After a decline in April 2026, India’s electric two-wheeler market rebounded in May, recording an over 8% month-on-month increase in registrations. Among the leading players, Ola Electric posted the strongest growth, with registrations rising more than 20% during the month, while Bajaj Auto further narrowed the gap with market leader TVS Motor Company.
According to Vahan data, India’s electric two-wheeler market grew by over 8% month-on-month, with registrations rising to 1.70 lakh in May 2026 from 1.57 lakh in April 2026.
TVS Motor maintained its leadership position in May, with registrations rising nearly 6% month-on-month to 42,376 units. However, its market share edged down to 24.9% as rivals grew at a faster pace during the month.
Bajaj Auto further narrowed the gap with market leader TVS Motor Company, recording a more than 13% month-on-month increase in registrations to 39,104 units in May from 34,555 units in April. Its market share also improved to 22.94% during the month.
Ather Energy retained its third position in May, with registrations remaining largely flat at 28,190 units. The company commanded a 16.5% market share during the month. As of the last trading session, its market capitalization stood at Rs 36,881 crore (approximately $3.88 billion).
Hero MotoCorp also retained its fourth position in the electric two-wheeler segment, posting a strong 19.7% month-on-month growth in registrations to 19,044 units in May. Its market share also rose to 11.2% during the month.
After several months of declining sales, Ola Electric has staged a recovery over the past two months and sustained that momentum in May. The company recorded the highest growth among major electric two-wheeler makers, with registrations rising nearly 23% month-on-month to 15,139 units. Its market share also improved to 8.88% during the month.
As of the last trading session, the company’s market capitalization stood at Rs 18,195 crore (approximately $1.91 billion).
Greaves Electric Mobility retained its sixth position in May, recording nearly 10% month-on-month growth in registrations to 7,693 units. The company accounted for a 4.5% market share during the month.
River Mobility, BGauss, and Bounce and Simple Energy held the seventh, eighth, and ninth and tenth positions, respectively, with registrations of 3,713, 3,296, 1,346 and 1,297 units in May.
