the two companies represented a substantial portion of September demand.

Ather Energy and Hero MotoCorp Strengthen Positions

Ather Energy ranked third in September with 30,477 registrations, an increase of 57% year on year and 5% from August. Its market share declined to 15% from 16% because its sequential growth was below the overall market’s pace. Hero MotoCorp delivered the strongest month-on-month growth among the five largest manufacturers, with registrations increasing 27% from August and 83% year on year to 24,305 units. Its share climbed to 11.9% from 10.5%, representing a 140-basis-point improvement. TVS Motor, Bajaj Auto and Hero MotoCorp collectively accounted for 62% of September registrations, underscoring the growing presence of established manufacturers.

Ola Electric Loses Ground as Competition Intensifies

Ola Electric moved in the opposite direction as several competing manufacturers expanded their registrations. The company recorded 13,449 units in September, down 3% year on year and 4% from August. Its monthly market share declined to 6.6%, compared with 7.7% in August and 12.6% in September 2025. The first-half FY27 figures show a sharper change, with Ola Electric registrations falling 23% to 85,634 units and its share declining to 7.7% from 17.4% a year earlier. The movement contrasts with the gains made by TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy during the same six-month period.

Established Manufacturers Gain First-Half Market Share

The April–September market data shows a broad redistribution of share toward established manufacturers. TVS Motor increased its first-half share to 26.1% from 22.9% a year earlier, while Bajaj Auto rose to 22.8% from 18.7%. Hero MotoCorp also gained ground, reaching 11.1% compared with 9.3% previously, and Ather Energy edged higher to 16.2% from 15.8%. TVS Motor registrations grew 98% during the period, while Bajaj Auto and Hero MotoCorp more than doubled their volumes. Ather Energy increased registrations by 78%. TVS Motor and Bajaj Auto together accounted for nearly 49% of April–September registrations, compared with approximately 42% in the corresponding period a year earlier.

Smaller Manufacturers Also Record Strong Growth

Growth was not limited to the largest manufacturers. Greaves Electric registered 9,317 units in September, representing a 114% year-over-year increase. River Mobility recorded 5,549 units, with registrations rising 193%, while Bgauss nearly doubled its registrations to 5,023 units. These gains indicate that the expanding market continues to accommodate manufacturers beyond the leading group, although their individual volumes remain substantially below those of the largest players. The combination of rising overall registrations and a wider range of available models is contributing to stronger competition across the electric two-wheeler segment. At the same time, the contrasting performances of individual manufacturers show that overall market growth is not translating evenly across every brand.

FY27 Market Could Exceed Two Million Registrations

With 1,108,606 electric two-wheeler registrations recorded during the first six months of FY27, the market is positioned to surpass two million units for the full financial year if the current pace continues. Reaching the two-million threshold would require approximately 891,000 registrations during October–March, a level below the volume already achieved in the first half. The first-half result therefore provides a substantial base for the remainder of FY27. However, the eventual outcome will depend on how registration volumes develop during the second half and whether manufacturers can sustain the growth rates seen across several leading brands during the first six months.

Industry Impact & Outlook

The market’s first-half performance points to a more competitive electric two-wheeler landscape in which established manufacturers are capturing a larger share while several smaller players continue to expand. The gains made by TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy, alongside the decline in Ola Electric’s share, suggest that product availability, brand positioning and market coverage are becoming increasingly important as adoption expands. For manufacturers, the second half of FY27 will provide a clearer test of whether current momentum can be sustained. The ability to maintain registrations above the levels required for two million annual units will be particularly important for assessing the durability of India’s electric two-wheeler growth.

Frequently Asked Questions

How many electric two-wheelers were registered in India in September 2026?
India recorded 203,411 electric two-wheeler registrations in September 2026, according to Vahan data compiled by Nuvama. The figure represented an 85% increase from September 2025 and was 12% higher than August’s 182,078 registrations. Electric two-wheelers accounted for 11.4% of total two-wheeler registrations during September, compared with 10.5% in August. April–September registrations reached 1,108,606 units, up 73% from the previous year’s 639,762 units, placing the market on a potential path toward more than two million registrations in FY27.