Electric two-wheeler sales March 2026: TVS, Bajaj surge as Ola electric shows decline

The electric two-wheeler (E2W) segment in India achieved significant growth in Financial Year 2026 (FY26), with total retail sales surpassing 14 lakh units. Sales reached 14,01,818 units, marking a 21.81% year-on-year (YoY) increase over 11,50,790 units in FY25. This growth was driven by new product launches, better charging infrastructure, and higher consumer acceptance.

Key Highlights

• Electric two-wheeler sales in FY26 reached 14,01,818 units with 21.81 percent year-on-year growth
• TVS Motor led the market with 3,41,513 units sold and 43.54 percent growth over FY25
• Ola Electric saw a 52.28 percent decline in sales to 1,64,295 units in FY26.
• Ather Energy and Hero MotoCorp posted strong growth rates in the segment
• Smaller OEMs like River Mobility and E-Sprinto recorded the highest percentage growth

Key Players and Market Performance

​TVS Motor led the segment in FY26, selling 3,41,513 units. This represents a 43.54% YoY growth from 2,37,929 units in FY25. The strong demand for the TVS iQube and new offerings, along with the introduction of the Battery-as-a-Service (BaaS) model in March 2026, supported this growth.

​Bajaj Auto secured the second position with 2,89,349 units sold, reflecting a 25.71% YoY increase from 2,31,172 units in FY25. The Chetak electric scooter remained a key driver for Bajaj's performance.

​Ather Energy ranked third, recording 2,39,178 units in FY26. This marks an 82.34% YoY growth compared to 1,31,172 units last year. Sales were boosted by the Rizta family scooter and the 450 series.

​Ola Electric experienced a sharp decline in sales. Its volumes dropped by 52.28% to 1,64,295 units in FY26, down from 3,44,300 units in FY25.

Other OEMs and Growth Trends

​Hero MotoCorp posted one of the highest growth rates, with sales rising 196.13% to 1,44,330 units from 48,738 units last year.

Greaves Electric also saw strong growth, selling 61,563 units, a 53.26% increase from 40,169 units in FY25. BGauss registered 26,201 units, up 51.08% from 17,343 units in the previous year.

River Mobility continued its rapid expansion, selling 22,354 units in FY26. This is a 426.35% increase from 4,247 units last year, driven by the River Indie model.

Among smaller manufacturers, Pure EV sold 14,352 units, up 59.79% from 8,982 units. E-Sprinto recorded the highest percentage growth, selling 12,582 units, a 792.97% jump from 1,409 units in FY25. Kinetic Green sold 11,557 units, a 36.70% increase from 8,454 units.

Revolt saw a decline of 9.71%, with sales falling to 10,444 units from 11,567 units last year. Simple Energy reported 8,214 units, a 319.30% increase from 1,959 units in FY25. Other OEMs together contributed 55,886 units, marking an 11.78% decrease from 63,349 units in the previous financial year.

CarBike 360 Says

Overall, FY26 marks a decisive power shift in India’s electric two-wheeler space, where consistency, after-sales support, and brand trust now matter more than launch hype. TVS and Bajaj have capitalised on this sentiment, while Ola Electric’s decline highlights the cost of volatility. As regulations tighten and buyers mature, only well-rounded, reliable EV players will sustain growth.