India’s electric two-wheeler (E2W) market opened FY27 with a strong surge, clocking a 34 per cent year-on-year rise in April volumes to 1.39 lakh units, up from 92,424 units a year earlier, according to Vahan data, signalling sustained momentum in the transition to electric mobility.
The growth was led by established OEMs such as TVS Motor Company, Bajaj Auto, Ather Energy, and Hero MotoCorp. These top four players not only posted strong volumes but also expanded their combined market share, underlining how legacy manufacturers are tightening their grip on the fast-scaling E2W segment through improved distribution, supply chains, and product reliability.
TVS extends leadership gap
At the top of the market, TVS Motor further cemented its leadership position, significantly widening the gap over Bajaj Auto. The lead expanded to 4,896 units in April 2026 from just 814 units a year earlier, aided largely by strong demand for the iQube electric scooter.
Bajaj, Ather and Hero Motocorp reported higher volumes. While Bajaj marginally improved its market share both Ather and Hero saw a drop, according to Vahan data.
Ola loses ground
Ola Electric, which ranked fifth, reported a sharp drop in volumes after briefly regaining momentum in March by overtaking Greaves Electric Mobility.
The diverging trajectories point to intensifying competition in India’s E2W space. While start-ups continue to innovate, legacy players appear to be gaining ground through execution strength, suggesting the market may be entering a phase where scale, service networks, and operational discipline matter as much as product innovation.
River’s volume surge stands out
A standout performer during the month was the Bengaluru-based River Mobility, which saw volumes jump 74 per cent year-on-year to 3,037 units, driven by rising traction for its Indie electric scooter. The sharp growth reflects increasing consumer willingness to explore newer brands offering differentiated products, said sources.
Poonam Upadhyay, Director, Crisil Ratings, said E2W segment has had a strong start to FY27.
“Global oil supply uncertainty continues to nudge fence-sitters toward electric... Legacy manufacturers with established dealer and service networks have capitalised well on this shift, while pure-play EV start-ups are being pushed to improve on customer experience and product dependability,” she said.
With the PM E-Drive incentive already scaled down to a modest ₹5,000 per vehicle, its expiry in July 2026 is unlikely to be a material disruption, Upadhyay said. “The bigger watch is on rising raw material costs and whether the OEMs can absorb that pressure through improving localisation and a more disciplined approach to pricing to sustain healthy double-digit growth for the full year,” she added.
Published on April 30, 2026