TVS Motor Leads Feb 2026 EV Sales as Ola Electric Slides

A New Leader in the Electric Two-Wheeler Market

The Indian electric two-wheeler (E2W) market witnessed a significant realignment in February 2026, with legacy automaker TVS Motor Company cementing its position as the market leader. The month's sales data, sourced from the government's Vahan portal, highlights a clear shift in consumer preference, favouring established brands over newer startups. TVS sold the highest number of electric two-wheelers, while Ola Electric, once a dominant force, experienced a sharp drop in registrations, falling out of the top five.

February 2026 Sales Performance

February's registration numbers reveal a reshuffled hierarchy among electric vehicle manufacturers. TVS Motor continued its strong performance from the previous month, demonstrating consistent demand for its iQube series. Bajaj Auto also maintained a robust presence with its Chetak electric scooter, securing the second spot. The overall market showed healthy activity, though the distribution of sales has changed dramatically compared to the previous year.

Here is a breakdown of the top electric two-wheeler brands by units registered in February 2026, with a comparison to January 2026 figures:

Legacy Automakers Solidify Their Hold

TVS Motor's leadership is not an isolated event but the result of a sustained strategy. The company registered 31,601 units in February, securing a dominant market share of approximately 29%. This performance builds on its success in January, where it also led the market. Analysts note that TVS is currently the only major legacy manufacturer to gain market share in both the internal combustion engine (ICE) and EV segments this fiscal year, indicating a well-rounded and effective market strategy.

Bajaj Auto has also proven its resilience and market appeal, holding firm at the number two position with 25,323 units sold. The consistent demand for the Bajaj Chetak underscores the value of brand trust and an established sales network in the growing EV space. Together, TVS and Bajaj demonstrate that traditional automakers are successfully navigating the transition to electric mobility.

Ather and Hero Vida Show Strong Growth

Ather Energy continued its solid performance, securing the third position with 20,582 units. The company has carved out a strong niche in the premium scooter segment with its Ather 450 series. Following closely is Hero MotoCorp's EV brand, Vida, which registered 12,514 units. While in fourth place, Vida has shown remarkable year-on-year growth, expanding its market share significantly from the previous year and establishing itself as a serious contender.

The Decline of Ola Electric

The most notable development in the February sales data is the sharp decline of Ola Electric. The company, which once led the market with a commanding share, registered only 3,968 units, placing it in sixth position. This represents a month-on-month drop of nearly 47% from its January sales of 7,531 units. The decline is even more stark when compared to its performance a year ago, highlighting a significant reversal of fortunes. This shift suggests that early market leadership does not guarantee long-term dominance in this competitive sector.

Market Implications and Future Outlook

The February 2026 sales figures confirm a maturing market where consistency, reliability, and brand trust are becoming key differentiators. Legacy players like TVS and Bajaj are leveraging their extensive manufacturing experience and distribution networks to gain an edge. The overall E2W market continues to expand, with total registrations for February reaching over 101,000 units. This sustained growth indicates strong underlying demand for electric mobility in India. The competitive landscape has fundamentally changed, with established automakers now setting the pace. The coming months will be crucial in determining whether Ola Electric can reverse its decline and how other players will adapt to the new market dynamics.