India’s Electric Two-Wheeler Registrations Rise 2.9% in October as TVS and Hero Gain Market Share

India’s electric two-wheeler (E2W) market continued to grow in October, with registrations increasing for the second consecutive month. TVS Motor and Hero MotoCorp strengthened their positions, while Bajaj Auto, Ather Energy and Ola Electric recorded month-on-month declines.

According to Vahan data, India recorded 2,14,654 electric two-wheeler registrations in October, up 2.9% from 2,08,688 units in September. The latest figure represents a 48.1% increase compared with the 1,44,980 units registered in October last year.

October also recorded the highest monthly registration count during the October 2025–October 2026 period covered by the data.

However, growth was slower than September’s rebound. Registrations in September had increased 13% over August’s revised total of 1,84,671 units.

## TVS Retains Market Leadership, Hero Gains Ground

TVS Motor remained India's largest electric two-wheeler manufacturer in October. Its registrations rose 7.4% month-on-month to 58,425 units, taking its market share to 27.2%, up from 26.1% in September.

Bajaj Auto held on to second place, although its registrations declined 4.3% to 46,658 units. Its market share consequently fell from 23.4% to 21.7%.

Hero MotoCorp recorded the strongest growth among the five largest manufacturers. Its registrations jumped 17.5% to 28,720 units, increasing its market share from 11.7% to 13.4%.

This helped Hero narrow the gap with Ather Energy, which remained in third place. Ather registered 30,380 units, down 1.8% from 30,942 units in September. Its market share slipped from 14.8% to 14.2%.

The difference between the two companies narrowed considerably. Hero was behind Ather by just 1,660 registrations in October, compared with a gap of 6,507 units a month earlier.

## Capacity Constraints Hold Back Ather and Bajaj

The registration declines at Ather Energy and Bajaj Auto come at a time when both companies have flagged manufacturing constraints.

Ather has said that supply limitations are preventing it from meeting a significant portion of customer demand. The company estimates that it could be missing out on around 20,000 potential retail sales every month.

Its customer pre-orders more than doubled to approximately 1.8 lakh during the September quarter. That translates to roughly 60,000 units of monthly demand, compared with average production of around 33,000 vehicles a month.

Ather's Hosur manufacturing facility operated at 98% capacity utilisation during peak production in Q2 FY27.

To address the shortfall, the company plans to add 2.25 lakh units of annual production capacity across its manufacturing facilities by Q2 FY28. This will take its combined installed capacity to approximately 11.4 lakh units.

Bajaj Auto is also working to increase production. During its earnings call, CFO Dinesh Thapar said manufacturing limitations had restricted the company's ability to deliver vehicles, allowing it to meet only around 75% of its planned volumes.

The company aims to raise monthly production capacity for its Chetak electric scooter to approximately 80,000 units by Q4 FY27, compared with the current capacity of 64,000 units.

TVS Motor, meanwhile, has announced plans to increase its monthly electric two-wheeler production capacity to 80,000 units by March 2027.

## Ola Electric Continues to Lose Ground

Ola Electric's performance remained under pressure in October. Its registrations fell 13.7% month-on-month to 11,614 units, down from 13,458 units in September.

The company's market share also declined, dropping from 6.4% to 5.4%.

Ola is working to revive sales and strengthen its distribution network while focusing on more affordable products and developing its in-house battery technology. The company also recently closed its ₹1,000 Cr rights issue.

## Smaller EV Manufacturers Record Growth

Some smaller electric two-wheeler manufacturers reported stronger registration numbers during the month.

Greaves Electric Mobility recorded a 12.3% month-on-month increase, with registrations reaching 10,468 units. River also reported growth, with registrations rising 15.7% to 6,533 units.

E-Sprinto registered 2,124 units, marking a 6.4% increase over September. This was a sharp moderation from the unusually high growth of more than 1,500% recorded in the previous month.

The company also entered the business-to-consumer electric scooter segment in October with the launch of its G1 family scooter. Deliveries are scheduled to begin on January 1, 2027, and E-Sprinto is targeting sales of around 5,000 G1 units by March 2027.

## What Lies Ahead for India's Electric Two-Wheeler Market?

October's registration figures point to continued momentum in India's electric two-wheeler market, although growth is not evenly distributed across manufacturers.

TVS continues to lead the market, while Hero MotoCorp is steadily gaining ground. Ather and Bajaj are looking to expand manufacturing capacity to address supply constraints, while Ola Electric faces the challenge of reversing its declining registrations.

As manufacturers invest in production, distribution and new products, their ability to meet customer demand will remain an important factor in determining market share in the coming months.