Bajaj Auto Surpasses Mahindra in India's Electric Three-Wheeler Registrations Between January and October 2026

India’s electric three-wheeler sector recorded significant growth during the first ten months of 2026, even as the expansion reshuffled competitive positions among leading manufacturers. According to Vahan data, total electric three-wheeler registrations surged 85.4 per cent to 3,44,157 units between January and October 2026, compared to 1,85,627 units during the same period a year earlier.

Amid this broader market uptick, Bajaj Auto overtook Mahindra Last Mile Mobility to claim the top position. Bajaj’s registrations increased 85.2 per cent to 1,17,234 units, up from 63,306 units previously. In contrast, Mahindra grew at a slower rate of 58.3 per cent, reaching 1,11,146 units compared to 70,200 units a year ago. This performance gave Bajaj a lead of 6,088 vehicles, reversing the deficit of 6,894 vehicles recorded in the corresponding period of 2025.

TVS Motor emerged as another strong challenger during the ten-month period, with registrations jumping 145.7 per cent to 38,664 units from 15,739 units. The divergence in growth rates points to a widening competitive divide within the Indian electric passenger and cargo three-wheeler market.

The momentum was also visible during the first half of fiscal year 2027 (April–September 2026), where overall registrations nearly doubled, rising 97.1 per cent to 223,964 units from 113,605 units. During H1 FY27, Bajaj registered 75,886 vehicles (up 91.6 per cent), while Mahindra recorded 73,666 units (up 73.4 per cent). TVS more than doubled its registrations to 25,330 units during the same half-year window.

October 2026 data further reinforced these shifts. Overall monthly registrations increased 86 per cent to 48,755 units. Bajaj led the month with 15,188 vehicles (up 86.4 per cent), followed by Mahindra with 14,443 vehicles (up 32.7 per cent), and TVS with 5,067 units (up 69.7 per cent).

Other players experienced varied growth trajectories. Omega Seiki Mobility reported a 50 per cent increase in January–October registrations to 8,292 units, up from 5,526 units, with October registrations surging 128.4 per cent to 1,094 vehicles. Uday Narang, Chairman and Founder of Omega Seiki Mobility, noted that the growth reflects rising market readiness for electric mobility amid global uncertainties regarding traditional fuel prices, helping commercial operators manage running costs.

Euler Motors registered 4,193 electric three-wheelers between January and October 2026, marking a 24.8 per cent increase from 3,361 units a year earlier and trailing the wider market's growth. Saurav Kumar, Founder and CEO of Euler Motors, stated that the company aims to consolidate its position in electric light commercial vehicles (e-LCVs) where it sees strong demand, alongside its ongoing focus on three-wheelers.

At the same time, several established players and smaller manufacturers struggled to keep pace with demand. TI Clean Mobility's ten-month registrations remained virtually flat at 5,426 units compared to 5,432 units a year earlier. Atul Greentech recorded a 66.5 per cent decline to 477 units, while Kinetic Green’s registrations dropped 84.6 per cent to 95 units from 615 units.

"The rapid growth in India's electric three-wheeler segment highlights a structural shift in commercial mobility, driven by operating cost advantages and rising adoption. However, the widening gap between market leaders like Bajaj and TVS and legacy or smaller players demonstrates that scale, distribution, and product execution are becoming critical differentiators in the electric vehicle ecosystem." — Dr. Shishir Gupta, Founder & CEO, StartupLanes