TVS Retains Lead in H1 e2W Market; Bajaj, Hero and Ather Gain Share as Ola Electric Declines

India's electric two-wheeler market recorded 970,993 registrations during January-June 2026, compared with 633,599 units in the same period last year, according to data from the Federation of Automobile Dealers Associations (FADA).  

The increase of 337,394 vehicles was largely driven by 4 manufacturers. As per a Business Standard report, TVS Motor, Bajaj Auto, Ather Energy and Hero MotoCorp together added 322,621 registrations, accounting for 95.65% of the industry's overall growth during the first half of the year. 

Market Share Continues to Shift 

The 4 companies also expanded their combined market share to 76.7% in H1 2026 from 66.6% a year earlier. TVS Motor remained the largest player with 251,438 registrations, up 65.7% year-on-year.  

Bajaj Auto registered 218,089 units, an increase of 48%. Ather Energy recorded 169,020 registrations, growing 91.1%, while Hero MotoCorp posted the highest growth rate among the leading manufacturers, with registrations rising 208.4% to 106,019 units during the six-month period. 

Ola Electric's Share Declines 

Ola Electric reported 65,999 registrations in H1 2026, down 44.1% from 118,032 units a year earlier. Its market share declined to 6.8% from 18.6% over the same period.  

The company averaged around 11,000 registrations a month during the first half, lower than its monthly average in 2025. Although registrations improved between January and June, the recovery was not sufficient to offset the year-on-year decline. 

Smaller EV Players Show Mixed Performance 

Among other manufacturers, Greaves Electric Mobility increased registrations by 68.3% to 43,805 units, while BGauss rose 84.2% to 19,482 units. River Mobility registered 21,508 vehicles, almost four times its H1 2025 volume.  

E-Sprint Green Energy, Simple Energy, Bounce Electric, Lectrix and Quantum Energy also reported higher registrations, though from smaller bases.  

In contrast, Ampere Vehicles, Okinawa Autotech and Hero Electric recorded year-on-year declines, while Revolt's registrations remained broadly unchanged. 

Read More: Union Bank of India Share Price Gains Over 3% on Q1 FY27 Earnings Results: Net Profit Up 27.4% YoY! 

Conclusion 

FADA's H1 2026 data shows that growth in India's electric two-wheeler market was largely driven by TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy. At the same time, several smaller manufacturers, including Ola Electric, recorded a decline in market share. 

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