TVS Motor Company finished FY26 as the top seller in India’s electric two-wheeler market, moving ahead of Ola Electric as the segment kept expanding. Vahan-based data showed TVS sold about 330,145 units in FY26, while Bajaj Auto sold 276,518 and Ather Energy sold 229,565.
India’s electric two-wheeler retail market rose 17.3% year on year to about 1.35 million units as of March 29. The fiscal year was also expected to close near 1.5 million units, up from about 1.1 million units in FY25.
TVS became the leading electric two-wheeler seller in FY26 after crossing the 3-lakh annual sales mark. It was among the few companies in the segment to move past that level, helped by demand for its iQube scooter and a wider retail presence.
Bajaj and Ather ranked behind TVS in annual sales, showing that both established automakers and focused EV players expanded during the year.
The wider market also posted strong growth. Electric two-wheeler retail sales reached about 1.35 million units in FY26, up from about 1.15 million in FY25. March also brought another strong month, with Vahan registration data showing 139,238 electric two-wheelers registered during the month as buyers moved before the March 31 subsidy deadline and year-end offers.
The FY26 rankings showed a shift toward brands with broader distribution, stronger service coverage, and deeper supply chains. TVS, Bajaj, and Ather remained among the top sellers as the market moved further into the daily commuting segment.
Demand from family users and buyers in Tier-2 cities also supported this trend, where financing access, dealer presence, and after-sales support remain important.
Other companies also posted faster growth from a smaller base. Hero MotoCorp’s Vida range rose about 184% in FY26 to 138,558 units, while Honda began building volume from a limited base. These sales figures showed that the electric two-wheeler market is no longer led by one or two brands alone, as more companies expanded their models and retail networks during the year.
Ola Electric recorded the steepest decline among the larger players. Its FY26 sales fell to about 160,558 units from more than 344,000 units in FY25. In March 2026 alone, Ola sold 6,381 units and ranked fifth for the month with a 4.6% market share. Furthermore, the drop came as rivals gained share and legacy manufacturers extended their reach across more markets.
The segment is still expected to grow in FY27, though at a slower pace than earlier expansion phases. CRISIL said electric two-wheeler volumes may grow 12% to 13% in the current fiscal and then 16% to 18% in the following fiscal if supply conditions improve. The same outlook showed electric two-wheelers may continue growing faster than the broader two-wheeler market, which is projected to rise 7% to 9% in FY27.
Hemant Kabra, founder and managing director of BGauss, said, “The market is clearly moving beyond early adopters to more practical, everyday use cases.” That shift remained visible through FY26 as volume growth continued and the list of top sellers changed.