The electric two-wheeler market in India showed promising signs of recovery in May after witnessing a slowdown in April 2026, with the number of vehicle registrations crossing the 8% month-on-month growth. The revival was led by the good performance of the top manufacturers, with Ola Electric being the fastest-growing major player and Bajaj Auto gaining on the market leader TVS Motor Company.

The Vahan data for May 2026 shows that electric two-wheelers sales rose to 1.70 lakh units, from 1.57 lakh units in April, indicating continued strong consumer demand for E-Mobility solutions in India.

Key Highlights

• India's electric two-wheeler market rebounded over 8% in May, reaching 1.70 lakh registrations.
• Ola Electric led growth with 23% surge, while Bajaj narrowed TVS lead. 

Top 10 Electric Two-Wheeler Companies in India - May 2026

TVS Motor Retains Leadership

TVS Motor Company continued its leadership in the Indian electric two-wheeler market in May with almost 6% month-on-month sales growth.

The company has registered 42,376 electric scooters for the month, whereas April, it was the second spot with 7,486 units. The market share of TVS, however, did not improve much, dropping to 24.9% from the previous year though volumes increased.

Bajaj Auto Strengthens Position, Narrows Gap with TVS

Bajaj Auto reported impressive growth momentum in the electric two-wheeler segment, with more than 13% month-on-month growth in registrations.

Bajaj Auto sold 39,104 units in the month of May, compared to 34,555 units in April, further reducing the gap with the top company in the market, TVS Motor Company. The company also gained market share to 22.94%, bolstering its position as one of the fastest-growing companies in the electric mobility domain.

Ather Energy Holds Third Spot

Ather Energy continued to be the third largest electric two wheeler manufacturer in India in May.

The company sold 28,190 units in the month, volumes were basically unchanged from April. Ather had 16.5% market share, continuing its dominance in the premium electric scooter market.

As of the latest trading session, Ather Energy’s market capitalization stood at approximately Rs 36,881 crore ($3.88 billion), highlighting investor confidence in the company’s long-term growth prospects.

Hero MotoCorp Records Nearly 20% Growth

Hero MotoCorp retained its 4th position in India's electric two-wheeler market and had one of the best showings among the top manufacturers.

The company recorded 19,044 units in May, a strong growth of 19.7% month-on-month. Hero's market share also rose to 11.2% due to a rise in demand and a widening EV portfolio.

Ola Electric Stages Strong Comeback

Ola Electric saw 15,139 units registered for the month, which is about 23% up from the previous month, the highest growth rate for all the major EV manufacturers.

The market share of Ola Electric rose to 8.88% which showed a rejuvenation of consumer traction and greater operational efficiency after the difficult times.

Though the company is making a recovery, it still falls far short of TVS, Bajaj Auto, Ather Energy and Hero MotoCorp in terms of overall registrations. Ola Electric's market value was about Rs 18,195 crore ($1.91 billion).

Greaves Electric Mobility Maintains Sixth Position

Greaves Electric Mobility maintained its sixth position in May with a growth of almost 10% MoM.

The company sold 7,693 electric two-wheelers in the month and claimed around 4.5% market share, further solidifying its position as one of the top EV manufacturers in India.

Also Read: India's EV Sales Stay Strong in April; Jan-Apr Volumes Jump Nearly 70%

Emerging EV Brands Continue Expanding Presence

A number of new startups and manufacturers in the electric mobility sector further built up their market footprint.

River Mobility was seventh with 3,713 registrations, followed by BGauss with 3,296 units. During May, Bounce had 1,346 registrations and Simple Energy filled out the top ten with 1,297 registrations.

Although their market shares remain relatively small compared to industry leaders, these companies continue contributing to the diversification and competitiveness of India’s EV ecosystem.