The Indian electric two-wheeler (E2W) market is continuing to evolve rapidly, with changing consumer preferences and tighter competition impacting the industry. As per the latest VAHAN registration data covering the first nine days of September 2026, Greaves Electric Mobility (GEML) is now among the top five E2W manufacturers in the country. The company recorded 2,645 E2W registrations and a 4.6 per cent market share in the period, overtaking Ola Electric which posted 2,607 units and a 4.5 per cent share. The Top 5 entry is a significant achievement for GEML, and indicative of the rising appeal of its Ampere-branded products within a market that has been characterised by a small number of dominant early market entrants.
The company’s performance in early September reflects a broader trend of momentum in its E2W operations, and not a flashpoint. The first nine-day month of September saw a 66 per cent rise in volumes from 1,597 units in a similar period in August, while the overall E2W market grew 33 per cent to 57,505 units. Market share rose by 0.9 percentage points to 4.6 per cent from 3.7 per cent in August. The improvements follow a strong start to FY27 for GEML, with a 101 per cent year-on-year increase in E2W volumes and 5.6 per cent market share in June 2026. The company’s outperformance of the market in the first quarter of the current fiscal year demonstrates the effectiveness of its focused approach to E2W product development and distribution chain management.
A critical differentiator for GEML has been its focus on vehicles tailored to the Indian conditions and value-conscious buyers. Ampere’s E2W portfolio provides attractive value at entry-level prices while also offering an array of benefits on the upper end. The company’s focus on the sub-Rs 1 lakh segment in India has enabled it to capture the attention of many families and commuters who are conscious of running costs but want the range and convenience of an E2W. The company has transitioned entirely to lithium iron phosphate (LFP) batteries, offering enhanced safety and performance while also being suited to the climatic and road conditions in India. Recognition of its value-for-money products, including the Magnus GMax which won the Family Scooter of the Year, has also contributed to the company’s rising stock in the highly-competitive E2W space.
“The Top 5 entry represents a validation of our disciplined approach over the past few quarters. We are not chasing volumes for the sake of it but focussing on quality growth and better unit economics while also ensuring a disciplined approach towards our capital structure and operating philosophy,” said Managing Director Vikas Singh. He added that the company’s confidence in building a successful E2W business in India is bolstered by its performance in early September. In his view, the company’s focus on expanding its volumes while simultaneously improving its operating and financial performance will drive long-term profitability and growth.
It is particularly notable that the company has managed to strengthen its operating metrics while also outpacing the competition, which is often a challenge for firms at this stage of their lifecycle. This is reflective of GEML’s balanced focus on growth and profitability in a highly competitive market. The company’s regional focus and emphasis on building leadership in specific pockets has also borne fruit: in addition to a significant share of the market in Bihar, GEML holds a healthy presence in Tamil Nadu, Odisha and West Bengal which are three of the most E2W-intensive states in India. With dealerships spread across dozens of states and hundreds of outlets, the company’s channel management strategy has enhanced its ability to serve customers while also facilitating after-sales service.
Looking ahead, GEML is targeting higher growth in the E2W space, building on its Top 5 entry by focusing more on product upgrades, dealer expansion and financing partnerships to drive demand. The company’s upcoming sixth-generation mass-market scooter scheduled for launch in FY27 will provide a much-needed fillip to its value proposition in the E2W segment. Simultaneously, management has acknowledged the need for expansion on a larger scale in order to achieve scale and profitability as competition in the E2W space intensifies.
The entry-level segment has become increasingly crowded and price-sensitive, with companies engaging in aggressive price wars. Ola Electric’s slide down the ranks from around 35 per cent market share in 2024 is testament to the challenges companies face in retaining their position in such a competitive environment. However, GEML’s disciplined approach to E2W manufacturing has enabled it to overcome these pressures. As the E2W market matures and reaches a tipping point in terms of adoption, companies that pursue a balanced approach to growth, quality and profitability will emerge as key players in India’s mobility transition. With its stellar performance in September and strong focus on delivering value-for-money E2Ws, GEML is well-positioned to benefit from this trend.