Ola Electric registrations jump 23% in May as Bajaj closes gap on TVS in EV two-wheeler race
India's electric two-wheeler market grew 8% MoM to 1.70 lakh registrations in May 2026. Ola Electric led growth at +23% to 15,139 units (8.88% share), while Bajaj's 39,104 units (22.94%) narrowed the gap with leader TVS at 42,376 units (24.9%). Ather and Hero held third and fourth positions.
What happened
India's electric two-wheeler registrations rose 8% MoM to 1.70 lakh in May 2026. Ola Electric grew fastest at 23% to 15,139 units; Bajaj narrowed gap with
Key facts
- 1.70 lakh total registrations May 2026
- 8% MoM market growth
- Ola 15,139 units +23% MoM, 8.88% share
- TVS 42,376 units, 24.9% share
- Bajaj 39,104 units +13% MoM, 22.94% share
- Ather 28,190 units, 16.5% share
- Hero 19,044 units +19.7% MoM, 11.2% share
- Greaves 7,693 units, 4.5% share
- Ola m-cap Rs 18,195 cr
- Ather m-cap Rs 36,881 cr
Why this matters
A fragmenting top-five field—TVS, Bajaj, Ather, Hero, Ola—creates partnership and consolidation openings as Ola's recovery and Bajaj's surge reshape strategic value.
Also reported by
- Entrackr — Same time