Electric Two-Wheeler Sales Hit 2.15 Lakh in October, TVS Leads at 27.2% Share

Second Straight Month of Growth, and the Best Month of the Year

India registered 2,14,654 electric two-wheelers in October 2026, up 2.9 per cent from 2,08,688 in September and 48.1 per cent from 1,44,980 a year earlier. The Vahan portal figures, pulled at 16:00 IST on 31 October, make October the strongest month in the last year and extend a recovery that began in September after a soft August.

What makes the month interesting is who grew and who did not. TVS Motor added 7.4 per cent to reach 58,425 units, lifting its share to 27.2 per cent from 26.1 per cent. Hero MotoCorp grew 17.5 per cent to 28,720 units, the strongest expansion in the top five, taking its share to 13.4 per cent and cutting its gap to third-placed Ather Energy from 6,507 units to 1,660.

Manufacturer	October 2026	September 2026	Month on month	Market share
TVS Motor	58,425	54,399	+7.4%	27.2%
Bajaj Auto	46,658	48,740	-4.3%	21.7%
Ather Energy	30,380	30,942	-1.8%	14.2%
Hero MotoCorp	28,720	24,443	+17.5%	13.4%
Industry total	2,14,654	2,08,688	+2.9%	100%

The Constraint Is Capacity, Not Demand

Bajaj and Ather both slipped, and both slipped for the same reason. Bajaj's chief financial officer Dinesh Thapar said on the company's earnings call that manufacturing limits meant it could deliver only about 75 per cent of planned volumes, and that Chetak production is being raised to roughly 80,000 units a month by the fourth quarter of FY27 from 64,000 now. Ather said it is forgoing around 20,000 potential retail sales every month on supply, with pre-orders running at about 60,000 a month against average monthly production of roughly 33,000 units, and its Hosur plant touching 98 per cent utilisation at peak in Q2 FY27.

The expansion plans are on the record. Ather intends to add 2.25 lakh units of annual capacity by Q2 FY28, taking installed capacity to about 11.4 lakh. TVS will lift output to 80,000 units a month by March 2027. Hero has moved monthly capacity to 30,000 units and targets 45,000 by the March quarter and 80,000 by Q2 FY28.

Ola's Slide Continues

Ola Electric recorded a 13.7 per cent month-on-month fall, the steepest in the top five, and remains the clearest example of how quickly this market punishes a company that loses its product rhythm. It is mid-rights issue and faces an open SEBI investigation, both of which limit how aggressively it can respond on price.

For the incumbents the arithmetic is friendlier than ever. Bajaj crossed the Rs 10,000 crore cumulative EV revenue threshold under the PLI scheme, qualifying for a 2 per cent booster on top of the 13 per cent base rate, taking its starting incentive to 15 per cent. TVS cleared the same threshold. Hero booked Rs 63 crore of PLI accrual in Q2, about 6.5 per cent of its EV revenue.

What This Means for You

Availability matters more than the brochure. Hero dealers were down to roughly a day of stock, Bajaj around 15 days and TVS between 21 and 30, so the variant you want may not be on the floor. Run the numbers on the AUTOINDIA EV calculator and check the resale value tool, because three-year residuals here are still being discovered.

(Sources: Vahan portal data as compiled by Inc42, 31 October 2026; Bajaj Auto and Ather Energy Q2 FY27 earnings commentary reported by ETAuto; Autocar Professional coverage of the India EV Conclave, October 2026. Image credits: Bajaj Chetak photographs by Gpkp, CC BY-SA 4.0; Ola S1 Pro by SnapMeUp, CC BY-SA 4.0, via Wikimedia Commons.)

::KEY_NUMBERS:: October registrations | 2,14,654 Year-on-year growth | +48.1% TVS market share | 27.2% Hero MotoCorp growth | +17.5% month on month ::TLDR:: Electric two-wheeler registrations rose 2.9% month on month to 2,14,654 units in October 2026 That is 48.1% higher than October 2025 and the best month in the last year TVS led with 58,425 units and 27.2% share, Bajaj was second at 21.7% Hero MotoCorp grew fastest at 17.5% month on month and is now 1,660 units behind Ather ::CHART:: type: bar title: Electric two-wheeler registrations, October 2026 labels: TVS,Bajaj Auto,Ather Energy,Hero MotoCorp values: 58425,46658,30380,28720 source: Vahan data via Inc42 ::GLOSSARY:: E2W | Electric two-wheeler, the category covering electric scooters and motorcycles Vahan | The government portal that records vehicle registrations at RTO level PLI | Production Linked Incentive, a scheme that pays manufacturers a percentage of incremental revenue on eligible advanced automotive products ::PULLQUOTE:: The bottleneck in electric two-wheelers has moved from the showroom to the factory gate. ::SOURCES:: Vahan data as compiled by Inc42, 31 October 2026; company earnings commentary reported by ETAuto