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TVS Zooms Past Bajaj in EV Sales Race
4 Apr
Summary
- TVS sales volume gap against Bajaj widened tenfold in FY26.
- Bajaj faces challenges like production delays and subsidy halts.
- TVS offers a broader EV portfolio, catering to more customers.
As of April 4, 2026, TVS Motor Company has established a commanding lead over Bajaj Auto in the burgeoning electric two-wheeler sector. In Fiscal Year 2026, TVS reported retail sales of 3,41,740 units, a substantial increase from the previous year, while Bajaj Auto recorded 2,89,393 units.
The volume gap between the two legacy players surged dramatically in FY26, reaching 52,347 units, a stark contrast to the 6,369 unit lead TVS held in FY25. This widening disparity is linked to Bajaj's production disruptions stemming from supply chain issues and delayed subsidies, alongside a more constrained product portfolio.
Industry experts note that TVS has successfully captured a broader market by offering diverse models like the iQube, X, and Orbitor. In contrast, Bajaj has largely focused on the Chetak, with limited variants, which restricts its appeal in a market segmenting by price and performance.
Furthermore, TVS's strategic use of Battery-as-a-Service (BaaS) has made its electric vehicles more accessible to price-sensitive buyers. Bajaj has been slower to adopt such pricing innovations, potentially hindering its penetration in the mass market segment as competition from new players intensifies.
