The Indian electric two-wheeler (e-2W) 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. That’s a handsome 45 percent year-on-year (YoY) growth and makes for a daily ‘run rate’ of 6,159 units.
1. TVS and Bajaj continue to be the top two players
2. Top 10 OEMs accounted for 95 percent e-2-wheeler sales in March
3. FY2026 records highest sales in a fiscal year with 1.4 million units
What’s more, this massive surge in demand has taken the 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?
Several factors, including oil-supply worries, contributed to the surge in EV sales.
Typically, March always sees strong buying across sectors due to fiscal year-end 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. Consequently, Maharashtra and Karnataka, the top two e-2W buying states, 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. However, four days before the deadline, the government extended it for another four months till July 31, 2026, but with a reduced subsidy. Add to all this the ongoing global geopolitical crisis that has impacted the crude oil supply chain, which has 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 four 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 1,81,834 units, accounted for 95 percent of the 190,941 units sold in March 2026. All OEMs except Ola and E-Sprinto Green hit their highest monthly sales.
TVS
The EV market leader delivered a record number of e-scooters – just over 49,300 units – comprising the iQube and the new Orbiter. This marks a 60 percent growth from just under 31,000 units in March 2025 and gave TVS a 26 percent share of the e-2W market last month. The previous monthly best was just under 34,800 units in January 2026.
On March 12, in a move which accelerated demand for its e-2Ws, TVS rolled out Battery-as-a-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. It 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, which had a 24 percent market share in March 2026, continues to soldier along with a single product, the Chetak e-scooter. Bajaj delivered over 46,000 units last month, up 31 percent YoY to beat its previous best of just over 35,000, which was the only month when the company had retailed over 30,000 units. The Pune-based major had a special Chetak buyer offer running till March 31, 2026, which could have spurred demand. The brand recently launched an entry-level model in the Chetak range. Called the C2501, it comes with a hub-mounted motor and is priced at Rs 91,399.
Ather Energy
The Bengaluru-based EV startup, Ather, firmly entrenched in the No.3 spot, retailed just under 35,700 units in March, up 128 percent YoY, securing a 19 percent market share. Last month was the fifth instance of Ather clocking 20,000-plus units – all in FY2026 – and the first time that it surpassed the 30,000 mark. At just under 2.39 lakh units in FY2026, the company has surpassed the 2 lakh sales milestone for the first time in a financial year.
Vida
The EV arm of Hero MotoCorp, Vida, also registered its highest-ever monthly sales this March. At just under 21,500 units, it marks a 128 percent YoY increase compared to the March 2025 numbers of just over 8,000 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 just over 10,000 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 just over 23,500 units and its best monthly performance in the past five months after October 2025 (just over 16,000 units). Nevertheless, Ola is the sole OEM in the Top 10 listing to register a sales decline.
Greaves
This brand has recorded just under 8,000 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, also operating from Bengaluru, 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 Simple 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
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.
Ved Janve
