Bajaj and Hero Continue to Lead India's Electric Two-Wheeler Market as Ola's Share Declines

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Mon Oct 06 10:24:58 IST 2025
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India's electric two-wheeler market is witnessing a rapid shift, with established companies Bajaj Auto, Hero MotoCorp, and TVS Motor Company dominating the sector. Once considered late entrants to electric mobility, these legacy players have leveraged their extensive dealer networks, brand trust, and expanding electric vehicle portfolios to capture over half of the market.

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Market Performance in First Half of FY26

Together, Bajaj, Hero, and TVS accounted for 51% of total electric two-wheeler registrations, a significant rise from 37% a year earlier. Of the 612,000 electric two-wheelers sold, these three companies contributed approximately 313,000 units. Breaking down their shares:

  • TVS Motor commanded the largest share, increasing to 23% from 17%. Their popular iQube series and growing production capabilities helped this growth.

  • Bajaj Auto's market share grew from 16% to 19%, sustaining balanced growth in domestic and export markets.

  • Hero MotoCorp saw its share more than double, rising from 4% to 9%, reflecting rising acceptance of its Vida e-scooters.

    • Shift in New-Age Players

    Startups like Ather Energy have increased their market share from 10% to 15%, bolstered by aggressive scaling strategies and retail expansion. However, Ola Electric's share has declined sharply from 40% to 18%, reflecting operational challenges and a strategic shift from rapid growth to profitability.

    Factors Behind Legacy Players' Success

    Experts attribute the legacy brands’ gains to their wide-scale dealership networks, strong after-sales service, and broader product portfolios catering to diverse customer preferences. Their focus remains primarily on electric scooters, while startups target niche markets like premium electric motorcycles.

    Overall Market Dynamics

    The evolving electric two-wheeler market in India exemplifies a maturing industry where reliability, service, and scale give traditional players an edge over new entrants. Analysts expect further consolidation as competition intensifies alongside growing consumer demand for electric mobility.

    This dynamic market environment indicates that while new entrants remain vital for innovation, Bajaj, Hero, and TVS’s strongholds continue to shape India's electric mobility landscape significantly.India's electric two-wheeler market is witnessing rapid growth with established players Bajaj Auto, Hero MotoCorp, and TVS Motor dominating sales. Together, these three companies accounted for 51% of all electric two-wheeler registrations in the first half of fiscal year 2026, a significant increase from 37% a year earlier. Of the total 6.12 lakh units sold, these three brands sold approximately 3.13 lakh units.

    TVS Motor leads among them, growing its market share from around 17% to 23%, powered by popular models like the iQube and expanded production capacity. Bajaj Auto followed with its share rising from 16% to 19%, while Hero MotoCorp saw the biggest jump from 4% to 9%, reflecting growing consumer acceptance of its Vida e-scooters.

    Meanwhile, startups like Ather Energy have increased their share from 10% to 15%, but Ola Electric’s market share shrank significantly from 40% to 18% due to operational challenges and a shift in strategy towards profitable consolidation.

    Analysts say that the success of Bajaj, Hero, and TVS is driven by their vast dealer networks, trusted brands, and better after-sales service, which appeals to customers over newer venture-backed startups. Their broad product portfolios targeting different customer segments also help maintain lead positions.

    This shift marks a maturing Indian electric two-wheeler market where reliability and scale provide legacy manufacturers an advantage over newer entrants, though startups continue to drive innovation and niche demand.

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