India's Electric Two-Wheeler Sales Hit a Record 2.23 Lakh in October as TVS Surges 94% and Ola Electric Slides 26%

India's transition to electric two-wheelers reached a new high in October, as festive demand pushed registrations of electric scooters and motorcycles to a record. But the month also highlighted a dramatic reshaping of the market, with established manufacturers pulling ahead of the startups that pioneered the segment.

Electric two-wheeler registrations reached a record 2.23 lakh units in October 2026, up 48% from a year earlier and 7% from September, according to Autocar India on Sunday, November 1.

TVS takes a commanding lead

TVS Motor Company led the market with 60,429 units, up 94% from a year earlier, giving it a market share of 27%, up six percentage points, according to Autocar India. Its iQube electric scooter has become one of the best-selling EVs in the country, supported by TVS's extensive dealer network and reputation for reliability.

Bajaj Auto's Chetak was second with 49,067 units, up 51%, and a 22% market share. Ather Energy, the Bengaluru-based electric scooter pioneer, was third with 31,796 units, up 5%, though its market share fell to 14% from 20%. Hero MotoCorp's Vida brand was fourth with 29,901 units, up 81%, and an 11% share.

Ola's decline

Ola Electric, which was once the market leader, sold 12,096 units, down 26% from a year earlier, according to Autocar India. It was the only manufacturer among the top ten to record a decline, and its market share fell by six percentage points.

Ola Electric has faced a difficult period, with customer complaints about service and product quality, regulatory scrutiny and intense competition from established manufacturers. The company recently completed a ₹1,000 crore rights issue to strengthen its finances, and SoftBank has reduced its stake. Its shares have been volatile, reflecting investor uncertainty about its turnaround.

Incumbents strike back

The rise of TVS, Bajaj and Hero in electric two-wheelers represents a significant shift. When the electric scooter market began to take off, startups such as Ather and Ola led the way, attracting large venture capital investments and capturing early adopters. Established two-wheeler makers were initially slower to launch electric models.

Over the past two years, however, the incumbents have caught up, using their manufacturing scale, supply chains, dealer networks and brand trust to win customers. Buyers in smaller towns and cities, in particular, value the service networks and familiarity of established brands.

Ather's profitability milestone

Ather Energy, despite losing market share, recently reported its first quarterly profit, with scooter sales rising and revenue climbing strongly. The company has expanded beyond its southern Indian base into new markets and introduced more affordable models, including the Rizta family scooter. Its focus on technology, charging infrastructure and premium positioning has helped it maintain a loyal customer base.

The festive boost

October's record reflects the festive season, when Indians traditionally buy vehicles. Electric two-wheeler makers offered discounts and financing schemes to attract buyers, and rising petrol prices made the lower running costs of electric scooters more attractive. Petrol prices were raised by about ₹7.50 a litre in May.

Government support

The government's PM E-DRIVE scheme provides subsidies for electric two-wheelers, three-wheelers, buses and charging infrastructure. Subsidies have been reduced over time as the market has matured, and the industry has had to adjust to lower incentives. State governments also offer incentives, including road tax waivers.

The production-linked incentive scheme for advanced automotive technologies supports manufacturers that localise EV production. Requirements for local content have encouraged companies to source more components domestically.

The penetration challenge

Despite record sales, electric two-wheelers still account for a modest share of India's total two-wheeler market, which sells well over a million units in a strong month. Increasing penetration will require further reductions in prices, improvements in battery technology and range, and expansion of charging and battery-swapping networks.

The affordability gap between electric and petrol scooters has narrowed but remains significant for many buyers, particularly in rural areas. Battery costs, which make up a large share of an electric scooter's price, are falling but remain sensitive to raw material prices.

Climate and air quality benefits

Two-wheelers are the most common form of motorised transport in India, used by hundreds of millions of people. Electrifying them could significantly reduce urban air pollution and greenhouse gas emissions. Indian cities suffer from some of the worst air quality in the world, and vehicle emissions are a major contributor.

The environmental benefits will grow as India's electricity grid adds more renewable energy, reducing the emissions associated with charging.

What it means for investors

For investors, the shift in market share has implications for listed companies. TVS Motor and Bajaj Auto have strengthened their positions in a fast-growing segment, while Ola Electric faces pressure to turn around its business. Ather, which listed in 2025, will need to defend its premium position as competition intensifies.

Battery swapping and charging

Charging infrastructure is a key factor in electric two-wheeler adoption. Many owners charge at home using standard power sockets, which is convenient for those with dedicated parking. For those without, public charging and battery-swapping networks are essential. Companies such as Sun Mobility and Battery Smart have built battery-swapping networks, particularly for commercial users such as delivery riders, who cannot afford long charging times.

Ather has built its own fast-charging network, the Ather Grid, and has opened it to other brands. Expanding charging infrastructure in smaller towns and rural areas will be essential to drive adoption beyond major cities.

The delivery economy

A significant share of electric two-wheeler demand comes from commercial users, particularly delivery riders working for e-commerce, food delivery and quick commerce platforms. For these riders, the lower running costs of electric scooters translate directly into higher earnings. Platforms such as Zomato, Swiggy and Zepto have set targets to electrify their delivery fleets, and leasing companies offer electric scooters to riders on affordable terms.

What comes next

November's registrations, covering Diwali, will show whether the festive momentum continues. The industry will also watch for changes to government subsidies, new model launches and the progress of Ola Electric's recovery efforts. With electric two-wheeler sales now regularly exceeding two lakh units a month, India's two-wheeler market is steadily going electric, led increasingly by its traditional giants.

Industry observers will also track whether battery prices continue to fall, since cheaper cells would allow manufacturers to cut scooter prices further and bring electric two-wheelers within reach of millions more buyers in smaller towns and villages across the country.