In Jan 2026, the combined market share of legacy players such as Bajaj, TVS and Hero stood at 60 percent in the electric two-wheeler segment
The mainstream legacy brands have outnumbered the EV startups in the electric two-wheeler segment in the Indian market. As of Jan 2026, mass-market players such as Bajaj Auto, TVS Motor Company and Hero MotoCorp hold 60 percent of the overall market share in the e2w segment. This dynamic shift from startup dominance has been witnessed in the last year as major EV-only startups didn’t perform as per the expectations and sales volumes dwindled. According to automotive market research firm Jato Dynamics, Bajaj, TVS and Hero had a combined market share of 34 percent in 2023.
The legacy brands are given preference by the buyers over the startups due to their widespread aftersales network, quicker delivery time and years of unflinching trust. Several renowned industry insiders and analysts stated that this shift in trajectory is an example of evolving customer priorities. Gradually, electric scooters are witnessing adoption on a mass scale, even for daily commuting identical to ICE-powered models.
Therefore, buyers are looking for lower long-term cost of ownership, reliability and availability of service touchpoints in every city. These factors give a clear edge to mainstream brands over the EV startups. “Being first mattered in the early phase. Now consistency matters more. Legacy players waited, built their supply chains and dealer readiness, and are now scaling at the right time,” said an industry executive.
TVS and Bajaj, in particular, have dominated the electric scooter segment like no one else. Though the competition has become intense with several sub-segments being created in various price intervals, both these brands have successfully maintained their sales volumes through wider portfolio, manufacturing prowess and customer satisfaction.
TVS has benefitted the most from this transition as it finished the CY 2025 as India’s leading electric two-wheeler brand. The company retails as many as three electric models in the form of the iQube, Orbiter and X. KN Radhakrishnan, CEO and director of TVS Motor, speaking during the company’s Q3 FY26 results, said that demand remained strong across both the flagship iQube and the recently launched Orbiter, which targets a different set of buyers.
Identically, Bajaj Auto has also emerged as a major player in the e2w segment with the Chetak EV spearheading its success story. Though the company faced production restraints regarding the rare earth magnets for a few months, but it bounced back strongly to capture the second position behind TVS. It recently launched the Chetak C25 as its first sub Rs 1 lakh electric scooter.
