India’s electric two-wheeler (E2W) industry opened FY27 on a strong note, with 52% year-on-year jump in registrations to 141,000 units in April, despite selective price hikes by original equipment manufacturers (OEMs), rising raw material costs and supply chain challenges due to ongoing war in West Asia.

Sequentially, registrations were 27% lower than March 2026, when the industry recorded its highest-ever monthly sales of 192,508 units. However, March numbers are not strictly comparable as it is typically the strongest month for automakers, driven by year-end discounts and inventory clearance.

TVS Motor, Bajaj Auto and Ather Energy retained the top three positions, accounting for 66% of total industry volumes in April. TVS Motor continued to lead, reporting an 81% y-o-y rise in volumes to 36,146 units, driven by iQube and Orbiter. The company also launched the Orbiter V1, priced at ₹49,999 (ex-showroom, Delhi) under a Battery-as-a-Service (BaaS) model.

Bajaj Auto posted a 62% increase in volumes to 31,083 units, with a market share of 22%. Bengaluru-based Ather Energy nearly doubled volumes to 25,861 units, while its market share rose to 18% from 14% a year ago. Hero MotoCorp reported the sharpest growth among the top five players, with volumes rising 131% to 14,198 units. Its Vida range saw market share increase to 10% from 6% in April last year.

Ola Electric retained the fifth position, with sales declining to 11,391 units from 19,823 units a year ago. Its market share fell sharply to 8% from 21%, when it had held the second position.

Sequential trends, however, showed a different picture. Ola Electric was the only player to post month-on-month growth, with volumes rising 12% from March, while the other four players reported declines of 27-34%. The company had also reported a 139% jump in March sales, indicating a recovery.

Ola Electric has been addressing service-related issues through same-day delivery initiatives, while investing in cell technology and after-sales network, alongside discounting to support volumes. Its market share improved to 8% in April from about 5% in March.

In April, the company launched a new S1 X+ variant equipped with its 4680 Bharat Cell at an introductory price of ₹1.3 lakh. It also said its in-house Lithium Iron Phosphate (LFP) cell is ready for deployment and will be integrated into vehicles in the next quarter.