ICE two-wheeler sales slide 8.6% MoM in May as EVs surge 62.5% YoY

India's two-wheeler market grew 7.4% YoY to 18.43 lakh units in May 2026, but the mix is breaking: ICE volumes fell 8.6% MoM while EVs hit 1.70 lakh units (9.2% penetration). Hero EV jumped 157% YoY, TVS led with 42,000 EV registrations, and Bajaj ICE slipped 7.5% YoY.

— Source publishedMon, 1 Jun, 2026, 18:08 IST·First seen Mon, 1 Jun, 2026, 18:13 IST·Source The Hindu BusinessLine

What happened

Hero MotoCorp · India two-wheeler sales grew 7.4% YoY in May 2026 but ICE volumes fell 8.6% MoM as EVs surged 62.5% YoY to 1.70 lakh units. Hero, Bajaj saw ICE

Key facts

  • 18.43 lakh units May 2026
  • ICE -8.6% MoM
  • EV +62.5% YoY to 1.70 lakh
  • EV penetration 9.2%
  • Hero EV +157% YoY
  • Bajaj ICE -7.5% YoY
  • TVS EV 42,000 units
  • FY27 EV estimate 1.8M

Why this matters

The 9.2% EV penetration inflection opens a 12-18 month window to acquire EV component suppliers, battery-swap networks, or D2C EV brands before valuations reset on the 1.8M FY27 run-rate.

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