TVS Motor Co has overtaken Ola Electric in cumulative electric two-wheeler (e2W) sales in India, becoming the country’s largest e2W manufacturer by total domestic registrations. According to Vahan data, TVS has registered 11,27,873 electric two-wheelers, compared with 11,17,031 for Ola Electric, giving TVS a lead of 10,842 units.
- TVS has 11.28 lakh cumulative e2W registrations
- TVS e2W sales up 75 percent in 2026 YTD
- Ola’s 2026 YTD market share has fallen to around 7 percent
TVS has rapidly closed the gap
The speed of the turnaround is striking. At the end of July 2026, Ola was still ahead of TVS by 15,996 units, with cumulative registrations of 11,08,565 compared with TVS’s 10,92,569. In the first 24 days of August, however, TVS registered 35,304 electric two-wheelers compared with just 8,466 for Ola, allowing it to erase the deficit and move into the cumulative lead.
TVS has registered 3,42,958 electric two-wheelers year-to-date (YTD), up 75 percent from the corresponding period in 2025. The figure has already surpassed its full-year 2025 sales of 3,15,081 units.
The company has held the No. 1 position in monthly electric two-wheeler sales since April 2025, with the iQube and Orbiter driving its growth. TVS recorded its highest-ever monthly e2W sales in June 2026, registering 55,783 units. This surpassed Ola Electric’s previous record of 53,647 units set in May 2024.
At its current sales rate of around 1,673 units a day, TVS could cross 5 lakh electric two-wheeler sales in 2026 for the first time.
TVS took more than three years to reach its first 1 lakh cumulative e2W sales, but its growth subsequently accelerated sharply. It crossed 3 lakh units in April 2024, before moving from 3 lakh to 7 lakh units in just 17 months.
Ola has gone from market leader to No. 5
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The reversal is particularly significant given Ola Electric’s dominance just two years ago. Ola sold 4,29,187 electric two-wheelers in 2024, giving it a 35 percent share of the 12.1 lakh-unit Indian e2W market.
It was the first Indian electric two-wheeler manufacturer to cross the 4 lakh annual sales mark, but its performance weakened sharply in 2025. Sales fell 52 percent to 2,04,542 units, while its market share dropped to 15 percent.
The decline has continued into 2026. Ola has registered 88,910 electric two-wheelers between January 1 and August 24, giving it around 7 percent of the 13 lakh-unit-plus market so far this year.
Ola, which last topped the monthly sales charts in January 2025, currently trails TVS, Bajaj Auto, Ather Energy and Hero MotoCorp in YTD sales.
TVS and Ola account for 40 percent of cumulative sales
TVS and Ola are the only two Indian electric two-wheeler manufacturers to have achieved cumulative sales of over one million units. Together, they have registered around 22.45 lakh electric two-wheelers, accounting for roughly 40 percent of India’s cumulative e2W sales since 2020.
Bajaj Auto, Ather Energy, Greaves Electric Mobility and Vida are the other major players in the segment. India’s electric two-wheeler market is also heading for a record year. The segment has averaged more than 1.63 lakh registrations a month in 2026 and is on course to approach 20 lakh annual sales for the first time.
The change at the top is a remarkable reversal of fortunes: Ola built a commanding lead by 2024, but TVS has erased it in little over a year through sustained growth, whereas Ola’s sales have contracted sharply.
With inputs from Ved Janve
Vishal Venugopal
Ved Janve
Stephen Raj Antony
