TVS vs Bajaj Auto vs Ather vs Ola: Who is winning India's electric two-wheeler race? What latest October data reveals
India's electric two-wheeler market is witnessing an increasingly competitive battle, with established automobile manufacturers strengthening their positions while pure-play electric vehicle (EV) companies fight to gain market share. While TVS Motor continues to dominate the segment, Hero MotoCorp is emerging as a strong challenger, Ather Energy is maintaining its position among the top three, and Ola Electric is struggling to regain momentum.
October's registration data points to a clear winner in the race so far: TVS Motor, which has widened its lead over competitors even as the overall electric two-wheeler market expands.
According to Entrackr which cited the latest Vahan data, electric two-wheeler registrations in India increased to 2,23,847 units in October from 2,08,705 units in September, registering a month-on-month growth of 7.25%.
TVS Motor topped the rankings with 60,429 registrations, followed by Bajaj Auto with 49,067 units. Ather Energy secured the third position, while Hero MotoCorp moved closer with strong monthly growth. Ola Electric remained fifth despite reporting a decline in registrations.
TVS Motor emerged as the biggest winner in October, retaining its leadership with 60,429 electric two-wheeler registrations, accounting for a 27% market share.
The company's registrations increased 11.08% month on month from 54,403 units in September. Its performance was significantly ahead of Ather Energy and Ola Electric, underlining its growing presence in the electric mobility segment.
TVS also maintained a substantial lead over Bajaj Auto, which occupied the second position with 49,067 registrations and a 21.92% market share. Bajaj's registrations increased just 0.67% from 48,742 units in September.
Together, TVS Motor and Bajaj Auto accounted for nearly 49% of India's electric two-wheeler registrations in October, highlighting the growing influence of established automobile manufacturers in the EV market.
While TVS Motor retained its leadership, Hero MotoCorp recorded one of the strongest performances among the leading manufacturers.
The company registered 29,901 electric two-wheelers in October, marking a 22.34% month-on-month increase from 24,440 units in September. Its market share stood at 13.36%.
This followed a 27% growth in registrations in September, indicating that Hero MotoCorp has maintained its growth momentum for a second consecutive month.
With October registrations approaching Ather Energy's numbers, Hero MotoCorp is emerging as an increasingly important competitor in the electric two-wheeler market.
Ather Energy retained the third position with 31,796 registrations in October, accounting for a 14.2% market share.
Its registrations increased 2.75% month on month, a relatively modest growth compared with TVS Motor and Hero MotoCorp.
However, Ather has achieved an important financial milestone. The company turned profitable in the second quarter of FY27, with revenue surging 63% year on year to ₹1,464 crore.
The combination of a strong market position and improving financial performance gives Ather an important foothold in the competition, even as rivals expand their registrations at a faster pace.
Ola Electric continued to face pressure in October, with registrations declining even as the overall electric two-wheeler market expanded.
The company recorded 12,096 registrations, down 10.12% from 13,458 units in September. Its market share stood at 5.4%, leaving it behind TVS Motor, Bajaj Auto, Ather Energy and Hero MotoCorp.
Ola Electric was the only manufacturer among the top five to report a month-on-month decline in registrations.
The contrast with TVS Motor and Hero MotoCorp is particularly significant. While these manufacturers recorded double-digit growth, Ola Electric's registrations moved in the opposite direction.
The competitive landscape is not limited to the leading manufacturers. Several smaller electric two-wheeler companies also reported growth in October.
Greaves Electric Mobility registered 10,838 units, up 16.3% from 9,319 units in September. River Mobility recorded 6,796 registrations, marking a 20.3% increase from 5,649 units.
BGauss reported 5,554 registrations, an increase of 10.55%, while E-Sprinto Green Energy recorded 2,124 units, up 6.36% month on month.
Motovolt Mobility emerged as one of the fastest-growing players, with registrations jumping 168% to 1,702 units from 635 units in September. The company entered the top 10 electric two-wheeler manufacturers in October.
In contrast, Bounce dropped out of the top 10 after its registrations declined 65% to 1,075 units from 3,069 units in the previous month.
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