India’s electric two-wheeler (e2W) market rebounded in May after a correction in April, with registrations rising by about 2,000 units to about 150,796, according to Vahan data, a proxy for vehicle sales in the country.The recovery comes after a 22% month-on-month fall in April from a record 192000 units in March, when automakers used aggressive discounts, cashback offers and financing schemes to close FY26 on a strong note.Market leader TVS Motor retained its position in May, selling 41,558 units, up from 37,661 in April. Bajaj Auto followed with 38,012 units compared with 32,883 units a month earlier. Ather Energy reported 27,525 registrations, marginally higher than April's 27,024 units, while Hero MotoCorp sold 18,261 electric two-wheelers, up from 15,230.Ola Electric sold 14,752 units during the month compared with 12,166 in April, as the company continued efforts to regain market share after losing ground to legacy manufacturers over the past year.In the company’s recent earnings call, founder and chief executive Bhavish Aggarwal said demand for electric vehicles (EVs) had risen meaningfully in recent weeks.“What we are seeing in the market now is demand for EVs has actually gone up meaningfully in the last few weeks,” Aggarwal said. "While other competitors will need to do more capex as well as new product rollouts, we have our capacity on both automotive and gigafactory covered because all the capex is now behind us."Ola Electric is also looking to enter the commercial electric two-wheeler segment aimed at gig workers, according to people aware of the matter. The company is expected to target the rapidly expanding business-to-business and delivery mobility segment.The commercial and B2B electric two-wheeler segment has seen strong growth of late, driven by logistics demand from ecommerce companies such as Amazon and Flipkart, along with hyperlocal delivery platforms including Zomato, Swiggy, Zepto and Blinkit.Among smaller electric two-wheeler makers, Greaves Electric Mobility sold 7,540 units in May compared with 6,884 in April. River Mobility registered 3,600 units, BGauss sold 3,247 units, while Simple Energy recorded 1,274 registrations. Bounce Electric rounded out the top 10 with 1,216 units.Fuel prices push EV growthThe May recovery also comes amid rising fuel prices. State-run fuel retailers increased petrol and diesel prices in May following disruptions in global crude markets linked to the West Asia conflict and concerns around shipping through the Strait of Hormuz.Petrol and diesel prices were raised by more than Rs 2.5 per litre on May 25 alone, taking fuel rates to their highest levels in four years.EV experts said higher fuel costs are strengthening the economic case for electric mobility, particularly for daily commuters and fleet operators seeking predictable operating expenses.At the same time, electric two-wheeler manufacturers are beginning to face pressure from rising raw material costs and supply-chain disruptions linked to geopolitical tensions.Manufacturers including Bajaj Auto, Hero MotoCorp and Ather Energy, along with unlisted players such as Euler Motors, Ultraviolette Automotive and Revolt Motors, have flagged concerns over rising cost of lithium-ion cells, rare earth magnets, semiconductors and key metals used in EV manufacturing.During earnings calls for the quarter ended March, companies have warned of near-term margin pressure and possible price hikes.