Electric Two-Wheeler Market Growth in India

Electric two-wheeler market in India has shown impressive recovery after a decline in April 2026, with a significant rise of over 8% in registrations in May. Ola Electric demonstrated the most notable growth, achieving over 20% increase in registrations. Meanwhile, Bajaj Auto significantly narrowed the distance to market leader TVS Motor Company.

According to data from Vahan, India’s electric two-wheeler market saw month-on-month growth exceeding 8%, with registrations climbing to 1.70 lakh in May 2026 from 1.57 lakh in April 2026.

TVS Motor Company Maintains Leadership

TVS Motor retained its lead in the market with a nearly 6% increase in registrations month-on-month, totaling 42,376 units in May. However, its market share dipped slightly to 24.9% as competitors grew faster during the same timeframe.

Bajaj Auto Closing In

Bajaj Auto continued to close the gap with the market leader, recording over a 13% increase in registrations month-on-month, rising to 39,104 units in May from 34,555 units in April. Its market share improved to 22.94% during this period.

Ather Energy and Hero MotoCorp Performance

Ather Energy held on to its third position in May, with registrations remaining relatively stable at 28,190 units, commanding a market share of 16.5%. As of the last trading session, Ather’s market capitalization was Rs 36,881 crore (approximately $3.88 billion).

Hero MotoCorp also maintained its position in the electric two-wheeler sector, achieving a strong growth of 19.7% in registrations to reach 19,044 units in May. Its market share rose to 11.2% during the same month.

Ola Electric’s Recovery

After several months of dwindling sales, Ola Electric has rebounded impressively over the last two months, sustaining this positive momentum in May. The company saw the highest growth rate among major electric two-wheeler manufacturers, with registrations soaring nearly 23% month-on-month to 15,139 units. Its market share rose to 8.88% during this time, with its market capitalization standing at Rs 18,195 crore (approximately $1.91 billion) as of the last trading session.

Other Market Players

Greaves Electric Mobility held its sixth position in May, recording close to 10% month-on-month growth in registrations, reaching 7,693 units. The company secured a 4.5% market share during the month.

River Mobility, BGauss, Bounce, and Simple Energy rounded out the rankings by occupying the seventh through tenth positions respectively, with registrations of 3,713, 3,296, 1,346, and 1,297 units in May.