India’s electric two-wheeler market is witnessing a major shift, with established manufacturers and Ather Energy capturing the majority of industry growth during the first half of 2026. Data from the Federation of Automobile Dealers Associations (FADA) shows that TVS Motor, Bajaj Auto, Hero MotoCorp, and Ather together contributed nearly 96 per cent of the incremental registrations in the January-June period.
Electric two-wheeler registrations increased 53.3 per cent year-on-year to 970,993 units in H1 2026, compared with 633,599 units during the same period last year. The four leading companies added 322,621 vehicles out of the total industry growth of 337,394 units, strengthening their combined market share from 66.6 per cent to 76.7 per cent.
TVS Motor retained its leadership position with 251,438 registrations, registering a 65.7 per cent annual growth. Bajaj Auto followed closely with 218,089 units, while Hero MotoCorp recorded the fastest growth among major manufacturers, more than tripling its registrations to 106,019 units.
Ather Energy also expanded its market presence, with registrations rising 91.1 per cent to 169,020 units, increasing its market share to 17.4 per cent. Meanwhile, Ola Electric faced challenges, with registrations declining 44.1 per cent to 65,999 units and its market share falling from 18.6 per cent to 6.8 per cent.
The trend indicates that India’s electric two-wheeler sector is increasingly being shaped by companies with strong brands, wider distribution networks, and established service capabilities. While Ola has shown signs of recovery in recent months, competition remains intense as traditional automakers continue to strengthen their EV portfolios.
