Bajaj Auto pips TVS in October to top electric two-wheeler market

Bajaj Auto has climbed to the top spot in the electric two wheeler (e2W) market in October for the first time this financial year (FY26). It has grabbed a 21.9 per cent share of the market with the registration of 29,567 vehicles as on October 31.

 

Bajaj has displaced TVS, which has been in the top spot throughout this financial year, but is in second place in October. TVS saw registrations of 28,008 vehicles, a market share of 20.70 per cent, just behind Bajaj.

 

At the third spot is Ather Energy, which is in a fierce battle with the incumbent competitors to challenge their position. 

 

The company has already grabbed a market share of 19.6 per cent in October with registrations of 26,713 units and is in close distance of challenging TVS. 

 

However, Telangana is a big market for Ather, and its numbers are available only in the first week of November. This could lead to an upward revision in its figures. 

 

The once market leader Ola Electric, on the other hand, continued its slide — it was in the fourth position, with a market share of 11.6 per cent in October having registrations of 15,481 vehicles.

 

The company, which once ruled the market even with a 50 per cent share, is now under threat from Hero Motocorp’s Vida to maintain its fourth spot. The latter is closing in by hitting a market share of 11 per cent with 15,064 vehicles. 

 

The good news is that by October, Bajaj Auto clearly got over the challenge that it had faced due to the shortage of rare earth magnets — a key component for the electric motor.

 

The shortage was due to the Chinese export control order stopping its imports in April.

 

The company had publicly stated that it might have to close down its production or cut it down due to the crisis.

 

And, Bajaj’s registrations of electric two wheelers fell in August to a low of 11,776 — its lowest this financial year.