March 2026 saw a record-breaking retail sale of 1,81,966 EV 2W in India. It reflects a staggering increase of 48.4% from the 1,22,920 units sold in March 2025. The record might be driven by the global oil crisis due to tensions in West Asia. Favourable fiscal year-end offers, extension of PM E-Drive incentives until July fueled demand. Leading to city streets buzzing with iQubes, Chetaks, and other EVs.
Market Share Surge
The top four brands, including TVS, Bajaj, Ather, and Hero Vida. Collectively accounted for 80% of the market with 152,790 units, up from 68% YoY. Month-over-month sales witnessed a surge of 55-80% among market leaders. As urban households and delivery personnel opted for practical service-supported models.
Performance Summary of Brands
- TVS Motors (49,335 units, 26% market share): Took the lead with a massive 55.73% month-over-month increase from 31,871 units.
- Bajaj Chetak (46,272 units, 24% market share): Demonstrated an 81.37% month-over-month leap from 25,513 units.
- Ather Energy (35,736 units, 19% market share): Exhibited a 71.49% month-over-month growth rate from 20,836 units.
- Hero Vida (21,447 units, 11% market share): Expressed a 70.21% month-over-month growth rate from 12,599 units.
- Ola Electric (10,118 units, 5% market share): Surged to a staggering 154.67% month-over-month increase from 3,973 units, indicating its resurgence.
- Greaves/Ampere (7,973 units, 4% market share): Achieved 68.67% month-over-month growth, steadily gaining traction in smaller cities due to affordable offerings.
ELCTRIK Speaks
Oil rose past the $110/barrel mark, leading to shortages and investments in the EV future. State support, cricket craze, and government schemes contributed to this trend. Drivers in Bengaluru praising the cleaner and cheaper rides and their networks keeping them loyal. This was not an exception, but rather the new norm for India commuters. While the dip is expected in April due to fiscal reasons. Growing infrastructure, the trend will remain upward.
