Market leader TVS Motor retained the top spot in the E2W market with 42,376 units registered last month, while Bajaj stayed firmly at the second spot with a 13.2% MoM increase to 39,104 units
Hero MotoCorp also sustained its sales growth momentum in May, recording an almost 20% increase in monthly registrations to 19,044 units
Ola Electric reported the highest jump in registrations at 22% to 15,139 units while its market share also improved to around 9%, behind Hero’s 11.2% market share
After contracting 20% month-on-month (MoM) in April, electric two-wheeler (E2W) registrations saw an 8.4% jump in May to 1.70 Lakh units from 1.57 Lakh units in the previous month, according to Vahan data.
Most leading OEMs reported a moderate MoM increase in registrations, while smaller players continued to witness double-digit declines.
On a yearly basis, E2W registrations jumped almost 69% from 1.01 Lakh units in May 2025.
Notably, E2W registrations inched up to the highest ever at 1.92 Lakh units in March, coinciding with the West Asia war and resultant jump in fuel prices. Petrol prices in India breached the ₹100/litre mark last month after multiple price hikes resulted in a ₹10 increase per litre of petrol.
Similarly, prices of diesel and CNG have also been increased, leading to commuters showing renewed interest in EVs. At the same time, automakers are offering discounts and attractive financing schemes to attract buyers after EV sales saw flattish growth in 2025.
Market leader TVS Motor retained the top spot in the E2W market, with registration of 42,376 units last month. While it saw a moderate 5.9% MoM increase in May compared to 40,011 units in the previous month, the OEM has now captured nearly a quarter of the overall market.
During the month, TVS launched a new 4.7 kWh variant of its iQube electric scooter priced at ₹1.37 Lakh. The escooter range is now available in over 1,000 cities through 3,300 dealerships, with the manufacturer increasing focus on longer-range, feature-rich offerings to retain its top spot.
Bajaj Auto also firmly held on to the second spot in May, as its registrations grew 13.2% MoM to 39,104 units. Its total market share in the E2W segment is now at around 23%, with its flagship Chetak range continuing to see strong customer interest. Recently, the OEM increased the top speed across variants, with top variants now able to achieve 80 km per hour speed as against 73 km per hour earlier.
Additional new features include an improved motor output, reduced charging time, Google Maps integration, and new ride modes.
Among legacy OEMs, Hero MotoCorp also sustained its sales growth momentum in May, recording an almost 20% increase in monthly registrations to 19,044 units. The OEM is aggressively expanding its E2W portfolio with over 12 new internal combustion engine (ICE) and EV products expected to be launched in the Indian market in FY27.
These include a new fixed-battery variant of its Vida electric scooter range. The escooter, which will be launched in August, is likely to feature a 3.8kWh battery pack and will be priced below ₹1 Lakh to target mass-market buyers.
The company’s CEO Harshavardhan Chitale recently noted that escooters will account for nearly over half of Hero MotoCorp’s sales by 2030 as against 28% currently. In FY27, production is expected to increase to 2.8 Lakh units, nearly double the FY26 output of 1.48 Lakh units. ‘
“By the end of this month, we would have increased our capacity of Vida (electric scooter) by 50% and (are) on track to further double it by the end of this calendar year, almost three times from the start of the year to where we end this year,” Chitale told PTI last week.
Ola Electric reported the highest jump in registrations at 22% to 15,139 units. The EV maker’s market share also improved to around 9%, behind Hero’s 11.2% market share.
The company has been seeing a turnaround since March following a continuous decline in its market share since last year owing to customer complaints, servicing backlog and regulatory hurdles. The company now expects order volume in the first quarter of FY27 to double QoQ to nearly 45,000 units.
“We are working towards rebuilding our national market share to 15-20% over the next six months,” cofounder Bhavish Aggarwal said in the company’s shareholders’ letter for Q4 FY26.
Recently, Ola Electric also received the final nod from the Automotive Research Association of India for an L1-category electric scooter tailored for commercial use, paving the way for the product to be launched soon.
Targeted toward gig workers, the scooter range will be specifically engineered for high-utilisation scenarios such as food delivery, quick commerce logistics, and urban fleet operations, and may also feature delivery boxes and other attachments with payload support of 120-150 kg.
Leveraging its existing production at the Ola Futurefactory, Ola Electric could manufacture as many as 20,000 units of the new range per month, PTI reported.
Meanwhile, Ather Energy’s registrations remained almost flat in May, declining 0.9% MoM to 28,190 units. Its market share stood at 16.5% during the month. The company has been focusing on expanding its geographical footprint, with its retail network improving to 700 experience centres in FY26 from 351 at the end of FY25. Ather also expanded its service footprint during the fiscal, increasing the service centres network to 548 in FY26, up nearly 2X YoY. Ather had more than 6,000 EV charging points by the end of FY26.
It attributed the strong demand for its family scooter Ritza for its recent sales growth, as overall sales in FY26 improved to 2.63 Lakh units in FY26, up 69% YoY, with a guidance of 40,000 to 45,000 orders in Q1 FY27.
However, it flagged that high commodity prices owing to ongoing supply chain constraints will be a drag on its margins in the next few months. It said that production volumes in FY26 were partially impacted due to China’s export ban on rare earth magnets, which has also led to a spike in Lithium-ion battery prices.
Meanwhile, most smaller E2W manufacturers saw their monthly registrations sales tank in the double-digits last month. These players have been struggling to gain market share for the past year or so.
Electric motorbike makers have been especially feeling the heat. Electric bike manufacturer Revolt, for instance, sold 740 units in May, down 22.8% MoM. Its sales have remained mostly flattish over the past year, failing to breach the monthly 1,000 unit mark. Similarly, electric superbike maker Ultraviolette saw sales remain stagnant at 380 units in May, while Oben Electric’s monthly sales declined 31% to 404 units.
Smaller electric scooter makers like Kinetic Green, Okinawa and Pure EV also witnessed double-digit decline in sales figures.
Source: Inc42 - Startups
