The race for the top spot in India's electric two-wheeler market has turned into a two-horse sprint, and the gap is now thinner than at any point this year.
According to September 2026 VAHAN registration data, TVS Motor sold roughly 54,000 electric two-wheelers and kept the number one position with a share of about 26.5%. Bajaj Auto followed with around 48,400 units, a gap of just 5,606 vehicles on one widely published tally. Combined, TVS, Bajaj and Hero accounted for about 62% of all registrations.
The Market in Numbers
Electric two-wheeler registrations reached roughly 2.03 lakh units in September on the first data cut, up about 85% year-on-year and 12% over August. A later update of the same VAHAN data pushed the total to around 2.08 lakh, with growth near 89%. The small difference comes from late registrations being added, so treat any single figure as approximate.
Here is how the top brands stacked up, based on the first cut:
- TVS Motor: 53,989 units, up 126% year-on-year
- Bajaj Auto: 48,383 units, up 139%
- Ather Energy: 30,477 units, up 57%
- Hero MotoCorp (Vida): 24,305 units, up 83%
- Ola Electric: 13,449 units, down 3%
Who Gained, Who Lost
Bajaj posted the fastest growth among the big names and added about 17% over August. Hero's Vida did even better month-on-month, rising roughly 27%, which pushed it to nearly 12% of the market. Ather Energy held third place with a share near 15%.
Ola Electric is the odd one out. It once held the top spot comfortably. Now it sits fifth with a 6.6% share, and its registrations fell both year-on-year and month-on-month while the overall market surged. Smaller names are growing quickly beneath the leaders: Greaves Electric reached about 9,300 units and River Mobility about 5,500, up nearly 193% on last year.
Nine Months, One Big Milestone
The year-to-date picture is just as striking. Electric two-wheeler registrations from January to September 2026 crossed 15.6 lakh units, which is already above the full-year 2025 total of 13.42 lakh.
What It Means
Two things stand out. First, the market is no longer a one-brand story. Established two-wheeler makers with large dealer networks and financing tie-ups are winning share from the start-up that opened the category. Second, with the festive season underway, September's pace suggests October could set another record, provided supply keeps up.
We will watch whether Bajaj overtakes TVS in the October data.
Figures are based on VAHAN registrations as compiled by third-party trackers. Final numbers may differ slightly as data is revised.
Have a tip on India's auto and EV space? Write to us at contact@techyrobber.com
