Electric two-wheeler registrations in India rose 12.5 per cent month-on-month in September to a nine-month high of 2.06 lakh vehicles, while TVS Motor retained the top individual manufacturer position despite a narrowing lead over Bajaj Auto.
Registrations across 30 manufacturers reached 15,51,355 vehicles during January-September 2026, up from 9,18,934 in the corresponding period last year. The increase of 6,32,421 vehicles represents growth of 68.8 per cent, indicating a sharp expansion in the market for electric scooters and motorcycles.
TVS recorded 4,11,441 registrations during the first nine months of the year. Bajaj Auto was second with about 3.54 lakh vehicles, leaving TVS with a 16.2 per cent cumulative advantage. The monthly gap, however, narrowed in September as Bajaj registrations rose 17 per cent to 48,383 from 41,339 in August. TVS registrations increased 9.5 per cent to 53,990 from 49,286.
As a result, TVS’s September lead over Bajaj fell to 5,607 vehicles from 7,947 in August. The figures point to a more competitive market as manufacturers expand sales, distribution and service networks across urban and semi-urban markets.
“The electric two-wheeler market is moving beyond early adopters, with distribution, financing, service reach and customer confidence becoming increasingly important as volumes scale,” said Vinkesh Gulati, former president of the Federation of Automobile Dealers Associations and chairman of the Automotive Skills Development Council.
A separate contest is emerging between Hero MotoCorp and Ather Energy. Their registrations together reached 4,33,980 vehicles during January-September, 22,539 more than TVS. The two companies operate separately and their figures are not consolidated. Hero is Ather’s largest shareholder, with a 32.8 per cent stake, and is also a strategic partner.
Ather remained ahead of Hero individually, recording 2,61,451 registrations during the period against Hero’s 1,72,529. Its cumulative lead was 51.5 per cent. The monthly gap narrowed, however, as Hero’s September registrations jumped 27 per cent to 24,306, while Ather grew 4.8 per cent to 30,477. Ather’s September lead was 6,171 vehicles.
Ola Electric faced a weaker September, with registrations falling 3.5 per cent to 13,449. The decline marked its third consecutive monthly fall from 16,295 in June. Greaves Electric Mobility moved closer, increasing registrations 8 per cent to 9,316 and leaving a difference of 4,133 vehicles between the two companies.
Competition was also close between River and BGauss. River registered 5,549 vehicles in September compared with BGauss’s 5,023. During January-September, River remained ahead with 38,713 registrations against BGauss’s 35,168. Their combined monthly registrations nearly doubled from 5,394 in January to 10,572 in September.
“We have almost doubled our monthly registrations compared with the beginning of the year, but the opportunity is much larger,” said Hemant Kabra, founder and managing director of BGauss.
Some smaller manufacturers recorded sharp month-on-month gains. Bounce registrations nearly tripled to 3,069 from 1,049 in August, while Oben Electric more than doubled to 1,417 from 642, its strongest monthly performance during the nine-month period.
“As electric two-wheelers scale, there is a significant opportunity opening up for electric motorcycle players to push the envelope and widen the market beyond scooters,” said Madhumita Agrawal, founder and chief executive officer of Oben Electric. “Motorcycles are a large part of India’s two-wheeler market, and their greater participation can help drive the next phase of EV adoption.”