India’s E2W Registrations Rise 2.9% In October To 2.15 Lakh Units, TVS And Hero Gain Share

India’s electric two-wheeler (E2W) registrations increased 2.9 per cent month-on-month (MoM) to 2,14,654 units in October from 2,08,688 units in September, with TVS Motor and Hero MotoCorp gaining market share, as per a media report.

According to Vahan data available as of 4 PM IST, registrations rose for the second consecutive month, although the pace of growth moderated from September’s rebound.

September registrations had increased 12.2 per cent, MoM to around 2.07 lakh units, based on data available on 1 October. The latest figures put September registrations at 2,08,688 units, marking a 13 per cent rise over August’s revised tally of 1,84,671 units.

October registrations grew 48.1 per cent year-on-year (YoY) from 1,44,980 units a year earlier. The month also recorded the highest registrations during the October 2025-October 2026 period covered by the data.

However, performance varied across manufacturers. TVS Motor and Hero MotoCorp recorded gains, while Bajaj Auto, Ather Energy and Ola Electric saw registrations decline.

TVS Motor retained the top position, with registrations rising 7.4 per cent to 58,425 units in October from 54,399 units in September. Its market share increased to 27.2 per cent from 26.1 per cent.

Bajaj Auto remained in second place despite a 4.3 per cent decline in registrations to 46,658 units from 48,740 units. Its market share fell to 21.7 per cent from 23.4 per cent.

Hero MotoCorp recorded the strongest growth among the top five manufacturers. Its registrations increased 17.5 per cent, MoM to 28,720 units, lifting its market share to 13.4 per cent from 11.7 per cent.

This narrowed the registration gap with third-placed Ather Energy to 1,660 units from 6,507 units in September. Ather’s registrations declined 1.8 per cent to 30,380 units from 30,942 units, while its market share slipped to 14.2 per cent from 14.8 per cent.

The registration declines at Ather Energy and Bajaj Auto came amid capacity constraints flagged by both companies.

Ather said it estimates missing out on around 20,000 potential retail sales each month due to supply constraints. Customer pre-orders more than doubled to around 1.8 lakh during the September quarter, equivalent to approximately 60,000 units a month, against average monthly production of around 33,000 units.

The company stated that its Hosur facility reached 98 per cent capacity utilisation during peak production in Q2 FY27. It plans to add 2.25 lakh units of annual production capacity across its facilities by Q2 FY28, taking its combined installed capacity to around 11.4 lakh units.

Bajaj Auto also flagged capacity constraints across its electric vehicle businesses. CFO Dinesh Thapar stated during the company’s earnings call that manufacturing limitations meant it could deliver only 75 per cent of its planned volumes.

The company plans to increase monthly Chetak production capacity to approximately 80,000 units by Q4 FY27 from 64,000 units currently.

Meanwhile, TVS Motor announced plans in October to increase E2W production to 80,000 units a month by March 2027.

Ola Electric’s registrations fell 13.7 per cent to 11,614 units in October from 13,458 units in September. Its market share dropped to 5.4 per cent from 6.4 per cent.

The decline comes as the company works to revive sales and its distribution network, alongside its push into affordable products and in-house battery technology. It recently closed its Rs 1,000 crore rights issue.

Among smaller manufacturers, Greaves Electric Mobility’s registrations increased 12.3 per cent, MoM to 10,468 units, while River recorded a 15.7 per cent rise to 6,533 units.

E-Sprinto’s registration growth moderated to 6.4 per cent MoM in October, compared with more than 1,500 per cent in September. The company registered 2,124 units during the month.

E-Sprinto also launched its G1 family electric scooter in October, marking its entry into the business-to-consumer (B2C) segment. Deliveries are scheduled to begin on January 1, 2027, with the company targeting sales of around 5,000 G1 units by March 2027.