India’s EV Two-Wheeler Market Crosses 2 Lakh Units for the First Time in July 2026

India’s electric two-wheeler market crossed 2 lakh units in a single month for the first time in July 2026, with 2,04,266 units retailed according to VAHAN portal data, surpassing the previous high of 1,99,411 units set in March 2026. The milestone caps a seven-month run for calendar 2026 that now totals 11.7 lakh units, up 56% year-over-year, while the FY27 cumulative (April to July) stands at 7,29,573 units, a 73% jump over the same period last year.

The month produced a clear split between winners and one significant laggard. TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp’s Vida brand all posted double- or triple-digit year-over-year growth, with TVS and Vida both hitting all-time monthly highs. Ola Electric was the lone exception among the top ten, the only major brand to post a year-over-year decline, continuing a slide that’s now stretched across most of 2026.

July 2026 Electric Two-Wheeler Sales by OEM

TVS Motor: A Record Month, and a Wholesale Number That’s Even Higher

TVS Motor remained the top electric two-wheeler seller in July, with retail registrations of 55,477 units, up 135% year-over-year and its highest-ever monthly figure, ahead of the previous best of 51,632 units set in March. TVS now holds a 27% market share, up from roughly 22% a year earlier. The company’s cumulative FY27 EV sales of 1,86,034 units already represent 52% of its full FY26 total, putting it on track to cross 5.5 lakh annual EV two-wheeler sales for the first time. The iQube remains TVS’s top-selling model, with the newer Orbiter also gaining traction.

Worth flagging separately: TVS’s own company-reported wholesale dispatch figure for the month, the number of units shipped to dealers rather than retail registrations, was even higher, at 60,934 units, up 158% year-over-year and the company’s highest-ever monthly EV dispatch. The two figures aren’t in conflict, they measure different things (dispatch vs registration), and the gap simply reflects units that reached dealers in July but may register with customers slightly later.

Bajaj Auto: Chetak Holds Second, Boosted by a New Variant

Bajaj Auto sold 45,592 Chetak units in July, up 122% year-over-year, taking its market share to 22% from around 19% a year earlier. This was Bajaj’s second-highest monthly figure on record, behind only March’s 47,751 units. Cumulative FY27 sales of 1,63,236 units already account for 54% of the company’s full FY26 total. Bajaj Auto Joint MD Rakesh Sharma noted that the recently launched Chetak 2501 variant now makes up about 12% of total Chetak sales.

Ather Energy: Steady Third Place, With Two Product Moves Worth Watching

Ather Energy delivered 30,323 units in July, up 70% year-over-year, holding its position as India’s third-largest electric two-wheeler brand. The company updated the battery chemistry across its 450 and Rizta model ranges during the month, with the Rizta now offered in both LFP and NMC configurations. Ather is also preparing to launch its first EL platform-based scooter, expected to be priced between ₹1 lakh and ₹1.25 lakh, at its Community Day event on August 29, a move aimed squarely at the mass-market price band where Ola, TVS, and Bajaj compete most heavily.

Vida (Hero MotoCorp): A New All-Time High

Vida posted its best-ever monthly sales of 22,887 units in July, up 111% year-over-year, ahead of its earlier highs of 22,201 units in March and 21,893 units in June. The brand expanded its lineup during the month with the VX2 Plus 4.4kWh variant, priced at ₹1.43 lakh, and the VX2 Go FB, a fixed-battery variant with a 3.1kWh pack priced at ₹1.13 lakh, both aimed at broadening Vida’s price ladder.

Ola Electric: The Outlier, and a Strategic Shift in Response

Ola Electric was the only major player among the top ten to register a year-over-year decline, with sales falling 24% to 14,105 units from 18,449 units in July 2025. That also marked a 13% sequential drop from June, breaking a run of three consecutive months of month-over-month growth. Ola’s market share has fallen to 7%, from 17% a year earlier when it ranked third in the category.

The company’s response arrived alongside the sales data: Ola Electric announced it is ending its direct-sales-only strategy and opening its sales and service network to dealer partners, a reversal of the company-owned retail model it has used since entering the market. The shift follows a period of a shrinking company-owned store footprint and widening service gaps in several markets, factors that have weighed on resale values and brand sentiment relative to TVS and Ather.

The Rest of the Field

Greaves Electric Mobility, which sells under the Ampere brand, delivered 10,125 units, up 137% year-over-year. River Mobility posted its highest-ever monthly sales, with 5,951 units of the Indie model, up 254% year-over-year, shortly after rolling out its 50,000th unit from its Hoskote plant. Bgauss Auto sold 5,518 units, up 213%, while Simple Energy sold 1,648 units, with its upcoming Simple Arrive family scooter due to launch on September 2. Lectrix Vehicles rounded out the top ten with 1,397 units.

Electric Motorcycles: A Segment Still Too Small to Break Out Separately

This report covers both scooters and motorcycles under the “electric two-wheeler” umbrella, consistent with how VAHAN and industry trackers currently report the category, but it’s worth being explicit that the segment remains overwhelmingly scooter-led. Every brand in the top ten table above sells primarily or exclusively electric scooters. Dedicated electric motorcycles are a genuinely early-stage sub-segment: Royal Enfield’s debut electric motorcycle, the Flying Flea C6 (priced at ₹2.79 lakh ex-showroom), had its first month of meaningful retail availability in July 2026, and Ola Electric has separately expanded into electric motorcycles with its Roadster series. Neither company’s electric motorcycle unit sales have been broken out separately in available VAHAN or company reporting as of this report’s publish date, so we cannot yet quantify the electric motorcycle share of the 2,04,266-unit July total.

What’s Driving the Growth

July’s surge arrived just before the central government’s PM E-Drive subsidy on electric two-wheelers officially ended after July 31, 2026, with no extension notified at the time of writing. That timing matters for interpreting the month’s numbers: some of July’s demand across the entire segment, not any single brand, may reflect buyers pulling purchases forward to lock in the subsidy before it lapsed. That makes August 2026 a genuinely important data point, not just for Ola’s turnaround attempt, but for the entire industry’s ability to sustain 2-lakh-unit-plus monthly volumes without the incentive in place.

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