Electric Two-Wheelers FY26 Retail Growth Reflects a Stronger Market, TVS Leads

• Retail picks up 21.81 percent to 14,01,818 units in FY26
• EV share in 2W market ups from 6.1 percent to 6.5 percent
• TVS leads FY26; Ola sees sharp decline year on year

FADA’s electric two-wheeler retail data for FY2026 shows how the market has been steadily expanding overall. Total electric two-wheeler retail stood at 14,01,818 units which is up 21.81 percent from 11,50,790 units in FY2025. These rising numbers pushed electric two-wheelers to a 6.5 percent share of the overall 2W market compared with 6.1 percent a year earlier. Battery powered scooters and motorcycles are clearly gaining ground across the country in a gradual shift.

FADA President C S Vigneshwar mentioned that crossing the 14 lakh mark is an important milestone, especially in a market where two-wheelers remain the backbone of personal transport. FADA also noted that March 2026 alone recorded a monthly EV share of 9.79 percent in the two-wheeler segment suggesting momentum improved towards the end of the financial year.

TVS Motor Company emerged as the top electric two-wheeler retailer in FY2026 with 3,41,513 units, up 43.54 percent year on year. Bajaj Auto follows with 2,89,349 units posting 25.17 per cent growth. Ather Energy had a strong year with retail sales rising 82.34 percent to 2,39,178 units.

Ola Electric moved in the opposite direction as its retail sales fell sharply to 1,64,295 units in FY2026 from 3,44,300 units in FY2025, meaning a drop of 52.28 percent. That is the biggest decline among the larger players in the chart where Ola was once seen as the clear volume force.

Hero MotoCorp electric two-wheeler retail climbs up to 1,44,330 units from 48,738 units showing a hike of 196.13 percent. It still trails TVS, Bajaj and Ather in absolute volume. Greaves Electric Mobility, BGauss, River, Pur Energy, Kinetic Green and Simple Energy also posted growth though from much smaller bases.

As the E2W market grows in India with an uneven spread, some brands are scaling up quickly, some are recovering from a smaller base, and at least one former front-runner has lost momentum. This shows how consistency in supply, product acceptance, dealer support and retail execution now matter far more.

Also note that the market share gain from 6.1 percent to 6.5 percent is meaningful but still modest. Showing progress it also reminds us that electric two-wheelers remain a relatively small part of India’s wider two-wheeler market. March 2026 figure of 9.79 percent monthly share is encouraging yet one strong month does not by itself confirm a full-scale shift. The anticipated fuel shortages could also favour this electric shift in the near term.