TVS, Bajaj, Hero and Ather Capture Nearly All H1 Electric Two-Wheeler Growth as Ola Loses Market Share

India’s electric two-wheeler market continued to expand during the first half of 2026, with established manufacturers strengthening their position. Data released by the Federation of Automobile Dealers Associations (FADA) showed that TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy together contributed almost 96% of the industry’s incremental registrations between January and June, while Ola Electric recorded a year-on-year decline in registrations.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Industry Growth Driven by Four Manufacturers

Electric two-wheeler registrations increased 53.3% year-on-year to 970,993 units during January-June 2026, compared with 633,599 units in the corresponding period last year, according to FADA. The industry added 337,394 vehicles during the period, of which TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy together contributed 322,621 units, accounting for 95.6% of the total increase.

Their combined market share rose to 76.7% in H1 2026 from 66.6% a year earlier, indicating that a larger portion of industry growth was concentrated among manufacturers with wider distribution networks, established brands and expanding service infrastructure.

TVS Continues To Lead As Rivals Close In

TVS Motor remained the largest electric two-wheeler maker with registrations of 251,438 units in the first half of 2026, up 65.7% YoY. Its market share improved to 25.9% from 23.9%, while the company accounted for nearly 30% of the industry’s incremental registrations.

Bajaj Auto registered 218,089 units during the period, up 48% year-on-year. Although its market share edged down slightly to 22.5% from 23.3%, the company recorded stronger sequential momentum, with monthly registrations rising from 26,575 units in January to 43,306 units in June, narrowing the gap with TVS.

Hero MotoCorp posted the fastest percentage growth among the leading manufacturers. Registrations climbed to 106,019 units from 34,378 units in H1 2025, taking its market share to 10.9% from 5.4%. The company added 71,641 registrations compared with the same period last year.

Ather Expands Presence While Ola Electric Slips

Ather Energy strengthened its position in the market with registrations rising 91.1% year-on-year to 169,020 units. Its market share increased to 17.4% from 14%, while it contributed 80,567 additional registrations during the period, second only to TVS Motor.

Ola Electric, however, posted 65,999 units in H1 2026, down 44.1 per cent YoY. Its market share fell to 6.8% from 18.6%, reflecting a continued loss of ground in the expanding market.

Monthly Registrations Show Partial Recovery for Ola

Despite the year-on-year decline, Ola Electric’s registrations improved through the first half of the year. Monthly volumes increased from 7,808 units in January to 16,150 units in June, while second-quarter registrations reached 43,744 units, nearly double the 22,255 units recorded during the first quarter.

FADA data also showed that the overall industry averaged nearly 162,000 registrations a month during H1 2026, placing the market on track for around 1.94 million electric two-wheeler registrations in calendar year 2026 if the current pace continues. At the same time, several early EV-focused manufacturers, including Okinawa, Hero Electric and Ampere, remained marginal contributors to overall registrations, highlighting the increasing concentration of growth among a small group of established manufacturers and Ather Energy.