India two-wheeler market sees growth in premium and EV segments

The Indian two-wheeler market is experiencing uneven growth, with demand increasingly driven by electric vehicles (EVs) and premium motorcycles. While the overall industry is expected to maintain positive growth through FY27, entry-level demand has slowed due to pressures on household cash flows and uncertain farm incomes.

In the electric two-wheeler segment, September 2026 data shows significant expansion. Total sales for listed models rose 67.5% year-on-year compared to September 2025. The TVS iQube led the market with 45,320 units, followed by the Bajaj Chetak and Hero Vida. The Hero Vida recorded 88.3% year-on-year growth, while the River Indie saw a 209% increase.

Industry analysts note that while the second half of the fiscal year may see a slower pace of growth compared to the previous year due to a high base from prior GST-driven sales, the market remains healthy with comfortable inventory levels at dealerships.