Last month, when we did this analysis, we were short of time, and we ran it in a Q&A format. Guess what? It was a super hit! We received very strong positive feedback about the format, so we decided to continue the experiment in this round as well.
How have the sales been in July 2026?
Though we landed about 5,000 shy of June numbers, July 2026 was a very strong month. I think the Indian E2W industry has strong legs now, and at least five out of the top six guys are pushing sales hard.
Importantly, the E2W penetration (share of E2Ws in total 2Ws) has now reached 11%, an all-time high. This was the 4th month in a row when penetration has been steadily climbing.
Everyone did well?
The pecking order hasn’t changed – TVS (26.83% market share) leads, and Bajaj (22.34%) follows, the gap having widened this month. Ather (15.07%) is a slightly distant third. Hero-Vida (10.7%) remains fourth, and Ola (6.82%) struggles at fifth. BTW, Greaves (4.93%) at 6th is catching up and may knock Ola out of the top five in a quarter.
They deserve it…both of them.
Seems like everyone had a party?
Nopes.
When we slice and dice on a year-on-year basis, the only way it should be read, we notice that nearly everyone had a loud party. I mean, the numbers are out of a fairy tale. TVS hit a half century, and sales were up 126% over July 2025. Bajaj sales were up 113%, Ather up 73%, and Hero-Vida up 91.5%. Greaves, at #6, was up 121.67%.
However, Ola at #5 continued its downward journey with sales declining 28%.
In short, it was a repeat of June 2026.
Do you have anything interesting at all?
If you are a numbers guy, then there are two important numbers at the very top. TVS has crossed 50,000 units in sales this month, and Hero-Vida is now past their teens.
Look at the numbers in detail, and you will see that there was a lot of action elsewhere. The World of River is now a credible number 7 with sales of 5,938 scooters in July 2026. That’s a 284% bump over last year.
At #8 is another consistent strong player in BGauss. They make a lot of sales by offering scooters that are credible alternatives to Chinese imports and go into B2B fleets. BGauss ended the month with 5,459 units, a 242% bump over July 2025.
Both BGauss and River have been posting consistently stronger numbers month over month, and they have now broken down our office doors, demanding to be analyzed as separate companies. So from this month onwards, we will cover both of them as individual companies in our analysis and not just as part of OTHERS.
Dude? The Pie Charts still don’t show them separately
Do you understand how much hard work it goes into updating a pie chart? There were seven of them to be updated. Next month, buddy.
Any Final Takes?
The big trend is that we now have seven (out of the top eight) credible players, with Ola barely hanging on to credibility. That means the rest of the market has to figure out where they go from here. Apart from Ola, the other section that saw a decline was the one representing OTHERS, even though the month was strong.
From a customer perspective, it means that people are not embracing brands that act merely as conduits between Chinese factories and Indian households. I should also point out that the OTHER brands are mostly selling in the B2B market, and those come in fits and starts. July may have been a temporary dip for the segment, and we shouldn’t make too much of the fact.
