India’s electric two-wheeler market has crossed an important milestone. Monthly domestic wholesale volumes for electric scooters (250W and above) have now consistently exceeded 100,000 units, establishing a new benchmark for the segment’s scale.
The shift began in September 2025, when wholesales crossed the six-figure mark at 1,01,852 units. Since then, volumes have stayed at or above that level in every month except December, which saw a seasonal dip to 86,754 units. January 2026 marked a rebound, with 1,06,298 units dispatched, reaffirming that the 100,000 threshold is no longer an outlier but a working baseline.
This milestone comes at a time when policy discussions have largely focused on GST adjustments affecting internal combustion engine (ICE) vehicles. Electric two-wheelers were not part of those revisions, underscoring that the segment’s growth is being driven by product strength and market dynamics rather than short-term tax changes.
A Ten-Month Climb to Scale
The trajectory across the current financial year illustrates how the segment built momentum. April 2025 opened at 68,439 units. By June, volumes had fallen to 57,199 units — the lowest point of the year, coinciding with the onset of the monsoon season, which traditionally dampens two-wheeler demand.
From there, recovery was steady. July registered 61,157 units, followed by 73,498 in August. September marked the inflection point, crossing 100,000 units for the first time. October, November, and January all held within a 1,06,000–1,14,000 range, suggesting that the spike was not a festive-season anomaly but part of a broader structural shift.
The data indicates that electric scooters have moved from being a niche urban alternative to a meaningful contributor within India’s overall two-wheeler market.
TVS iQube Emerges as a Key Driver
Among individual brands, TVS Motor’s iQube electric scooter growth this financial year has stood out. The model began April at 27,604 units before dipping to 14,244 in June, likely reflecting inventory adjustments or a model transition. From July onward, volumes climbed steadily — 23,029 in July, 24,434 in August, and 30,820 in September.
From October through January, iQube maintained a consistent monthly range between 31,000 and 38,000 units. November recorded a high of 38,191 units, with January close behind at 37,560.
This represents more than a doubling of its wholesale run-rate within the same financial year. Crucially, the consistency from October onward suggests production stability and sustained demand rather than reliance on promotional spikes.
Ather Finds a Stable Operating Level
Ather Energy, which began reporting in industry association data from July 2025, has maintained a comparatively steady trajectory. After posting 15,096 units in July, the brand climbed to 22,757 in August and has largely operated in the 23,000–26,000 range since September, except for a December dip to 17,701.
January 2026 saw volumes at 25,765 units, reinforcing that Ather appears to have settled into a stable production and demand cadence. While its growth has been less dramatic than TVS’s, the brand’s steady run-rate reflects a more measured expansion strategy.
Chetak and Vida Add Depth to the Segment
Beyond the top two players, Bajaj Auto’s Chetak and Hero MotoCorp’s Vida have broadened the competitive landscape.
Bajaj recorded cumulative domestic sales of 2,40,254 units between April and January, averaging approximately 24,000 units per month. January alone accounted for 28,216 units, suggesting recent acceleration. Meanwhile, Hero’s Vida brand has scaled to roughly 14,000 units per month in recent months — a notable ramp-up from negligible volumes a year ago.
The significance here is not just individual brand growth, but the diversification of contributors. The market is no longer dependent on one or two dominant players. Instead, multiple brands are generating meaningful volumes, a hallmark of a maturing segment.
Growth Driven by Products, Not Policy
Unlike trends in the sub-4 metre passenger vehicle segment, electric scooter growth has not been directly tied to recent GST adjustments. Instead, three structural factors appear to be converging.
First, product quality has improved significantly. Today’s electric scooters from TVS, Ather, and Bajaj offer performance comparable to 110cc–125cc petrol scooters for urban commuting — a parity that earlier models often struggled to achieve.
Second, charging accessibility has expanded. Home charging setups have become more common, and workplace charging infrastructure is gradually improving, reducing range anxiety for daily use.
Third, operating economics continue to favour electric mobility. Rising fuel prices and heightened consumer awareness of long-term savings have strengthened the value proposition.
Together, these factors have created a more stable demand environment — one that does not rely solely on incentives or policy adjustments.
Can 100,000 Become 150,000?
The key question now is whether the current baseline can scale further. The December dip to 86,754 units suggests that seasonal demand fluctuations still influence the segment. Urban concentration remains high, and broader geographic penetration will be essential for sustained growth.
To move toward a 150,000 or even 200,000-unit monthly level, manufacturers will need to expand product offerings, deepen financing options, and continue investing in public charging infrastructure. Affordability in smaller towns and rural markets will also become increasingly important.
For now, however, the crossing of the 100,000-unit threshold marks a psychological and structural shift. Electric scooters are no longer an emerging side category — they are becoming a steady component of India’s two-wheeler ecosystem.
