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Earlier report,
India’s electric two-wheeler sales jump 62% in January–September
Our read
The leading manufacturers are likely to defend their collective position, but competition for incremental buyers may make growth more expensive.
For operators
Use the 62% sales growth and September’s 7.7% monthly registration rise to reassess electric two-wheeler inventory and service capacity against local brand demand.
Watch
Monthly registrations holding above or falling below September’s 1.97 lakh.
The report,
India’s electric two-wheeler market recorded 15.61 lakh sales in January–September 2026, up about 62% year on year. TVS Motor, Bajaj Auto, Ather Energy and Hero MotoCorp held about 76% combined market share. September registrations reached 1.97 lakh, rising 7.7% from August.
up 62%
What we verified
Checked against the other reports of this story.
- H1 FY2027 retail sales growth: 76 percent — Business Today and Autocar India agree.
The counter-case
The case against this reading — not reported by the source.
A 62% volume increase does not establish profitable, durable demand. Growth could reflect a low comparison base, incentives or discounting, while September’s 7.7% sequential rise could be seasonal. The top four manufacturers’ 76% share may also mask weak performance across smaller brands.
Why it matters to operators
With four brands controlling 76% of sales, prioritize partnership and acquisition targets that offer access to leading manufacturers or defensible differentiation.
What to watch next
- Changes in the leading manufacturers’ combined 76% market share.
- Dealer and service-network expansion announcements from TVS Motor and Bajaj Auto.
- New financing offers from Ather Energy or promotional campaigns from Hero MotoCorp.
- Higher selling expenses or weaker margins in manufacturers’ results.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- TVS Motor and Bajaj Auto are likely to expand dealer availability and service capacity as rising registrations increase the importance of reliable delivery and after-sales support.
- Ather Energy may broaden financing offers to reach more price-sensitive customers, potentially trading some margin for higher sales volumes.
- Hero MotoCorp is likely to intensify dealer-led promotions as competition increasingly centres on winning customers within the leading group.
- Indian electric two-wheeler customers may give greater weight to service access and ownership costs as competing brands expand availability.
Updates
Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.
E-2W retail sales hit 11.2 lakh units in H1 FY2027, up 76%; TVS Motor leads with 26% share
- September 2026 record monthly sales: 2.07 lakh units
- September 2026 YoY growth: 89 percent
- Projected FY2027 total sales: 22.6 lakh
- TVS H1 FY2027 retail sales: 2.90 lakh units
TVS leads electric two-wheeler sales in September with 54,037 units; segment up 88.67% YoY to 2,07,314
- September 2026 electric two-wheeler sales: 2,07,314 units
- Electric 2W market share in September 2026: 11.6%
- Bajaj Auto Chetak September 2026 sales: 48,429 units
- TVS and Bajaj combined market share: 49.43%
Reported figures
From the report. Source details below
| Jan–Sep 2025 electric two-wheeler sales: | 9.61 lakh |
|---|---|
| Full-year 2025 electric two-wheeler sales: | 13.42 lakh |
| River Mobility 2026 market share: | 2.46% |