E2W sales accelerate, set for a record-breaking March

Chennai: Amid ongoing geopolitical tensions in West Asia, India's electric vehicle (EV) segment continues to defy broader market concerns, sustaining strong sales momentum. Electric two-wheeler (E2W) volumes are expected to hit a record high this month, supported by robust double-digit year-on-year growth in FY26.With a few days remaining in March, E2W sales have already reached 1.39 lakh units as of March 27, surpassing the 1.31 lakh units recorded in March 2025. At the current pace—and aided by the typical year-end push from manufacturers—monthly sales are expected to exceed the previous peak of 1.45 lakh units achieved in festive Oct 2025.E2W manufacturers have also stepped up demand-generation efforts, with some players introducing special-edition models timed around high-visibility events such as the IPL to boost volumes. Ola Electric, which has been grappling with declining sales, has rolled out aggressive pricing, announcing a starting price of Rs 49,999 along with benefits of up to Rs 50,000 across its portfolio, valid until March 31, 2026.For FY26, total E2W sales have grown 17% year-on-year to 1.35 million units, compared with 1.15 million units in FY25, supported by expansion of networks, new launches, and attractive purchase schemes.The E2W segment leader, TVS Motor Company, continues to widen its lead, extending the gap over Bajaj Auto. TVS has already crossed the one lakh unit mark for the March 2026 quarter, while its full-year FY26 volumes have surpassed the 3 lakh milestone, reaching approximately 3.3 lakh units as of March 27—making it the first player to achieve this level in a single year. In FY25, the company reported E2W sales of 2.38 lakh units.Bajaj Auto reported FY26 volumes of 2.76 lakh units, up from 2.31 lakh units in FY25. Ather Energy maintained steady growth, with FY26 volumes rising to about 2.3 lakh units, significantly higher than 1.31 lakh units in FY25. In contrast, Ola Electric saw volumes decline to 1.61 lakh units in FY26 from 3.44 lakh units in FY25. Hero MotoCorp has recorded a sharp surge in its E2W volumes, with sales rising nearly threefold to 1.39 lakh units in FY26 from 48,736 units in FY25.