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India's EV Two-Wheeler Boom: Sales Surge
14 Jul
Summary
- Electric two-wheeler sales grew 22% in FY26, reaching over 14 lakh units.
- E2W penetration climbed to 10.6% by June 2026, a significant increase.
- Annual E2W sales could reach 70-90 lakh units by 2030.
India's electric two-wheeler (E2W) market is transitioning from early adoption to rapid expansion. Sales increased by 22% in FY26, surpassing 14 lakh units, with market penetration rising to 10.6% by June 2026. Projections indicate annual E2W sales could reach 70-90 lakh units by 2030.
TVS Motors leads the market, with E2W sales surging 32.1% to 3.7 lakh units in FY26. The company is scaling production and expanding its iQube portfolio.
Bajaj Auto is experiencing profit-led EV growth, with its EV business achieving profitability and a double-digit margin in FY26. The Chetak scooter saw record performance.
Ather Energy, a key challenger, is expanding beyond the premium segment with its new 'EL Scooter Platform' targeting the mass market. Its revenue grew by 62.8% in FY26.
Factors driving this shift include falling battery costs, lower running expenses, expanding charging infrastructure, and supportive government policies.
