Feb 2026 was a good month for the Indian E2W industry, with penetration levels jumping to 6.52% and E2W sales spiking by 45%. The statistics were helped by a low base of Feb 2025, the month with the lowest sales in 2025.
In Feb 2026, the industry managed sales of 111,220 units. With a low base tailwind, the year-on-year growth was healthy.
The penetration levels were helped by a decline in ICE 2W registrations, as the GST-cut-fuelled euphoria in ICE 2W sales subsided a bit this month.
Market Leaders Further Consolidate
Within the numbers, Feb was a month where the market leaders further cemented their position. TVS grew at a mammth 66% year-on-year. It closed the month at 31448 units, more than 6,000 units ahead of Bajaj Chetak, which at 25215 units managed a growth of nearly 17% over Feb 2025.
Ather Energy continues to be the comfortable third with sales of 20,567 units, a near 72% growth over Feb 2025 sales of 11,978 units.
Hero-Vida continued its resurrection with 12,448 units, far from the market leaders but with a 362% year-on-year growth, statistically.
A New Number 5
The most important headline is that we have a new No. 5 in Greaves Electric, which finally overtook Ola Electric. At 4721 units, Greaves was 27% up from Feb 2025 sales of 3704 units.
Ola Electric sales were down 55% year-on-year and at 3960 units, hit a new low this month.
