TVS widens EV two-wheeler lead as Ola and Ather registrations decline

TVS Motor crossed 50,000 EV two-wheeler registrations in July, taking a 27.15% market share. Bajaj Auto retained second place, while Ather Energy and Ola Electric posted month-on-month declines.

— Source publishedSat, 1 Aug, 2026, 09:40 IST·First seen Sat, 1 Aug, 2026, 09:40 IST·Source Entrackr · Newsletter

What happened

TVS Motor widened its lead in India’s EV two-wheeler market in July 2026, crossing 50,000 registrations and taking 27.15% share. Bajaj remained second, while

Key facts

  • India EV two-wheeler registrations exceeded 193,000 in July 2026
  • TVS Motor: 52,538 registrations, 27.15% share, +10.8% month-on-month
  • Bajaj Auto: 43,607 registrations, 22.53% share
  • Ather Energy: 28,819 registrations, 14.89% share, -8.3% month-on-month
  • Hero MotoCorp: 21,174 registrations, 10.94% share, -3.3% month-on-month
  • Ola Electric: 13,170 registrations, 6.80% share, -19% month-on-month
  • Greaves Electric Mobility: 9,701 registrations, 5.01% share, -11.3% month-on-month
  • BGauss: 5,324 registrations, +33.9% month-on-month
  • River Mobility: 5,554 registrations, +24.8% month-on-month

Why this matters

TVS’s widening EV lead raises the strategic value of charging, battery, software and retail-service partnerships, while weakened momentum at Ola and Ather could create collaboration or asset-acquisition opportunities.

What to watch

  • August and festive-season VAHAN registrations: whether TVS holds above 50,000 units and whether Ola/Ather stabilize month on month.
  • Average selling prices, financing schemes and dealer incentives, which would indicate a shift from demand-led growth to price-led share capture.
  • Service turnaround times, delivery backlogs and consumer complaints at Ola and Ather.
  • New EV two-wheeler launches, battery-range upgrades and production-capacity announcements from TVS, Bajaj, Ather and Ola.
  • Changes in state incentives, registration rules, battery-safety requirements or financing availability.
  • TVS is likely to expand iQube variant availability, dealer inventory and financing tie-ups to sustain monthly registrations above the 50,000 threshold.
  • Ola and Ather are likely to intensify promotional campaigns, accelerate service-network fixes and use new-product launches to reverse the registration decline.
  • Bajaj may defend its second-place position through Chetak distribution expansion and targeted pricing rather than broad-based discounting.
  • Legacy OEMs may increase EV component localization and supplier commitments as TVS's scale makes the segment's economics more credible.

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