Electric 2-wheeler registrations up 18% in H1FY26, shows Vahan data

Despite the crisis surrounding rare-earth magnets, affecting the production of many players and leading to a sharp fall in sales of market leader Ola Electric, India’s electric two-wheeler registrations have shown an 18 per cent increase in the first six months of 2025-26 (FY26) over the same period last financial year.  

 

According to the VAHAN data, the number of two-wheeler registrations hit 582,027 in April-September compared to 492,586 in the same period the previous year.

 

Industry experts say while Ola Electric, once the market leader, saw a sharp decline in its registrations in this period, the gap was more than made up by other key players — TVS, Hero MotoCorp, and Ather Energy.

 

In the case of Ola Electric, its registrations sharply fell more than half — from 239,450 in April-September FY25 to 107,776 in the same period in FY26.

 

The big new player which has joined the party is Hero MotoCorp. Its registrations of the Vida in April-September zoomed 248 per cent to 71,969 vehicles as it pushed sales through discounts.  

 

The others have also pushed the pedal. For instance, while Ather’s registrations grew over 81 per cent, those of TVS were up 53 per cent in the first half of FY26 over the previous year.

 

In September this year, TVS strengthened its hold over the market with a 21.9 per cent share and now has top slot, wresting it from Ola, which held it last year in the same month.

 

Ola, which controlled a 27 per cent share of the market in September last year, is now down to only 12.7 per cent and has been pushed back to fourth spot.

 

Hero MotoCorp, with the Vida, comes close with 12.3 per cent.

 

However, Bajaj continues to be in second slot with 18.7 per cent. Ather has 17.2 per cent as against 14.3 last September.