E2W Registrations Rise 2.9% MoM To 2.15 Lakh In October, TVS & Hero Gain Market Share

India’s electric two-wheeler (E2W) registrations rose 2.9% to 2,14,654 units in October from 2,08,688 units in September, with TVS Motor and Hero MotoCorp gaining market share.

According to Vahan data as of 16:00 IST today, registrations increased for the second consecutive month, although growth slowed from September’s rebound.

Inc42 had reported a 12.2% MoM increase to 2.07 Lakh registrations in September, based on data available on October 1. The latest figures put September registrations at 2,08,688 units, implying 13% growth over August’s revised tally of 1,84,671 units.

October registrations rose 48.1% YoY from 1,44,980 units a year earlier. The month also recorded the highest registrations in the October 2025-October 2026 period covered by the data.

However, performance varied across manufacturers. TVS and Hero MotoCorp recorded gains, while Bajaj Auto, Ather Energy, and Ola Electric saw registrations decline. 

TVS Leads, Hero Gains

TVS retained the top spot, with registrations rising 7.4% to 58,425 units from 54,399 units in September. Its market share increased to 27.2% from 26.1%.

Bajaj Auto remained second despite a 4.3% decline in registrations to 46,658 units from 48,740 units. Its market share fell to 21.7% from 23.4%.

Hero MotoCorp recorded the strongest growth among the top five manufacturers. Its registrations jumped 17.5% MoM to 28,720 units, lifting its market share to 13.4% from 11.7%.

This narrowed its registration gap with third-placed Ather Energy to 1,660 units from 6,507 units in September. Ather’s registrations declined 1.8% to 30,380 units from 30,942 units in September, while its market share slipped to 14.2% from 14.8%.

Manufacturers Plan Capacity Expansion

The registration declines at Ather and Bajaj came amid capacity constraints flagged by both companies.

Ather said it estimates missing out on around 20,000 potential retail sales a month because of supply constraints. Its customer pre-orders more than doubled to around 1.8 Lakh during the September quarter, equivalent to approximately 60,000 a month, against average monthly production of around 33,000 units.

The company said its Hosur facility reached 98% capacity utilisation during peak production in Q2 FY27. It plans to add 2.25 Lakh units of annual production capacity across its facilities by Q2 FY28, taking combined installed capacity to around 11.4 Lakh units.

Bajaj Auto also flagged capacity constraints across its EV businesses. CFO Dinesh Thapar said during the company’s earnings call that manufacturing limitations meant it could deliver only 75% of its planned volumes.

The company plans to increase monthly Chetak production capacity to approximately 80,000 units by Q4 FY27 from 64,000 units currently.

Meanwhile, TVS announced plans in October to increase E2W production to 80,000 units a month by March 2027.

Ola Electric’s Registrations Decline Further

Ola Electric’s registrations fell 13.7% to 11,614 units in October from 13,458 units in September. Its market share dropped to 5.4% from 6.4%.

The decline comes amid the company’s efforts to revive its sales and distribution network, alongside its push into more affordable products and in-house battery technology. Yesterday, it closed its ₹1,000 Cr rights issue.

Among smaller manufacturers, Greaves Electric Mobility’s registrations increased 12.3% MoM to 10,468 units, while River recorded a 15.7% rise to 6,533 units.

E-Sprinto’s registration growth moderated to 6.4% MoM in October from over 1,500% in September. It registered 2,124 units during the month.

The company also launched its G1 family electric scooter in October, marking its entry into the B2C segment. Deliveries are scheduled to begin on January 1, 2027, with the company targeting sales of around 5,000 G1 units by March 2027.

The post E2W Registrations Rise 2.9% MoM To 2.15 Lakh In October, TVS & Hero Gain Market Share appeared first on Inc42 Media.