India electric two-wheeler retail sales February 2026 dip month-on-month despite strong yearly growth

India electric two-wheeler retail sales February 2026 reached 1,11,709 units, representing a 9.04% decline compared with 1,22,812 units recorded in January 2026. Despite the month-on-month drop, the segment maintained strong year-on-year momentum with sales rising 45.6% from 76,722 units registered in February 2025. The data, compiled by the Federation of Automobile Dealers Associations (FADA) in collaboration with the Ministry of Road Transport and Highways, reflects retail registrations from 1,459 of 1,464 Regional Transport Offices across India while excluding Telangana figures.

The electric two-wheeler segment continued to represent 6.6% of total two-wheeler retail sales during the month. This share remained unchanged from January but improved compared with 5.6% recorded in February the previous year. The increase highlights a gradual shift toward electric mobility, particularly among urban commuters where motorcycles and scooters dominate daily transportation.

Leading Manufacturers Maintain Market Momentum

TVS Motor Company retained its position as the largest electric two-wheeler seller during the month with retail volumes of 31,614 units, accounting for roughly 28% of the segment’s total sales. Although its monthly numbers slipped 8.52% from January’s 34,558 units, the company recorded strong year-on-year growth of 66.78% compared with 18,955 units in February 2025.

The company’s growth has largely been driven by the continued expansion of its iQube electric scooter portfolio. By offering multiple variants across price brackets, the manufacturer has broadened its customer base and extended reach beyond metropolitan areas into smaller urban markets.

Bajaj and Ather Strengthen Competitive Position

Bajaj Auto held the second position with 25,328 retail units in February, reflecting a marginal decline of 1.05% from January’s 25,598 units. However, the company recorded a 17.42% improvement compared with the 21,571 units sold in the same month last year.

The updated Chetak electric scooter platform has sustained consistent demand in the market. Among the top manufacturers, Bajaj experienced the smallest month-on-month decline, indicating relatively stable demand and dealer inventory conditions.

Ather Energy ranked third with 20,584 units sold during the month. This represented a 6.43% drop compared with January’s 21,999 units but marked significant year-on-year growth of 71.85% over the 11,978 units registered in February 2025.

Expanding Retail Networks

Ather’s growth trajectory has been supported by an expanding dealership footprint and the introduction of new scooter variants aimed at mid-range and premium buyers. These strategies have enabled the company to broaden its retail presence in multiple regional markets.

Rapid Growth for Emerging and Expanding Brands

Hero MotoCorp posted the strongest year-on-year growth among established manufacturers. Retail registrations rose to 12,514 units in February 2026 from 2,696 units a year earlier, representing a growth rate of 364.17%. The company’s Vida electric scooter lineup, which was still in early expansion stages during 2025, has since widened its geographic availability.

Month-on-month volumes for Hero MotoCorp fell 5.92% from 13,302 units in January, a decline broadly aligned with the overall market slowdown observed during February.

Greaves Electric Mobility reported 4,724 units sold under the Ampere brand, representing an 11.49% decline from January’s 5,337 units. Despite the monthly drop, the company still recorded a 27.54% increase compared with February 2025.

BGauss Auto registered 2,411 units during the month, marking a modest 2.66% decrease from January. However, the brand achieved 97.79% year-on-year growth compared with the 1,219 units sold during the same month last year.

River Mobility recorded 2,255 units in February, down 12.83% compared with January but significantly higher than the 613 units sold in February 2025, reflecting strong growth from a low base.

Ola Electric Experiences Significant Decline

Ola Electric Technologies recorded one of the sharpest declines in the segment. The company sold 3,968 units in February 2026, representing a steep 47.21% drop from January’s 7,516 units. Year-on-year sales also fell significantly, declining 54.26% from 8,675 units recorded in February 2025.

Previously a market leader through much of 2023 and early 2024, the company has experienced erosion in its market share as traditional automakers scaled up electric product portfolios and new competitors expanded dealership networks. Customer concerns related to service infrastructure and regulatory scrutiny have also contributed to declining registrations.

Meanwhile, E-Sprinto Green Energy sold 1,176 units during February, reflecting a sharp 42.15% fall compared with January’s 2,033 units. However, the company still posted strong annual growth of 337.17% from 269 units in February 2025.

The combined “Others” category, representing smaller manufacturers, registered 7,135 units. This figure declined 3.65% month-on-month but remained largely stable compared with the previous year with a marginal increase of 1.32%.

Market Dynamics and Policy Support

India’s electric two-wheeler sector has expanded rapidly over the past three years, supported by government incentive programs such as the FAME II initiative and the PM E-DRIVE scheme. These policies extended purchase subsidies for electric two- and three-wheelers and played an important role in accelerating consumer adoption.

The industry crossed the milestone of one lakh monthly retail registrations on multiple occasions during 2025, demonstrating that electric scooters and motorcycles are becoming increasingly mainstream in the domestic market.

Seasonal Factors Influencing February Sales

The February slowdown aligns with typical patterns in the automotive retail calendar. January often benefits from post-festive demand, dealer-driven registration pushes, and year-end promotional activity, which collectively make it one of the stronger months for vehicle sales.

February, with fewer calendar days and a temporary pause between demand cycles, typically records softer volumes across both conventional and electric two-wheelers.

Outlook for the Electric Two-Wheeler Segment

The steady market share of 6.6% indicates that electric adoption is progressing at a pace broadly consistent with overall two-wheeler market growth. However, the year-on-year improvement in share suggests gradual structural expansion within the industry.

With manufacturers continuing to introduce new models, expand retail networks, and improve charging access in urban and peri-urban regions, the sector is expected to maintain its long-term growth trajectory across the Indian mobility landscape in the coming quarters.