India's electric two-wheeler market demonstrated exceptional momentum in October, with retail registrations reaching 2,23,847 units, representing a 48% year-on-year growth and 7% increase from September's 2,08,705 units, according to Entrackr citing Vahan data. This represents the second consecutive monthly record for the segment and took 2026 electric two-wheeler registrations past the entire 2025 volume by the end of October. TVS Motor emerged as the clear market leader with 60,429 registrations, accounting for a 27% market share and becoming the first Indian electric two-wheeler brand to cross 60,000 units in a month. The company's registrations increased 94% year-on-year from the previous October, significantly outperforming other major manufacturers.
Bajaj Auto secured the second position with 49,067 registrations and a 21.92% market share, though its growth was modest at just 51% year-on-year from October last year. Ather Energy maintained its third position with 31,796 registrations (14.2% market share) and 5% growth, while Hero MotoCorp's Vida electric two-wheelers recorded 29,901 registrations (22.34% growth) with an 81% increase from October last year. Ola Electric continued to face pressure, registering 12,096 units (5.4% market share) but declining 26% year-on-year, making it the only top-five manufacturer to report year-on-year decline. Together, TVS Motor and Bajaj Auto accounted for nearly 49% of India's electric two-wheeler registrations in October, highlighting the growing influence of established automobile manufacturers in the EV market.
Ather Energy achieved an important financial milestone by turning profitable in Q2 FY27, with revenue surging 63% year-on-year to ₹1,464 crore, according to Entrackr. However, Ola Electric continued to face pressure, recording 12,096 registrations (5.4% market share) and declining 26% year-on-year, making it the only top-five manufacturer to report year-on-year decline. The contrast with TVS Motor and Hero MotoCorp's strong growth highlights the challenges facing established EV players, though the January-October period showed positive momentum with electric two-wheelers recording 17.9 lakh registrations, up 61% year-on-year.
Several smaller electric two-wheeler companies also reported significant growth in October. Motovolt Mobility emerged as one of the fastest-growing players with registrations jumping 168% to 1,702 units from 635 units in September, entering the top 10 manufacturers. Greaves Electric Mobility registered 10,838 units (16.3% growth), while River Mobility recorded 6,796 registrations (20.3% increase). In contrast, Bounce dropped out of the top 10 after its registrations declined 65% to 1,075 units from 3,069 units in the previous month. The January-October period has been particularly strong for electric two-wheelers, with the segment accounting for 63% of all EV registrations during the first 10 months of 2026, underlining the growing importance of the segment in India's electric vehicle market.
