The Indian electric 2-wheeler industry has hit a new monthly sales record in March 2026. The largest volume provider to the domestic EV industry has registered sales of close to 1.91 lakh units. This makes for a daily ‘run rate’ of 6,159 units and constitutes a handsome 45 percent YoY growth over March 2025.
1. Indian E-2 wheeler industry hits a new monthly sales record
2. TVS and Bajaj continue to be the top two players
3. Top 10 OEMs accounts for 95 percent of the total sales of E-2 wheelers in March
What’s more, this massive surge in demand has taken total 12-month e-2W retail sales in FY2026 to a record 1.4 million units (14,01,663 units) which is now the new benchmark, having surpassed FY2025’s 1.15 million units.
What are the catalysts for high sales in March 2026?
There are several factors that have contributed to this massive surge in EV sales.
Typically, March always sees strong buying across sectors due to fiscal-year-ending dynamics but March 2026 had some added reasons. March 19 marked the festive day of Gudi Padwa, the Maharashtrian new year, as well as Ugadi which is celebrated as the new year in Andhra Pradesh, Telangana and Karnataka. Resultantly, Maharashtra and Karnataka are the top two e-2W buying states and both would have seen a high level of sales on that festive day.
Another growth catalyst was the PM E-Drive Scheme for e-2Ws which was to end on March 31, 2026 albeit four days before the deadline the government extended it for another four months till July 31, 2026 with reduced subsidy. Add to all this is the ongoing global geopolitical crisis which has impacted the crude oil supply chain which helped accelerate EV buying across vehicle segments and also got fence-sitters to finally plug into zero-emission mobility.
What’s common to the e-2W segment’s standout performance in March 2026 as well as FY2026 is the stellar sales by the Top 4 manufacturers – TVS, Bajaj, Ather and Hero’s electric arm - Vida. These three legacy manufacturers and one start-up have each notched their highest monthly retail sales since they entered the market.
Let’s look at the Top 10 e-2W OEMs in the record-making month of March 2026.
Combined sales of the Top 10 OEMs at 181,834 units accounted for 95% of the 190,941 units sold in March 2026. Barring Ola and E-Sprinto Green, all the other 8 OEMs hit their highest monthly sales.
TVS
The EV market leader delivered a record 49,304 e-scooters comprising the X, iQube and the new Orbiter. This marks a 60 percent YoY growth over the March 2025 numbers that stood at 30,772 units. It gave TVS a 26 percent share of the e-2W market last month. TVS’ outstanding show in March beats its previous monthly best of 34,791 units in January 2026.
On March 12, in a move which accelerated demand for its e-2Ws, TVS rolled out the Battery-As-A-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. The company also launched the new Orbiter V1 (1.8 kWh) at Rs 84,500 (ex-showroom Delhi, inclusive of PM e-Drive) and Rs 49,999 (with BaaS).
Bajaj
The strong No. 2 contender continues to soldier along with a single product, the Chetak e-scooter. The Pune-based major delivered 46,246 units last month, up 31 percent YoY to beat its previous monthly of 35,215 units, which was the sole month when the company had retailed over 30,000 units. Bajaj’s sales this month gives it a 24 percent share of March 2026 sales. The company had a special Chetak buyer offer on hand till March 31, 2026 which would have energised demand. The brand recently launched an entry level model of the Chetak range - dubbed as the C2501 - that comes with a hub-mounted motor and is now the most affordable model in the range, starting at Rs 91,399.
Ather Energy
The Bengaluru based EV startup - Ather - firmly entrenched No.3 spot, retailed a record 35,688 units in March, up 128 percent YoY for a 19 percent market share. Last month was the fifth instance of the start-up clocking 20,000-plus sales – all in FY2026 – and the first time that it has surpassed the 30,000 mark. At just under 2.39 lakh units in FY2026, the company has surpassed the 2 lakh sales mark for the first time in a fiscal.
Vida
The EV arm of Hero MotoCorp, Vida, also registered its highest-ever monthly sales this March. At 21,434 units , it marks a 128 percent YoY increase compared to the March 2025 numbers of 8,039 units giving it an 11 percent share, its highest ever in a single month.
Ola
The other Bengaluru-based startup - that has been consistently witnessing a downward trajectory - is back to being the No. 5 e-2W OEM in monthly sales. Ola, which had slipped to No. 6 position in February 2026 and below Greaves Electric Mobility for the first time, sold 10,117 units in March 2026, lending it the fifth spot for this month. This is a 57 percent YoY decline over the March 2025’s numbers of 23,634 units and its best monthly performance in the past five months after October 2025 (16,064 units). Nevertheless, Ola is the sole OEM in the Top 10 listing to register a sales decline.
Greaves
This brand has recorded just under 7,965 units that lends it a YoY increase of 41 percent and now is back at No.6 position they had occupied before surpassing Ola in sales after February.
Other than Ather Energy, three other startups – Bgauss Auto, River Mobility and Simple Energy – also achieved their highest monthly sales. Bgauss Auto, which began sales in August 2022, sold just under 3,700 units last month, up 42 percent YoY compared to the March 2025 numbers of just under 2,600 units.
Bengaluru-based River Mobility, which is witnessing growing demand for its sole product – the River Indie – delivered over 4,100 units, up 417 percent YoY compared to March 2025 numbers of 802 units. This beats its previous monthly best of just over 2,600 units in January 2026.
Simple Energy, delivered over 1,740 e-scooters, up 352 percent YoY on a low year-ago base of 386 units. The upcoming e-scooter, understood to be called the Arrive, is a family-centric model which could rival the TVS iQube, Ather Rizta and Bajaj Chetak.
New Delhi-based E-Spring Green Energy, whose portfolio comprises two high-speed e-scooters and four low-speed models, wraps up the Top 10 list for March 2026 with 1,744 units, which makes for 727 percent YoY growth on a low year-ago base of 161 units. The company saw a surge in sales in the last two days, which pushed out electric motorcycle manufacturer Revolt Motors to 11th place.
Of the nearly 150 companies vying for a slice of India’s booming e-2W market, combined sales of these Top 10 OEMs of just 1.82 lakh units accounted for 95 percent of the just under 1.91 lakh units sold in March 2026, leaving the remaining five percent to be fought over by 140 players.