The electric two-wheeler (E2W) industry in India has transitioned from a niche segment into a mainstream economic powerhouse. As of the end of FY26, the sector has witnessed a massive shift in leadership, driven by a combination of established automotive giants and aggressive new-age startups. Today, electric two-wheeler companies in India contribute significantly to the national green energy goals, supported by over 14 lakh units sold in the last fiscal year alone.

India is currently the second-largest two-wheeler market globally, and with E2W penetration reaching approximately 6.5% in FY26, the industry is on a clear path to disruption. This growth is bolstered by the PM E-DRIVE scheme (extended through July 2026) and the PLI scheme, which have stabilized the supply chain and incentivized local manufacturing.

Below is a detailed compilation of the top electric two-wheeler companies in India based on their market share and sales volumes in FY 2026.

Top Electric Two-Wheeler Companies in India by Market Share

#1 TVS Motor Company (24.36% Market Share) – Largest Among Electric Two-Wheeler Companies in India

TVS Motor Company (TVSM) is a leading player in the two-wheeler industry and the only manufacturer with a presence across all three segments: motorcycles, scooters, and mopeds. With a market share of approximately 25%, its portfolio includes iconic brands like the Apache series, Jupiter, and Ntorq. The company has a strong global footprint, generating 28% of its revenue from international markets.

TVSM is now aggressively pivoting toward Electric Mobility (EV), planning a diversified portfolio in the 5-25kW segment. To support this, the company signed an MoU with the Tamil Nadu government for an INR 1,200 crore investment in future technologies. Key strategic collaborations include a partnership with BMW Motorrad for EV development and Tata Power for charging infrastructure. With a massive annual capacity of 55 lakh units, TVS remains at the forefront of innovation and sustainable transport.

• Sales (FY26): 3,41,513 units (up 43.54% YoY)
• Key Models: iQube, TVS X, Orbiter
• Market Position: 1st
• TVS market share: 24.36%

#2 Bajaj Auto (20.64% Market Share)

Bajaj Auto, the flagship of the Bajaj Group, is the world’s largest three-wheeler manufacturer and India’s leading exporter of two-wheelers. By the end of FY26, the company achieved a historic milestone, crossing the INR 15,000 crore quarterly revenue mark for the first time, driven by a superior product mix and cooling commodity prices.

The company has successfully pivoted toward premiumization and green mobility. Its Chetak EV brand saw exponential growth in FY26, securing the #2 spot in India’s electric two-wheeler market. Furthermore, the launch of the Freedom 125, the world’s first CNG motorcycle, has redefined the commuter segment. Bajaj’s partnership with Triumph has also flourished, making India the largest global market for the iconic British brand.

On the international front, Bajaj expanded its manufacturing footprint with a new plant in Brazil and recorded an 18% recovery in export volumes. The market share of Bajaj Auto in E2W segment is 20.64%.

• Sales (FY26): 2,89,349 units (up 25.17% YoY)
• Key Models: Chetak Premium, Chetak Urbane
• Market Position: 2nd

#3 Ather Energy (17.06% Market Share)

Ather Energy is a pioneer in the Indian electric two-wheeler (E2W) market, known for its vertically integrated and software-driven business model. Following its successful IPO in May 2025, the company has transitioned from a premium niche player to a top-tier manufacturer. Currently, Ather market share stands at 17.06%.

The company’s portfolio is led by the performance-heavy 450 series and the family-oriented Rizta. Ather also operates one of India’s largest fast-charging networks, the Ather Grid, with over 2,500+ points across the country. As of FY26, Ather is aggressively expanding its manufacturing footprint with its new “Factory 3.0” in Maharashtra, which is scheduled to commence production in July 2026. This facility will boost its annual capacity to a massive 1.42 million units.

• Sales (FY26): 2,39,178 units (up 82.34% YoY)
• Key Models: 450X, 450S, Rizta
• Market Position: 3rd

#4 Ola Electric (11.72% Market Share)

Once the segment leader, Ola Electric faced a challenging FY26, slipping to the fourth position. The company saw a sharp 52.28% decline in sales volumes, largely attributed to persistent after-sales service challenges and mounting customer grievances regarding spare part availability. Despite the drop, Ola remains a major player with its significant manufacturing scale at the “FutureFactory.” Ola’s market share slips to 11.72% in FY26.

Ola has set an ambitious sales target of 3.25–3.75 lakh vehicles, with a revenue guidance of up to INR 4,700 crore. The company is aggressively diversifying its portfolio by entering the motorcycle segment with the Roadster series and upcoming premium models like the Diamondhead. With its deep vertical integration through the Bharat Cell initiative and an extensive D2C distribution network

• Sales (FY26): 1,64,295 units (down 52.28% YoY)
• Key Models: S1 Pro, S1 Air, S1 X
• Market Position: 4th

#5 Hero Vida (10.30% Market Share)

Hero MotoCorp’s EV brand, Vida, has recorded the most impressive turnaround among established players. With an exponential growth of 196.13%, Vida has utilized Hero’s massive distribution reach to penetrate Tier-2 and Tier-3 cities with 6,000 touchpoints, making it a serious contender for the top 3 spots in the coming years. Currently, Hero Vida has a 10.30% market share in the e2w segment.

• Sales (FY26): 1,44,330 units (up 196.13% YoY)
• Key Models: Vida VX2 Plus, V1 Pro
• Market Position: 5th

#6 Greaves Electric (4.39% Market Share)

Greaves Electric Mobility, retailing under the Ampere brand, is a niche player in the value-for-money segment. By selling 61,563 units in FY26, it maintained a steady 53.26% growth. The launch of the Ampere Nexus—the brand’s first high-speed premium family scooter—marked a shift from its earlier focus on low-speed, utilitarian models.

Ampere’s strength lies in its deep penetration into semi-urban and rural India, where it competes effectively against unorganized petrol scooter markets. The company’s focus on durability and “no-frills” performance makes it a preferred choice for commuters who view EVs as a pure utility tool.

• Sales (FY26): 61,563 units (up 53.26% YoY)
• Key Models: Nexus, Magnus, Reo80
• Market Position: 6th
• Ampere Market Share: 4.39%

#7 Bgauss (1.87% Market Share)

Bgauss, a venture by the RR Global group, has demonstrated that a focused, localised strategy can yield consistent results. Selling 26,201 units at a growth rate of 51.08%, Bgauss has focused on the “Atmanirbhar” philosophy, localising its motor and controller production. The RUV350 (Robust Utility Vehicle) has been its standout performer, blending the comfort of a scooter with the ruggedness needed for Indian road conditions. Bgauss’s conservative but steady expansion into 20 states has allowed it to maintain high service quality standards, avoiding the pitfalls faced by larger competitors.

• Sales (FY26): 26,201 units (up 51.08% YoY)
• Key Models: BG RUV 350, BG Max C12, BG OOWAH
• Market Position: 7th
• BGAUSS Market Share: 1.87%

#8 River EV (1.59% Market Share)

River EV is the most notable “disruptor” of FY26, recording an explosive 426.35% growth. ^{Selling 22,354 units with just a single model—the River Indie—the Bengaluru-based startup has successfully marketed the “SUV of Scooters.” Its utility-first design, featuring massive storage space and crash guards, has resonated with both delivery professionals and adventure-seeking urban youth.}

The company secured significant international investment in 2025, which helped it scale its manufacturing facility in Hoskote. River’s strategy of “cruising slowly but surely” involves a deep focus on product perfection before mass-scale expansion. As they plan to enter North and West India in FY27, River is expected to cross the 50,000-unit mark soon, especially with the anticipated launch of their second high-utility product.

• Sales (FY26): 22,354 units (up 426.35% YoY)
• Key Models: Indie
• River EV Market Share: 1.59%

#9 Pure EV (1.02% Market Share)

Pure EV is an IIT Hyderabad-incubated company that continues to maintain its presence in the top 10 with 14,352 units sold in FY26. Growing at 59.79%, the company’s core strength remains its in-house R&D in battery thermal management and powertrain engineering. Its flagship models, the ePluto 7G and the ecoDryft electric motorcycle, cater to the budget-conscious segment that demands high range.

Pure EV is one of the few players in the top 10 electric two-wheeler companies in India that has a meaningful presence in the electric motorcycle category, a segment that is still in its infancy in India.

• Sales (FY26): 14,352 units (up 59.79% YoY)
• Key Models: ePluto, NeoSX, ecoDryft, eTrystX
• Pure EV Market Share: 1.02%

#10 E-Sprinto (0.90% Market Share)

Entering the top 10 electric two-wheeler companies in India, E-Sprinto recorded a staggering 792.97% growth (albeit from a lower base). By retailing 12,582 units in FY26, it beat out several legacy players who are still in the prototype phase. E-Sprinto’s success is attributed to its “fast-to-market” strategy, offering a wide range of low and high-speed models like the Amery and Roam.

The brand has targeted the entry-level EV segment where price sensitivity is highest. By keeping overheads low and focusing on high-volume urban clusters, E-Sprinto has managed to scale rapidly. While it faces stiff competition from the top 5, its ability to offer immediate delivery and competitive financing has made it a popular choice for first-time EV buyers in metropolitan outskirts.

• Sales (FY26): 12,582 units (up 792.97% YoY)
• Key Models: Sprinto HS, Amery, Roamy, Rapo
• E-Sprinto Market Share: 0.90%

Largest E2W Companies in FY26 by Market Share

Emerging Startups in E2W Stocks in India

While the top 5 electric 2-wheeler companies in India command nearly 84% of the market share, the remaining share is being fought over by innovative startups like Kinetic Green, Revolt, and Simple.

The FY 2025-26 data of the best electric two-wheeler companies highlights a “flight to quality” and “flight to service.” Customers are increasingly moving toward established brands like TVS and Bajaj or service-oriented startups like Ather, while penalizing players with service execution gaps. With the entry of new players like Suzuki and Yamaha expected in the next fiscal, the competition is set to intensify further.

Electric Two-Wheeler Companies in India FAQs

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.