India E2W Registrations Rise 2.9% to 2.15 Lakh in October

India's electric two-wheeler (E2W) registrations rose 2.9% month on month to 2,14,654 units in October, up from 2,08,688 units in September, according to Vahan data. It was the second straight month of growth, though the pace slowed from September's rebound. Registrations were 48.1% higher than the 1,44,980 units recorded a year earlier, and October was the strongest month in the October 2025 to October 2026 period covered by the data.

TVS leads, Hero closes in on Ather

TVS Motor kept the top spot with registrations up 7.4% to 58,425 units, lifting its market share to 27.2% from 26.1%. Bajaj Auto stayed second, but its registrations fell 4.3% to 46,658 units and its share slipped to 21.7% from 23.4%.

Hero MotoCorp posted the strongest growth among the top five, with registrations up 17.5% to 28,720 units and share rising to 13.4% from 11.7%. Ather Energy, in third, declined 1.8% to 30,380 units, with its share at 14.2%. The gap between Ather and Hero narrowed to 1,660 units from 6,507 in September.

Ola Electric's registrations fell 13.7% to 11,614 units, taking its share to 5.4% from 6.4%. The company is rebuilding its sales and distribution network and pushing into more affordable products and in-house battery technology. It closed its ₹1,000 crore rights issue on Friday. Among smaller players, Greaves Electric Mobility rose 12.3% to 10,468 units and River gained 15.7% to 6,533 units. E-Sprinto registered 2,124 units, up 6.4%.

Capacity is the constraint

Ather and Bajaj both pointed to supply limits. Ather estimates it misses around 20,000 potential retail sales a month. Pre-orders more than doubled to about 1.8 lakh in the September quarter, roughly 60,000 a month, against average production of around 33,000 units. Its Hosur plant hit 98% utilisation, and it plans to add 2.25 lakh units of annual capacity by Q2 FY28, taking the total to about 11.4 lakh.

Bajaj CFO Dinesh Thapar said manufacturing limits allowed delivery of only 75% of planned volumes. The company aims to lift monthly Chetak capacity to about 80,000 units by Q4 FY27 from 64,000. TVS plans to raise E2W output to 80,000 units a month by March 2027.