Description
This report provides an overview of the electric two-wheeler (e-2W) market in India—a country where the e-2W market is expanding rapidly—during the first half of FY27.
Summary
India’s Electric Two-Wheeler Registrations in the First Half of FY27 Rise 83% Year-Over-Year to 1.122 Million Units
India’s electric two-wheeler (e-2W) market is expanding rapidly. Registrations in the first half of FY27 (April–September 2026) totaled 1.122 million units, an 83% increase compared to the same period last year. On a monthly basis, registrations from April through September exceeded the corresponding months of the previous year by more than 70%, with September recording 207,137 units—the highest figure for the first half. The share of EVs in total motorcycle sales also rose from 6.6% in the previous fiscal year to 10%.
Four factors are believed to be driving this trend.
First is uncertainty surrounding fuel supplies. Supply disruptions in the Strait of Hormuz led to long lines at gas stations across the country, and gasoline prices were raised four times in May. Sales in the second half of May were 57% higher than in the first half.
Second is the expiration of the “PM E-DRIVE” subsidy program. A rush of demand occurred ahead of the program’s expiration at the end of July, and sales dropped in August when the subsidy was temporarily suspended. In September, after the program was extended through March 2028, sales reached an all-time high.
The third factor is falling prices. Thanks to models with smaller-capacity batteries and battery subscription plans, the range of vehicles priced below 100,000 rupees has expanded. Four companies—TVS, Bajaj, Ather, and Hero—accounted for 75% of deliveries in August.
The fourth factor is fleet demand from delivery and rental companies.
Meanwhile, OLA, which once held the top spot, saw its FY26 sales volume drop by 52% from the previous fiscal year. This is reportedly due to a combination of factors, including dissatisfaction with service quality, investigations by regulatory authorities, and a reduction in its store network. The pace of recovery remains weak in FY27 as well, with its market share standing at approximately 6.6% as of September 2026.
Source: Compiled by our company based on publicly available information from SMEV, Vahan, JMK Research, and others (Intage India)
Report Detail
Survey start date: April - ApriSeptember 2026
# of pages: 8
Report price: Free
Target Countries: United States, South Korea, and others
Report Languages: Japanese and English
