India’s electric two-wheeler (e-2W) segment delivered an impressive performance in February 2026, the shortest month of the year, with retail sales reaching 111,680 units. This represents a robust 46% year-on-year (YoY) growth compared to 76,720 units sold in February 2025. The strong showing underscores the accelerating shift toward electric mobility in the world’s largest two-wheeler market, driven by competitive pricing, expanding model lineups, improved infrastructure, and consumer preference for lower running costs.
The February tally marks the second-highest monthly sales in the current fiscal year (FY2026), trailing only October 2025’s peak of 145,006 units. Cumulatively, the first 11 months of FY2026 (April 2025 to February 2026) have now recorded 1,209,542 units, reflecting a solid 19% YoY increase. Remarkably, this 11-month figure has already surpassed the entire FY2025’s record retail sales of 1,150,767 units, highlighting the segment’s rapid momentum.
With March 2026—the final month of FY2026—still ahead, the industry is poised for a landmark year. Analysts project that if monthly sales exceed 140,000 units in March, total FY2026 deliveries could surpass 1.35 million units, setting a new benchmark for electric two-wheeler adoption in India. This trajectory reflects sustained demand despite occasional monthly fluctuations, such as the typical seasonal dip in February due to its shorter duration.
Among manufacturers, TVS Motor Company has solidified its position as the dominant player. In February 2026, TVS led the pack with approximately 31,600 units (around 28% market share), continuing its strong run with models like the iQube. The company’s cumulative sales for the first 11 months of FY2026 stand at roughly 290,746 units, putting it on course to achieve record annual sales exceeding 300,000 units—and likely closer to 325,000 by fiscal close.
This performance positions TVS Motor as the No. 1 e-2W OEM for FY2026, overtaking previous leaders and demonstrating the strength of legacy manufacturers in scaling electric offerings. Other key contributors in February included Bajaj Auto (Chetak series), Ather Energy, and Hero MotoCorp (Vida), while newer entrants faced varying challenges.
The surge in e-2W sales is fueled by several factors:
- Aggressive pricing and festive promotions making EVs competitive with ICE counterparts.
- Growing charging infrastructure and government incentives supporting adoption.
- Rising fuel prices and environmental awareness among urban commuters.
As the segment crosses the 1.2 million cumulative mark in just 11 months, India’s e-2W market is firmly establishing itself as a cornerstone of the country’s EV transition. With TVS leading the charge and the industry on pace for 1.35 million+ units in FY2026, 2026 is shaping up as a pivotal year for electric mobility on two wheels.The coming March could deliver the final push toward this record, further cementing electric two-wheelers as a mainstream choice for Indian riders.
