Ola Electric sales crash 26% as TVS surges 94%! What's changing in India's EV market?

Electric explosion

India's electric two-wheeler market has smashed previous sales records! October 2026 witnessed an all-time high of 2,23,847 electric two-wheelers sold across 209 companies, according to figures reported by Aaj Tak. Festive demand helped push sales to new heights, but the biggest surprise lies in how a handful of manufacturers dominated the market. And one familiar name has raced ahead of its rivals.

TVS takeover

TVS Motor has emerged as India's electric two-wheeler sales leader, leaving Bajaj, Ather and Ola behind in October 2026. The company sold 60,429 units, compared with 31,076 a year earlier, registering a massive 94% jump. With a 27% market share, TVS has strengthened its position at the top. Bajaj Chetak followed with 49,067 units and a 22% share, but the battle for electric scooter supremacy is far from over.

Ola setback

Once one of the most talked-about names in India's electric scooter market, Ola Electric has reported a sharp decline in October sales. The company sold just 12,096 units, compared with 16,439 in October 2025, marking a 26% year-on-year fall. Its market share also slipped from 11% to around 5%. As rivals such as TVS, Bajaj and Hero Vida posted strong growth, Ola's numbers revealed a striking contrast in the industry's performance.

Hero challenge

Hero MotoCorp's electric vehicle brand Vida is rapidly making its presence felt. The company sold 29,901 electric two-wheelers in October 2026, up from 16,499 units a year earlier, registering an impressive 81% growth. With a 13% market share, Vida is now closing the gap with Ather Energy, which sold 31,796 units. Just 1,895 units separated the two brands in October, making their competition particularly interesting.

River surprise

While established manufacturers battled for market leadership, a smaller electric scooter brand delivered one of October's biggest growth stories. River Mobility sold 6,796 units, compared with just 1,823 a year earlier, registering a remarkable 273% jump. Although its market share remained around 3%, River recorded the fastest percentage growth among the seven manufacturers highlighted in the report. Could this emerging brand become a bigger challenger?