Electric Two-Wheeler Retail Sales Rise 21.8% in FY2026, TVS Tops Chart: FADA

India’s electric two-wheeler market ended FY2026 on a firmer note, with retail sales rising to 14,01,818 units from 11,50,790 units in FY2025, according to FADA. That translates into growth of 21.81 percent year-on-year (YoY), while EV penetration in the overall two-wheeler market edged up to 6.54 percent from 6.09 percent a year earlier. The accompanying FADA graphic rounds that share to 6.5 percent in FY2026 and 6.1 percent in FY2025.

The headline growth number matters, but the more interesting part is how the market evolved underneath it. FY2026 was not simply a year of higher volume; it was a year of sharper competition, rapid share shifts and a clearer split between fast-scaling brands and those that lost momentum. The top five OEMs together accounted for a little over 84 percent of all electric two-wheeler retail in FY2026, showing that the segment is still concentrated even as more players try to gain scale.

TVS Emerges As Biggest Winner

TVS Motor Company emerged as the largest electric two-wheeler seller in FY2026 with 3,41,513 units, followed by Bajaj Auto at 2,89,349 units and Ather Energy at 2,39,178 units. These three brands alone highlight how the market is no longer led by just one EV specialist. Established mass-market OEMs and focused EV brands are both competing aggressively for volume. Hero MotoCorp also stood out with a sharp jump to 1,44,330 units from 48,738 units in FY2025, signalling that its electric push is beginning to scale in a meaningful way.

The strongest YoY growth came from smaller and newer brands. E-Sprinto Green Energy posted the fastest expansion at 792.97 percent, followed by River Mobility at 426.35 percent and Simple Energy at 319.30 percent. Hero’s 196.13 percent jump also places it among the major gainers, while Ather grew 82.34 percent and Greaves Electric Mobility rose 53.26 percent. This broad-based expansion suggests that the market is still in a phase where product positioning, pricing and distribution can quickly move volume.

At the other end of the scale, Ola Electric Technologies saw retail volumes fall to 1,64,295 units in FY2026 from 3,44,300 units in FY2025, a decline of 52.28 percent. The impact is visible in market share as well, with Ola’s slice of the market shrinking sharply during the year. Revolt Intellicorp also declined by 9.71 percent, while “Others” slipped 11.78 percent, which points to a tougher operating environment for brands that were unable to sustain their earlier pace.

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Signals FY2026 E2W segment

FADA’s broader commentary helps explain why electric two-wheelers gained traction. The association said the year was shaped by improved affordability after GST 2.0 and by rising sensitivity to fuel costs, both of which supported interest in EVs. In March 2026, that shift became even more visible, with two-wheeler EV share touching 9.79 percent, the highest monthly reading reported in the document.

Taken together, FY2026 suggests that India’s electric two-wheeler market is still expanding, but it is also maturing. The volume opportunity remains large, yet the race is increasingly about execution: product fit, pricing, dealership reach, financing support and after-sales trust. The next phase will likely decide which brands convert FY2026’s growth into durable market leadership.