TVS Motor Captures Top Spot in Electric Two-Wheeler Sales in March 2026, Ola Electric Places Fifth

India Electric Two-Wheeler Market Report: March 2026

Market Share and Sales

• TVS Motor maintained its leadership in India's electric two-wheeler market in March 2026, with a 27.3% market share and 38,007 units sold.
• On a quarter-to-date (Q4 FY26) basis, TVS Motor led with 34,885 units and a 27.9% share.
• Bajaj Auto ranked second with 33,447 registrations, accounting for 24% of the market.
• Ather Energy followed in third place with 26,151 units and an 18.8% share.

Key Players

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• TVS Motor: Sustained demand for its iQube electric scooter contributed to its market lead.
• Ola Electric: Launched its "End ICE Age" campaign, offering discounts and incentives on its Gen 3 S1 X and Roadster X models.
• Ather Energy: Announced limited-period offers on its Rizta and 450 series electric scooters.
• Vida: Secured the fourth position with 15,683 registrations and an 11.3% market share.

Market Trends

• Discounts and incentive-led buying contributed to higher volumes in March.
• Dealers across major electric two-wheeler brands offered limited-period discounts and financing schemes to clear inventory ahead of the financial year-end.
• The Centre's PM E-DRIVE subsidy deadline on March 31, 2026, accelerated purchase decisions, with customers looking to benefit from lower effective prices before the incentives are withdrawn.

Quarterly Comparison

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• Total electric two-wheeler registrations in February 2026 stood at 1,01,059 units.
• TVS Motor led with 29,231 units and a 28.9% market share in February.