India’s Electric Two-Wheeler Market: April 2026 Overview
After reaching peak levels in March 2026, India’s electric two-wheeler market experienced a 22% decline in registrations month-on-month during April. While the majority of leading manufacturers reported steep reductions in sales, Ola Electric distinguished itself with over 20% growth for the month.
According to Vahan data, the overall electric two-wheeler registrations in India dropped to 1.48 lakh in April from 1.92 lakh in March, marking a decrease of 22%. TVS Motor, despite recording a 24% decline in sales from the previous month, maintained its leading position with sales of 37,661 units in April, while its market share decreased to 25.33%.
Bajaj Auto also faced a significant drop, with around 13,666 less EV registrations, corresponding to a month-on-month decrease of over 29%. The company reported sales of 32,883 units in March, maintaining a market share of 22.12%.
Ather Energy held its third position but saw registrations fall by over 25% in April, with 27,024 units sold compared to 36,136 units in March. As of the last trading session, the company’s market capitalization was Rs 35,732 crore, which is approximately $3.74 billion.
Hero MotoCorp retained the fourth rank despite experiencing a 29% drop month-on-month, registering 15,230 units, which resulted in its market share decreasing to 10.24%.
Ola Electric, following a period of diminishing sales, rebounded in March with more than double the sales and maintained this positive trend in April. It emerged as the sole major player to achieve notable growth, which increased by over 20% to 12,166 units, enhancing its market share to 8.18%.
This upward momentum was also evident in its share price, which saw a remarkable rise of over 60% to Rs 36.55 as of April 30, after touching an all-time low of Rs 22.6 the previous month. The company’s market capitalization reached Rs 16,122 crore ($1.7 billion).
Greaves Electric Mobility maintained its sixth position, despite experiencing a month-on-month decline in sales by 13.6% to 6,884 units, while keeping a 4.63% market share for the month.
River Mobility, BGauss, and Simple Energy held the seventh, eighth, and ninth positions respectively, with registrations of 3,198, 3,065, and 1,188 units in April.
Bounce made its entry into the top 10 electric two-wheeler companies after achieving over threefold growth in sales during April.
