Electric Two-Wheeler Sales October 2026: TVS Leads with 60,494 Units, Bajaj Second, River Surges 274% as Ola Declines
India's electric two-wheeler market registered 2.24 lakh units in October 2026, growing 48.5% year-on-year. TVS strengthened its leadership, Bajaj retained second position, while Hero Vida and River emerged as major growth stories.
India's electric two-wheeler industry maintained strong momentum in October 2026, recording 2,24,104 registrations, compared with 1,50,896 units in October 2025. This represents an impressive 48.5% year-on-year (YoY) growth, reflecting continued expansion in electric mobility adoption across the country.
On a month-on-month (MoM) basis, registrations increased by 7.4% from 2,08,734 units in September 2026, translating into an additional 15,370 electric two-wheelers registered during October.
The month witnessed significant shifts in competitive dynamics. TVS Motor Company consolidated its market leadership with a 27% share, while Bajaj Auto maintained second position. Ather Energy retained third place despite losing substantial market share compared with last year.
Meanwhile, Hero Vida recorded strong growth, River continued its rapid expansion, and Ola Electric remained under pressure with declining registrations and market share.
Electric Two-Wheeler Sales October 2026 – OEM-Wise Performance
OEM | Oct'26 | YoY Growth | Market Share |
TVS | 60,494 | +94.7% | 27.0% |
Bajaj | 49,127 | +51.3% | 21.9% |
Ather | 31,833 | +5.2% | 14.2% |
Hero Vida | 29,958 | +81.6% | 13.4% |
Ola | 12,098 | −26.4% | 5.4% |
Greaves | 10,839 | +40.0% | 4.8% |
River | 6,817 | +273.9% | 3.0% |
BGauss | 5,556 | +80.6% | 2.5% |
e-Sprinto | 2,124 | +109.3% | 0.9% |
Motovolt | 1,702 | +158.3% | 0.8% |
Oben | 1,564 | +311.6% | 0.7% |
Simple Energy | 1,508 | +42.5% | 0.7% |
Revolt | 1,363 | +0.4% | 0.6% |
Lectrix | 1,259 | +159.6% | 0.6% |
Honda | 1,146 | +164.1% | 0.5% |
Others | 6,716 | +9.3% | 3.0% |
Total | 2,24,104 | +48.5% | 100% |
TVS Motor: Led the rankings with 60,494 registrations, growing 94.7% YoY from 31,075 units. Added 29,419 registrations and strengthened its market leadership with a 27.0% share, gaining 6.4 percentage points YoY.
Bajaj Auto: Ranked second with 49,127 registrations, up 51.3% YoY from 32,462 units. Added 16,665 registrations, capturing a 21.9% market share and trailing TVS by 11,367 units.
Ather Energy: Secured third position with 31,833 registrations, growing 5.2% YoY from 30,246 units. Despite positive volume growth, its market share declined sharply from 20.0% to 14.2%, the largest loss among leading manufacturers.
Hero Vida: Ranked fourth with 29,958 registrations, up 81.6% YoY from 16,499 units. Added 13,459 registrations and achieved 22.6% MoM growth, narrowing the gap with Ather to just 1,875 units.
Ola Electric: Finished fifth with 12,098 registrations, declining 26.4% YoY from 16,439 units. Lost 4,341 registrations, while its market share dropped from 10.9% to 5.4%.
Greaves Electric Mobility: Ranked sixth with 10,839 registrations, growing 40.0% YoY from 7,743 units. Added 3,096 registrations, although its market share slipped marginally to 4.8%.
River: Secured seventh position with 6,817 registrations, surging 273.9% YoY from 1,823 units. Added 4,994 registrations and expanded its market share from 1.2% to 3.0%, emerging as one of the fastest-growing major manufacturers.
BGauss: Ranked eighth with 5,556 registrations, growing 80.6% YoY from 3,077 units. Added 2,479 registrations and improved its market share to 2.5%.
e-Sprinto: Registered 2,124 units, up 109.3% YoY from 1,015 units. Added 1,109 registrations and achieved a 0.9% market share.
Motovolt: Recorded 1,702 registrations, growing 158.3% YoY from 659 units. Achieved an exceptional 168.0% MoM growth, the highest monthly percentage increase among the individually listed manufacturers
Oben Electric: Registered 1,564 units, surging 311.6% YoY from 380 units. Recorded the highest annual percentage growth among the individually listed manufacturers, with market share reaching 0.7%.
Simple Energy: Recorded 1,508 registrations, growing 42.5% YoY from 1,058 units. Added 450 registrations and maintained a 0.7% market share.
Revolt Motors: Registered 1,363 units, recording marginal 0.4% YoY growth from 1,357 units. However, registrations increased 31.3% MoM, indicating stronger monthly momentum.
Lectrix EV: Recorded 1,259 registrations, growing 159.6% YoY from 485 units. Added 774 registrations and improved its market share to 0.6%.
Honda: Registered 1,146 electric two-wheelers, growing 164.1% YoY from 434 units. Added 712 registrations, although its overall market share remained limited at 0.5%.
October 2026 vs September 2026 – Who Gained Momentum?
Manufacturer | Sep'26 | Oct'26 | MoM Growth |
TVS | 54,411 | 60,494 | +11.2% |
Bajaj | 48,748 | 49,127 | +0.8% |
Ather | 30,953 | 31,833 | +2.8% |
Hero Vida | 24,443 | 29,958 | +22.6% |
Ola | 13,458 | 12,098 | −10.1% |
Greaves | 9,319 | 10,839 | +16.3% |
River | 5,650 | 6,817 | +20.7% |
BGauss | 5,024 | 5,556 | +10.6% |
Auto Punditz Analysis
In October 2026, India's electric two-wheeler industry saw registrations surpass 2.24 lakh units, marking a 49% growth from the previous year. TVS led in volume growth, with Bajaj as a strong competitor, while Hero Vida's rapid expansion intensified the race for third place.
River's registrations nearly quadrupled compared to October 2025. Ola Electric faced declining registrations and market share despite the market's growth.
The key questions for late 2026 are whether TVS can maintain its lead, Hero Vida can overtake Ather, and Ola can recover.
The coming months will reveal if these market-share shifts are temporary or indicative of a lasting change in India's electric two-wheeler landscape.
