India’s electric two-wheeler and three-wheeler segments performed strongly in May 2026, with both categories registering significant year-on-year growth and expanding market share, further proving that e-mobility in the country is well beyond the early adoption stage.
east-west direction
In May 2026, the total retail registration of electric two-wheelers reached 1,70,733 units, a month-on-month increase of 8.53% from 1,57,314 units in April, and a significant year-on-year increase of 62.76% from 1,04,896 units in May 2025. Electric vehicle penetration in the two-wheeler segment climbed to 9.3% in May 2026, up from 9.3% in May 2026. 7.9% in April 2026 and 6.1% in May 2025 – a stable and significant upward trajectory.
TVS Motor Company topped the list with sales of 42,459 units in May 2026, a month-on-month growth of 6.09% from 40,020 units in April and a strong year-on-year growth of 64.54% from 25,804 units in May 2025. The continued sales lead reflects the OEM’s comprehensive EV portfolio and distribution strength.
Bajaj sold 39,202 units in May 2026, a significant month-on-month growth of 13.46% from 34,552 units in April, and an impressive 73.14% year-on-year growth from 22,642 units in May 2025. Bajaj has gained significant momentum and now secures its position as the second largest electric two-wheeler manufacturer in India, narrowing the gap with TVS.
Ather Energy’s sales in May 2026 were 28,240 units, basically the same month-on-month, a slight decrease of 0.84% from 28,479 units in April, but a year-on-year increase of 100.27% from 14,101 units in May 2025. Doubling year-over-year sales is a significant achievement and reflects Ather’s growing brand strength and network expansion.
Hero MotoCorp’s sales in May 2026 were 19,067 units, a strong growth of 19.88% from 15,905 units in April, and a year-on-year surge of 158.19% from 7,385 units in May 2025. Hero’s electric journey is clearly gaining significant traction, and the continued sequential growth suggests the company is building real momentum in the space.
Ola Electric’s sales in May 2026 were 15,141 units, up 22.79% month-on-month from 12,331 units in April, but the year-on-year situation was different – down 20.17% from 18,967 units in May 2025. Despite the encouraging sequential recovery, Ola has lost a sizeable share over the past year as competition intensified. Reversing the year-over-year trend will be a key challenge for the company in the coming months.
Greaves sales in May 2026 were 7,695 units, a month-on-month increase of 9.79% from 7,009 units in April, and a healthy year-on-year increase of 77.92% from 4,325 units in May 2025. The company is quietly and continuing to solidify its position.
River Mobility sold 3,720 units in May 2026, a slight increase of 1.06% from 3,681 units in April, but compared with 1,078 units in May 2025, a year-on-year increase of 245.08%. For a relatively new entrant, tripling sales in twelve months is a strong sign of growing consumer acceptance.
BGauss registered 3,297 units in May 2026, an increase of 2.11% from 3,229 units in the previous month, and a year-on-year increase of 204.71% from 1,082 units in May 2025. Like River Mobility, BGauss’s sales more than tripled in one year, a testament to its expanded reach and product acceptance.
electric tricycle
In May 2026, the total retail registration volume of the electric three-wheeler segment was 71,867 units, a month-on-month increase of 10.33% from 65,140 units in April, and a year-on-year increase of 8.59% from 66,185 units in May 2025. The electric vehicle market share in the three-wheeler segment climbed to 64.4% in May 2026, up significantly from 59.2% in April 2026, up from 61.5% in May 2025. Electric vehicles account for nearly two-thirds of all three-wheeler sales and have become the de facto default powertrain in the segment.
Bajaj topped the electric three-wheeler rankings with sales of 11,905 units in May 2026, a month-on-month growth of 19.22% from 9,986 units in April, and a year-on-year surge of 86.80% from 6,373 units in May 2025. The strong sequential recovery and almost doubling of year-on-year sales underscore Bajaj’s dominance in the electric rickshaw segment.
Mahindra Group’s sales in May 2026 were 11,168 units, a month-on-month increase of 8.47% from 10,296 units in April, and an increase of 69.29% from 6,597 units in the same period last year. Almost all the sales came from Mahindra Last Mile Mobility, which sold 11,149 units, while the direct contribution of Mahindra and Mahindra was only 19 units, down 17.39% month-on-month and 29.63% year-on-year. The group ranks second behind Bajaj and competition between the two is intensifying.
TVS Motor Company’s sales in May 2026 were 3,590 units, up 10.97% from 3,235 units in April, and a strong year-on-year growth of 122.02% from 1,617 units in May 2025. More than doubling sales year-on-year is a significant achievement and signals TVS’s growing ambitions in the electric three-wheeler segment.
YC Electric sold 2,270 units in May 2026, an increase of 17.56% from 1,931 units in the previous month, but a year-on-year decrease of 38.28% from 3,678 units in May 2025. The sequential recovery is encouraging, but the year-over-year decline suggests the brand has lost ground to larger, better-resourced rivals over the past year.
Dilli Electric’s sales in May 2026 were 1,501 units, a month-on-month increase of 13.11% from 1,327 units, but a year-on-year decrease of 13.49% from 1,735 units in May 2025. The brand maintains a relevant presence in the segment but needs to arrest year-over-year declines.
Saera sold 1,458 units in May 2026, an increase of 5.12% from 1,387 units in the previous quarter, but a year-on-year decrease of 27.21% from 2,003 units in May 2025. Like several mid-sized companies, the pressure from the top two – Bajaj and Mahindra – is also palpable.
Piaggio’s sales in May 2026 were 1,251 units, an increase of 4.42% from 1,198 units in the previous month, and a year-on-year increase of 19.94% from 1,043 units in May 2025. Piaggio has performed stably and firmly occupied its place in the high-end electric three-wheeler field.
Aahana Commerce’s sales in May 2026 were 847 units, a month-on-month increase of 31.93% from 642 units in April, and a year-on-year increase of 75.36% from 483 units in May 2025. For a smaller business, this kind of sustained double-digit growth is impressive and noteworthy.
The bigger picture
Electric two-wheelers and three-wheelers data for May 2026 paints a clear and confident picture of a market moving full steam ahead. EV penetration crossing 9% in the two-wheeler segment and staying above 64% in the three-wheeler segment are milestones that reflect a genuine shift in consumer preferences rather than a policy-driven surge. Competitive dynamics are evolving rapidly – established players are expanding rapidly, new entrants are making headway, and only Ola Electric among the larger players is showing year-on-year pressure. Competition looks set to intensify in the second half of FY27 as the festive season approaches and new products are launched.