The Indian electric two-wheeler sector has reached a significant milestone, with cumulative sales for the 2026 fiscal year (April 2025 to January 2026) crossing the one-million-unit mark. Total retail sales for January 2026 reached 1,22,477 units, representing a 24 percent year-on-year (YoY) increase from the 98,649 units sold in January 2025. This momentum suggests the industry could reach a new annual benchmark of 1.35 million units by the end of March.
TVS and Bajaj Lead Market Performance
TVS Motor Company recorded its highest monthly retail volume since entering the electric vehicle market in 2020. The manufacturer delivered 34,440 units, securing a 28 percent market share and a 43 percent YoY growth. To meet sustained demand, TVS is evaluating a manufacturing capacity expansion; it currently produces approximately 30,000 iQubes and 10,000 Orbiter units monthly. This January performance marks the fourth time the company has exceeded 30,000 monthly retails.
Bajaj Auto maintained its second-place position with 25,520 units of the Chetak e-scooter, a 19 percent increase over January 2025. The company recently introduced the Chetak C2501, its most accessible electric model to date, and continues to expand its retail footprint to 4,000 points of sale across 800 cities.
Ather and Vida See Strong Growth
Ather Energy reported 21,923 units sold in January, a 67 percent YoY increase, capturing an 18 percent market share. The Bengaluru-based manufacturer plans to increase its annual production capacity to 1.42 million units with the upcoming commissioning of a third plant in Maharashtra. Hero MotoCorp\’s Vida brand also showed growth, delivering 13,274 units. This marks the seventh consecutive month the brand has exceeded the 10,000-unit threshold. Vida has recently diversified its lineup with the VX2 scooter and the Dirt.E K3, an electric off-road motorcycle designed for younger riders.
Shifting Dynamics and Emerging Players
Ola Electric continued a downward trend, falling to fifth place with 7,512 units\u2014a 69 percent decline from the 24,413 units sold in January 2025. The company\’s market share has contracted to 6 percent as it faces challenges regarding product reliability and service quality. In contrast, Greaves Electric Mobility and River Mobility reported gains. River achieved its highest monthly delivery volume of 2,574 units and has commenced production of the Yamaha EC-06, which utilizes the Indie platform.
January 2026 Sales Rankings by OEM
- TVS Motor Company: 34,440 units
- Bajaj Auto: 25,520 units
- Ather Energy: 21,923 units
- Hero MotoCorp (Vida): 13,274 units
- Ola Electric: 7,512 units
- Greaves Electric Mobility: 5,335 units
- River Mobility: 2,574 units
- BGauss Auto: 2,475 units
- E-Sprinto: 2,033 units
- Pur Energy: 685 units
