India’s electric two-wheeler (e-2W) market has kicked off FY2027 on a high-growth trajectory, led by strong performances from TVS Motor Company, Bajaj Auto, Ather Energy and Hero MotoCorp’s Vida brand, while Ola Electric posted monthly sales of over 12,000 units.
After closing FY2026 with record retail sales of 1.40 million units, the industry maintained its momentum in April 2026, with total e-2W deliveries reaching 148,677 units—up 61% year-on-year (April 2025: 92,536 units). This marks the second-highest monthly sales figure so far in CY2026, behind March’s 192,343 units.
The top four OEMs—TVS, Bajaj Auto, Ather Energy, and Hero Vida—collectively retailed 112,798 units, accounting for a dominant 76% share of the market.
Market leader TVS Motor Company registered 37,661 unit sales in April, reflecting a robust 96% YoY growth and capturing a 25% market share. The company’s growth continues to be supported by its Battery-as-a-Service (BaaS) strategy, which reduces upfront ownership costs and enhances customer confidence. While the iQube remains its core volume driver, the newer Orbiter range is steadily gaining traction.
Bajaj Auto followed with 32,883 units of its Chetak e-scooter, marking a 72% YoY increase and securing a 22% market share. This stands as its third-best monthly performance to date.
In third place, Ather Energy posted sales of 27,024 units, more than doubling its volumes with a 103% YoY growth. The Bengaluru-based EV maker now holds an 18% market share and continues to push toward the No. 2 position.
Hero MotoCorp’s Vida brand maintained its fourth position with 15,230 units sold in April, up 148% YoY, translating into a 10% market share. The brand has rapidly scaled, crossing 200,000 cumulative sales.
Meanwhile, Ola Electric remained in fifth place for the second consecutive month, retailing 12,166 units. Although this reflects a 39% YoY decline, the company showed signs of recovery with improving month-on-month sales.
Greaves Electric Mobility (Ampere) secured the sixth position with 6,884 units, up 72% YoY, holding a 5% market share. The company recently strengthened its portfolio with the launch of the Ampere Magnus Neo.
Among emerging players, River Mobility reported 3,198 units (up 302% YoY), driven by demand for its Indie e-scooter, while Bgauss Auto sold 3,065 units, registering a 133% increase.
Simple Energy continued its upward trend with 1,188 units sold, up 338% YoY, supported by its updated Gen 2 lineup and upcoming products.
Bounce Electric entered the top 10 with 1,077 units, posting an exceptional 1,583% growth on a low base.
Overall, the top 10 OEMs together accounted for 140,376 units—94% of total April sales—highlighting the increasing consolidation in India’s fast-growing e-2W market. The top five players alone contributed 84% of total volumes, underlining their continued dominance.
In contrast, Japanese OEMs—including Honda Motor Company, Suzuki Motor Corporation and Yamaha Motor Company—collectively sold just 753 units during the month, indicating their limited presence in India’s electric two-wheeler space.
