TVS Retains EV Two-Wheeler Lead in September as Bajaj and Hero Post Strong Growth
India's electric two-wheeler market rebounded strongly in September 2026, with registrations rising over 12% month-on-month to 2.07 lakh units, up from 1.85 lakh units in August, marking the segment's strongest month in nine months. TVS Motor retained its leadership position, while legacy players Bajaj Auto and Hero MotoCorp posted notably strong growth during the month.
Here's how the top players stacked up. TVS Motor led the market with 53,989 registrations, capturing a 26.06% market share. Bajaj Auto held on to the second spot with 48,383 registrations and a 23.36% share, growing 17% month-on-month by adding over 7,000 units compared to August, a push that narrowed its gap with TVS to just 5,606 units, down from nearly 8,000 units the month before. Hero MotoCorp delivered the strongest growth of all, with its registrations jumping 27% to 24,306 units.
The bigger shift here matters more than any single month's numbers. Legacy manufacturers, TVS, Bajaj and Hero, together now command roughly 62% of India's entire electric two-wheeler market, a clear signal that established players with deep retail networks, service infrastructure and brand trust are steadily pulling ahead of pure-play EV startups. Pure-play players are increasingly finding it difficult to defend market share against companies that can lean on decades of dealer relationships and after-sales service coverage built for their petrol vehicle businesses.
There's a reality check worth flagging here too. While TVS and Bajaj together accounted for roughly half of all September registrations, one player among the top five actually recorded a monthly decline, a reminder that this rebound in overall market volume is not lifting every manufacturer equally, it's concentrating gains among the strongest, most established names.
From a niche segment dominated by EV-first startups to one increasingly led by century-old two-wheeler giants, India's electric scooter market in 2026 is proving that legacy manufacturing muscle and retail reach still count for a lot, even in a genuinely new product category.
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— Sandeep Raiza