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Bajaj Auto has overtaken TVS Motor Company to become the largest player in India’s electric two-wheeler

ICICIdirect Research 01 Jul 2026 DISCLAIMER

News: According to media sources, Bajaj Auto has overtaken TVS Motor Company to become the largest player in India’s electric two-wheeler (E2W) market in June 2026, selling 50,741 electric scooters and capturing 18% market share, ahead of TVS at 47,952 units (17% share). India’s overall electric two-wheeler market remained strong with registrations growing 52% YoY to 2.85 lakh units, while EV penetration crossed 10% for the first time, signalling broader consumer acceptance. Ather Energy strengthened to third position with 29,423 units.

View: This is an important industry shift because it shows the Indian EV market is moving away from early startup-led disruption toward established OEM dominance. Bajaj and TVS gaining share suggest consumers are increasingly prioritizing brand trust, service network, product reliability, and financing ecosystem over pure first-mover advantage, which had earlier favoured Ola. The biggest takeaway is that EV penetration crossing 10% marks a structural inflection point — meaning electric two-wheelers are entering mass adoption phase rather than niche adoption.

Impact: Positive

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