India’s electric vehicle market achieved a new milestone in March 2026 as EV two-wheeler registrations reached a record 1.78 lakh units, marking the highest monthly sales in the segment so far. The surge in demand has also helped Ola Electric re-enter the top 5 EV two-wheeler manufacturers, signaling a recovery after its earlier decline in rankings.

Key Highlights

• EV two-wheeler registrations hit record 1.78 lakh in March, driven by strong demand growth.
• Ola Electric re-enters top five as sales surge amid rising competition in EV market.

According to Vahan data, the  EV two-wheeler registrations witnessed a nearly 60% month-on-month growth, driven by strong year-end demand, attractive discounts, and rising consumer interest in electric mobility. Ola Electric’s sales more than doubled during the month, enabling the company to regain its position among leading players in the market.

Despite Ola Electric’s comeback, TVS Motor Company continued to lead the segment with a 26.23% market share, selling 46,859 units in March- a sharp 47% month-on-month rise from 31,870 units in February. Bajaj Auto narrowed the gap, recording 42,931 units compared to 25,513 units in February, taking its market share to 24.03%. Ather Energy retained the third position with registrations rising over 61% to 33,621 units, holding an 18.82% market share, while Hero MotoCorp maintained fourth place with 19,764 units and an 11.06% share.

Also Read: Ecofy partners with Ather Energy to accelerate EV adoption in India

Ola Electric more than doubled its sales to 9,496 units from 3,973 units in February, raising its market share to 5.32%, although its valuation pressures persisted. Greaves Electric Mobility slipped to sixth despite a 57% rise in sales to 7,408 units, accounting for a 4.15% share. Emerging players like River Mobility, BGauss, and Simple Energy held their positions with 3,924, 3,412, and 1,612 units respectively, while Revolt Motors entered the top 10 with over 80% growth, replacing e-Sprinto.

Industry experts attribute the record EV two-wheeler registrations to financial year-end purchases, promotional campaigns, and concerns over fuel costs, which have accelerated the shift toward electric mobility in India. As competition intensifies, companies are expected to focus on pricing, innovation, and distribution expansion to capture a larger share of the rapidly evolving EV market.