Give us the Numbers
After a very strong month, we expected some stability and a decline.
It did not happen. The Indian E2W industry has kept its foot on the pedal, and sales are still in top gear. The month closed with 183,000 in sales. This represents a 10.67% penetration of electric two-wheelers in the Indian market last month. It was 11.0%, but it would be nitpicky to say that the penetration is coming down. It’s been pretty stable for the last three months.
The stable penetration level is a base being created, and we should now shoot upwards to 15% and beyond in the next few months.
Any Major Shifts in Market Shares?
There is no change in the pecking order. TVS leads with a 26.72% market share, maintaining a steady lead over second place, Bajaj Auto with 22.42%. Ather is a distant third with 15.69%. Behind that is Hero-Vida with a 10.69% share of the market and Ola Electric with 7.57%.
Year-on-Year?
Everyone does well, but to varying degrees. TVS sales in August were up 101% on a year-on-year basis. If you recall, August 2025 had been an abnormally bad month for Bajaj Auto, so a statistical gain was bound to happen. August 2026 sales for Bajaj were up 246.71%. In comparison, poster boy Ather reported a 58% growth, steady and strong, but pales in comparison to the market leaders. The same is the case for Hero-Vida. Year-on-year growth of 42% is nothing to scoff at, but TVS and Bajaj could ramp up their supply chains faster.
The other poster boy, Ola, is still on the wrong side of statistics. Sales were down 27%. Even though the company has been recouping some sales and market share in the recent months, it is nowhere close to where it was this time last year.
Greaves holds steady with a year-on-year growth of 105%. With its recent fundraising, we expect the brand to move the needle on the sales front in the coming months.
BGauss and River?
…and the Oscar goes to…River and BGauss.
Seriously, guys, if you are River or BGauss, you should pat yourself on the back. Your steady performance means that InsightEV has included you in the leaderboard and will now cover you every month in the sales numbers.
For the record, river sales are up 203.6% year on year, and BGauss sales are up 181.3% year on year.
Anything Special?
We increasingly see this becoming a battle to scale up your supply chains and manufacturing capacity. Plan for too little, and you may run out of capacity very soon. Moreover, you have to walk the suppliers along with you.
