Electric two-wheeler registrations up 18% in H1 FY26, shows VAHAN data
- IBEF
- October 1, 2025
India’s electric two-wheeler market recorded robust growth in the first six months of FY26 despite disruptions caused by a shortage of rare-earth magnets. According to VAHAN data, registrations rose 18% YoY to 5,82,027 units in April-September 2025 compared to 4,92,586 in the same period of FY25. While Ola Electric, the previous market leader, saw its registrations decline sharply by more than half to 1,07,776 units in this period from 2,39,450 units last year, the gap was offset by gains made by rivals, including TVS, Hero MotoCorp, and Ather Energy.
Hero MotoCorp emerged as a strong challenger, with registrations of its Vida model surging 248% to 71,969 units during April-September 2025, supported by aggressive discounts. Ather Energy also recorded growth of over 81%, while TVS posted a 53% rise in registrations. In September 2025, TVS overtook Ola to claim the top spot with a 21.9% market share. Bajaj Auto maintained its second position with 18.7%, while Ather strengthened its presence with 17.2% compared to 14.3% a year earlier. Ola’s market share slid to 12.7% in September 2025, down from 27% in the same month last year, pushing it to the fourth spot. Hero MotoCorp, with a 12.3% share, is now close behind Ola, underscoring the intensifying competition in India’s fast-evolving electric two-wheeler segment.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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