EV two-wheeler registrations surge 58% y-o-y in May; fuel supply anxiety a cause for surge, say analysts

Fuel costs drag ICE 2-wheeler sales down 8.6% in May

India's two-wheeler market posted +7.4% YoY growth in May 2026 (18.43 lakh units), but ICE vehicles fell 8.6% month-on-month while EV registrations surged 62.5% YoY to 1.70 lakh units, lifting EV penetration from 6.1% to 9.2%. For OEMs and fleet/mobility managers, Crisil's verdict is clear: 1.5–1.7 lakh monthly EV units is the new baseline, and incumbents heavy on ICE (Hero, Bajaj) face accelerating portfolio mix pressure as TVS and emerging EV players capture urban commuter demand.