TVS Leads as Market Grows 46% YoY Despite Monthly Slowdown
India’s electric two-wheeler (E2W) market maintained strong momentum in February 2026, registering solid year-on-year growth even as sales cooled slightly compared to January. Data from the Federation of Automobile Dealers Associations (FADA) and Vahan portal registrations show that the segment continues to expand rapidly, driven by rising EV adoption, wider product choices, and stronger presence in Tier-2 and Tier-3 cities.
Overall Market Performance
Electric two-wheeler retail sales stood at 1,11,680 units in February 2026, marking a 45–46% year-on-year growth compared to 76,720 units in February 2025. However, sales declined around 9% month-on-month from 1,22,812 units recorded in January 2026, reflecting a typical slowdown after the strong start to the calendar year.
Despite the sequential drop, February was still the second-highest monthly sales figure of FY2026, highlighting the continued expansion of the electric two-wheeler ecosystem. The segment has already crossed 12 lakh units in the first 11 months of FY2026, surpassing the entire FY2025 total of 11.5 lakh units.
If March sales exceed 1.4 lakh units, the industry is expected to close FY2026 with around 13.5 lakh electric two-wheelers, making it the best year on record for the category.
Top Electric Two-Wheeler Manufacturers – February 2026
The competitive landscape saw established OEMs strengthening their positions while some EV startups lost momentum.
| Rank | Manufacturer | Feb 2026 Sales | Market Share |
|---|---|---|---|
| 1 | TVS Motor Company | 31,600 units | ~28% |
| 2 | Bajaj Auto | 25,323 units | ~23% |
| 3 | Ather Energy | 20,581 units | ~18% |
| 4 | Hero MotoCorp (Vida) | 12,512 units | ~11% |
| 5 | Greaves Electric (Ampere) | ~4,500 units | ~4% |
| 6 | Ola Electric | 3,968 units | ~3–4% |
Source: Vahan / industry reports
Brand-wise Sales Analysis
TVS Motor Company
TVS retained its position as India’s largest electric two-wheeler manufacturer in February with 31,600 units sold, translating to roughly 28% market share. Sales grew 67% year-on-year, driven primarily by strong demand for the iQube range.
The company is expected to end FY2026 with over 3.25 lakh units sold, making it the first OEM to achieve such volumes in the electric two-wheeler space.
Bajaj Auto
Bajaj secured the second position with 25,323 units of the Chetak electric scooter, representing around 23% market share. The model continues to gain traction due to Bajaj’s wide dealership network and strong brand recall, particularly in Tier-2 and Tier-3 markets.
Ather Energy
Ather held third place with 20,581 units sold, registering a strong 72% year-on-year increase. Growth has been driven largely by the family-oriented Rizta scooter, which has broadened Ather’s appeal beyond premium buyers.
Hero MotoCorp (Vida)
Hero MotoCorp’s Vida electric sub-brand continued its upward trajectory, delivering 12,512 units in February. The brand posted a massive 364% year-on-year growth, helped by an expanding product lineup and increased dealer presence.
Greaves Electric Mobility
Greaves’ Ampere scooters moved into the top five, benefiting from rising demand for affordable electric commuter scooters.
Ola Electric
One of the biggest shifts in February came from Ola Electric, whose sales dropped sharply to 3,968 units, down significantly month-on-month. The decline pushed the company out of the top five, highlighting increasing competition from legacy manufacturers.