TVS and Bajaj Combined Market Share Cross 50% in Electric Two-Wheeler Segment

Both the legacy brands have convincingly overturned the first mover advantage that the pure EV companies had two years back

TVS Motor Company and Bajaj Auto, the two legacy brands, now have a combined market share of around 51 percent in the Indian electric two-wheeler industry. The sales data available on Vahan portal confirmed this while also revealing that Ola Electric’s market share has worsened to 3.5 percent in Feb 2026. TVS and Bajaj have overturned the first mover advantage that the pure EV brands had two years back by rolling out trustworthy products, strong dealership network and quicker service turnaround time.

Ola Electric had a market share of 11 percent in Feb 2025 which has now come down to 3.5 percent in Feb 2026. The Bengaluru-based EV start up was leading the electric two-wheeler segment in Jan 2025 with a market share of 25 percent. However, in Feb 2026, Ola’s sales volumes deteriorated to such an extent that even Ample electric scooters from Greaves Cotton outnumbered it.

“We are fixing it, we are fixing it. We do have a service challenge, which we are working through that has impacted brand trust and hence sales are down in the last couple of quarters. But the good news is that we have improved our service operations meaningfully in the last three, four months or so,” said Bhavish Aggarwal, Chairman and MD of Ola Electric.

TVS has been topping the sales charts in the e2w segment for the last several months due to the massive demand for iQube and Orbiter models. It retailed 31,000 units last month with a market share of 28.3 percent. On the other hand, the Chetak’s impeccable quality and aggressive pricing is keeping Bajaj Auto in the game as it retailed more than 25,000 units of the e-scooter last month with market share climbing up to 22.7 percent.

The industry insiders believe that TVS and Bajaj eliminated the lead taken by EV-only brands two years back due to their dense distributon network in Tier 2 and Tier 3 cities. Furthermore, the trust that both of these legacy brands have built over the years in the Indian market also helped them to flourish and outnumber the EV start-ups in terms of sales volumes.

TVS YoY sales in Feb 2026 grew by an exceptional 81 percent as it had sold 17,000 units in Feb 2025. On the other hand, Bajaj too achieved a robust YoY growth of 31 percent in Feb 2026 as it had retailed 19,000 units during the same month last year. Recently, TVS CEO KN Radhakrishnan stated that the company is eyeing to expand its production capacity for the iQube and Orbiter to meet the growing demand.