India’s electric two-wheeler (e-2W) market continues its strong growth momentum in FY2026. February 2026 retail registrations show a sharp year-on-year surge, with legacy manufacturers strengthening their dominance while one former market leader witnessed a steep decline.
As of March 2, 2026, over 1.11 lakh electric two-wheelers were sold in February, making it one of the best-performing months of the fiscal year.
February 2026 Electric Two-Wheeler Sales Overview
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Total Sales: 1,11,680 units
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Year-on-Year Growth: 46% (76,720 units in February 2025)
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FY2026 (April–February) Cumulative: 12 lakh+ units
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FY2025 Full-Year Total: 11.5 lakh units
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Projected FY2026 Total: ~13.5 lakh units (if March exceeds 1.4 lakh units)
With one month remaining, the industry has already surpassed last year’s full-year sales, setting the stage for a record-breaking fiscal year.
TVS Motor Company maintained its leadership in February 2026 with retail sales of 31,600 units, marking a strong 67 percent increase over 18,955 units sold in February 2025.
This performance gives TVS a commanding 28 percent market share for the month. It is the second-highest monthly retail tally for the company and the fifth time it has crossed the 30,000-unit mark in a single month.
Cumulative sales for the first 11 months of FY2026 stand at 2,90,746 units, and the company is expected to close the fiscal year at around 3,25,000 units — its highest-ever annual electric two-wheeler sales.
Bajaj Auto secured second place with 25,323 Chetak electric scooters sold in February 2026, registering a 17 percent year-on-year growth compared to 21,571 units in February 2025. The company holds a 23 percent market share.
The recently introduced Chetak C2501, priced at Rs 91,399 (ex-showroom Bengaluru), has strengthened Bajaj’s entry-level positioning. It is powered by a 2.5kWh battery pack and offers a claimed IDC range of 113km, targeting cost-conscious urban buyers.
Ather Energy retained its third position with 20,581 units sold in February 2026, reflecting a robust 72 percent year-on-year growth from 11,978 units last year. The company commands an 18 percent market share.
This marks the fourth time Ather has crossed the 20,000-unit monthly sales milestone. Additionally, the Bengaluru-based manufacturer has crossed 2,00,000 units in a fiscal year for the first time.
FY2026 is projected to close at around 2,25,000 units, driven largely by strong demand for the Rizta family scooter.
Hero MotoCorp’s Vida electric brand delivered 12,512 units in February 2026, posting an impressive 364 percent growth over 2,696 units sold in February 2025. This gives the company an 11 percent market share.
February marks the eighth consecutive month that Vida has sold over 10,000 units, underscoring its growing acceptance in the market. The recent expansion of the VX2 portfolio, including a new 3.4kWh variant alongside the VX2 Go 2.2kWh and VX2 Plus, has contributed significantly to this momentum.
Greaves Electric Mobility: 4,725 Units
Greaves Electric Mobility delivered 4,725 units in February 2026, registering a 27 percent year-on-year growth from 3,730 units in February 2025.
For the first time, Greaves — through its Ampere brand — overtook Ola Electric in monthly sales, finishing ahead by 757 units. The company’s cumulative electric two-wheeler sales have now crossed 2,70,000 units.
Ola Electric had a challenging February, recording sales of just 3,968 units and slipping to sixth position with a 4 percent market share.
This is the fourth-lowest monthly sales tally for Ola in the past 42 months. The current ranking represents a sharp decline from January 2025, when the company held a 24 percent market share and outsold both TVS and Bajaj.
Ola has been registering four-figure monthly volumes since November 2025, indicating sustained competitive pressure in the segment.
FY2026 Set to Become a Record Year
With cumulative sales already crossing 12 lakh units in the first 11 months, FY2026 has surpassed FY2025’s total of 11.5 lakh units. If March 2026 records over 1,40,000 units — which is likely given the traditional fiscal year-end buying push — total sales could reach approximately 13.5 lakh units.
The strong growth reflects rising consumer confidence in electric mobility, expanding product portfolios, improved charging infrastructure, and wider dealership reach across India.
Conclusion
February 2026 confirms a clear reshuffling in India’s electric two-wheeler market. TVS Motor Company remains the dominant leader, followed by Bajaj Auto and Ather Energy. Hero’s Vida brand is rapidly scaling up, while Greaves Electric Mobility has achieved a notable milestone by overtaking Ola Electric.
As FY2026 approaches its close, March sales figures will determine the final tally — but the broader trend is unmistakable: India’s electric two-wheeler segment is entering its strongest growth phase yet.
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