E2W registrations jump 36% in February; TVS Motor continues to lead the segment

Registrations of electric two-wheelers (E2Ws)—including pure electric and battery-operated vehicles—rose 36 per cent year-on-year to 1.05 lakh units in February 2026, compared with 76,350 units a year ago, according to Vahan data as of 1.15 pm on Saturday.

TVS Motor retained leadership in the segment, clocking 61 per cent year-on-year growth in February and further improving its market share. Hero MotoCorp more than tripled volumes over the year-ago period, lifting its market share to 11.30 per cent in February 2026 from 3.50 per cent a year earlier.

Barring Ola Electric, all major manufacturers posted growth over February 2025. Ola continued to lose volume, recording a 55 per cent decline during the month. The company, which had trailed Bajaj Auto in February 2025, slipped to fifth position a year later.

Second positioned Bajaj Auto reported a 12 per cent growth.

Ola’s market share fell sharply to 3.68 per cent from 11.36 per cent, the data showed.

The strong year-on-year growth underscores healthy underlying momentum in E2Ws, aided by better product quality and deeper distribution, while increasing participation from legacy OEMs is lending greater stability to the market, said Poonam Upadhyay, Director at Crisil Ratings.

With volumes sustaining above a 100,000-unit monthly run rate, the industry is operating at a higher structural base than in FY25, indicating demand consolidation at elevated levels. “More importantly, the demand construct is evolving, with E2Ws increasingly transitioning from an aspirational purchase to a more economically driven decision, reinforcing growth durability,” she said.

The 14 per cent month-on-month decline in February was largely due to base effects and normalisation after strong January sales, along with the shorter month, rather than any underlying demand slowdown, she added.

Published on February 28, 2026