FILE PHOTO: India’s electric two-wheeler registrations fell 13.4% month-on-month to 1.78 lakh in August, but grew 62.4% year-on-year, taking EV penetration to 10.6%.
India’s electric two-wheeler market lost about 27,560 registrations in August, as retail fell 13.4% month-on-month to 1.78 lakh from 2.06 lakh in July. Yet registrations remained 62.4% above the 1.10 lakh recorded in August last year, lifting EV penetration to 10.6% from 7.7% a year earlier, although it eased from 11.2% in July.TVS Motor remained the market leader with about 48,150 registrations but suffered the largest absolute volume loss among leading EV manufacturers. It shed about 7,700 registrations as retail sales fell 13.7% from 55,825 in July.Bajaj Auto remained second at about 40,060 registrations, losing roughly 5,800 vehicles as retail sales declined 12.7% from 45,861. The sequential decline, however, masks its rapid expansion over the past year: Bajaj registered 12,246 electric two-wheelers in August 2025, putting its latest tally about 227% higher YoY.ATHER, OLA RESIST THE FALLAther Energy held third place at about 28,130 registrations, losing roughly 2,500 vehicles as retail sales declined 8.2% from 30,632 in July, substantially better than the overall EV market’s 13.4% contraction.Hero MotoCorp lost about 5,000 registrations as its electric retail sales fell 21.7% to roughly 18,010 from nearly 23,000 in July, the steepest percentage decline among the leading EV manufacturers.Ola Electric recorded the smallest sequential decline among these five players, shedding about 650 registrations as retail slipped 4.6% to roughly 13,570 from 14,226.BAJAJ EVs SURGE AS ICE DECLINESBajaj produced one of August’s sharpest powertrain divergences. Its electric two-wheeler registrations were about 227% higher than a year earlier even as its conventional two-wheeler registrations declined 8.7% YoY. EVs accounted for roughly 26% of Bajaj’s combined two-wheeler registrations in August.The registration data point to a rapidly changing composition of Bajaj’s domestic retail sales, although they do not establish that EV growth is responsible for the decline in its conventional business.ONE IN TEN IS NOW ELECTRICThe broader structural shift remained intact despite the August correction. Electric models accounted for 10.6% of all two-wheelers registered during the month, up nearly three percentage points from 7.7% a year earlier.“The sequential moderation in August does not change the underlying direction of the electric two-wheeler market. Consumer acceptance continues to improve as buyers get a wider choice of products and see the benefits of lower running costs and ownership economics.With EV penetration now above 10%, electric two-wheelers are increasingly becoming a mainstream mobility choice,” said Hemant Kabra, Founder and Managing Director, BGauss Electric.CRISIL Intelligence had expected August electric two-wheeler retail sales of 1.75-1.85 lakh, representing 61-63% YoY growth despite sequential moderation.“The sustained year-on-year increase in EV adoption is being driven by favourable ownership economics, lower operating costs, improving charging ecosystem, and a wider availability of competitive products in the market,” said Hemal Thakkar, Senior Practice Leader and Senior Director, CRISIL Intelligence.The August decline therefore masks a market still expanding rapidly over the longer comparison: electric two-wheeler registrations grew 62.4% YoY, more than three times the 17% growth in the overall two-wheeler market.Published on September 2, 2026
