India Electric Two-Wheeler Registrations Rise in October as Market Shifts

Indian electric two-wheeler (E2W) registrations climbed in October, reaching 214,654 units, a 2.9% increase from the 208,688 units recorded in September. This marks the second consecutive month of growth for the sector, according to Vahan data.

Market Share Shifts Among Major Players

While the broader market saw growth, performance varied significantly among the top manufacturers. TVS Motor maintained its lead in the market, with registrations rising 7.4% to 58,425 units. This growth pushed the company’s market share to 27.2%, up from 26.1% the previous month.

Hero MotoCorp posted the strongest growth among the top five manufacturers, with registrations increasing 17.5% to 28,720 units. This surge expanded its market share to 13.4%. Conversely, Bajaj Auto, Ather Energy, and Ola Electric reported declines in registrations. Bajaj Auto saw a 4.3% decrease to 46,658 units, while Ather Energy reported a 1.8% decline to 30,380 units.

Production Constraints Impact Sales

Several manufacturers cited production capacity limitations as a factor in their performance. Ather Energy reported that supply constraints may have resulted in 20,000 lost retail sales per month. The company noted that its Hosur facility operated at 98% capacity during the second quarter of the 2027 fiscal year. Ather plans to add 2.25 million units of annual capacity by the second quarter of fiscal year 2028.

Bajaj Auto also identified manufacturing limitations, with CFO Dinesh Thapar stating that the company delivered only 75% of its planned volumes. Bajaj intends to increase its monthly production capacity for the Chetak line to 80,000 units by the fourth quarter of fiscal year 2027. TVS Motor announced similar expansion plans, targeting a production capacity of 80,000 units per month by March 2027.

Why it matters: The continued growth in Indian E2W registrations, despite manufacturing bottlenecks, signals robust consumer demand for electric mobility. For manufacturers, the ability to scale production capacity is currently the primary determinant of market share, a trend relevant to emerging markets looking to transition to green transportation.