India's Electric Scooter Market in 2026 — How TVS and Bajaj Overtook Ola Electric

The Category Is Booming and the Leader Is Not

India's electric two-wheeler market has never been healthier. Registrations reached 2,07,314 units in September 2026, up 88.67 percent from a year earlier and 13.16 percent over August, according to VAHAN-based data compiled by Rushlane. Electric models accounted for 11.6 percent of the entire two-wheeler market during the month, up from 10.7 percent in August and 8.2 percent a year earlier. April to September registrations crossed 11.2 lakh units, up 76 percent, and the segment is on track to become the first to exceed two million annual registrations.

Yet the company that built this market is moving the other way. Ola Electric registered 13,451 units in September, down about 3 percent year on year, and finished fifth, behind TVS, Bajaj, Ather and Hero Vida. Its market share for the first half of FY27 was roughly 8 percent, against about 17 percent in the same period last year. In a market that grew by nearly 90 percent, Ola shrank. That contrast is the story of 2026 in electric mobility.

Who Is Winning and Why

TVS led September with 54,037 electric two-wheelers, up 125.87 percent year on year, on the strength of the iQube and Orbiter. Bajaj sold 48,429 Chetak scooters, up 138.87 percent. Together the two account for 49.43 percent of the market, nearly one lakh units between them. Ather held third with 30,533 units, up 55.62 percent, and Hero's Vida range sold 24,321, up 83.34 percent. The top four brands, TVS, Bajaj, Ather and Hero Vida, took 74.89 percent of all electric two-wheeler sales.

The reason is not complicated. TVS and Bajaj arrived with decades of manufacturing scale, dense dealer and service networks and brand trust built on petrol scooters. When their electric models became competitive on price and range, buyers who were nervous about after-sales support had a safe option. Ather built a premium brand around technology and design, and Hero leaned on its own vast reach. Ola, whic ::KEY_NUMBERS:: September e2W sales | 2,07,314 Market share of EVs in 2W | 11.6 percent TVS plus Bajaj share | 49.4 percent Ola H1 FY27 share | about 8 percent ::TLDR:: Electric two-wheeler sales rose 89 percent year on year to 2,07,314 units in September 2026 TVS and Bajaj together account for nearly half the market Ola Electric finished fifth with 13,451 units, down about 3 percent The category is on track to cross two million annual registrations for the first time ::CHART:: type: line title: Ola Electric market share (percent) labels: FY24,FY25,FY26,H1 FY27 values: 30,17,12,8 source: VAHAN data cited by CarToq and Acko Drive ::TIMELINE:: FY24 | Ola leads the electric two-wheeler market FY26 | Ola registrations fall 52 percent Sept 2026 | TVS and Bajaj control nearly half the market FY2027 | The category is set to cross two million annual registrations ::GLOSSARY:: VAHAN | the government's vehicle registration database E2W | electric two-wheelers, including scooters and electric motorcycles Market share | a brand's slice of total category sales ::PULLQUOTE:: Ola did not lose the electric scooter race because demand disappeared. It lost it because demand arrived and four rivals were better placed to serve it. ::PROS:: Record category demand Prices falling as volumes rise Wider model choice across price points Established makers bring deep service networks ::CONS:: Ola's decline shows how fast leadership can flip Price wars may squeeze margins Charging and battery costs remain barriers Service quality still varies by brand and city ::POLL:: Which electric scooter brand would you buy today? || TVS || Bajaj || Ather || Ola ::SOURCES:: Rushlane, VAHAN registration data, FADA, CarToq