India EV Sales Grow 40% in Feb 2026: Tata Motors and TVS Dominate Passenger & 2W Segments

The Indian electric vehicle (EV) industry continues its upward trajectory as the latest retail data for February 2026 reveals a significant year-on-year (YoY) growth of over 40% across key segments. According to the report released by the Federation of Automobile Dealers Associations (FADA), the surge highlights a steady transition toward electric mobility, even as the market faces monthly fluctuations.

Electric Passenger Vehicles : Tata Motors Maintains 40% Growth

In the electric car segment, total retail sales reached 13,733 units in February 2026, marking a robust 44.48% YoY growth compared to the 9,505 units sold in the same month last year. While sales saw a dip from January’s high of 18,470 units, the yearly trend remains positive.

• Tata Motors continues to be the undisputed leader in the electric passenger vehicle (PV) space, retailing 5,568 units (up 38.51%).

• JSW MG Motor India secured the second spot with 3,312 units.

• Mahindra showed the most aggressive growth, climbing to third place with 2,913 units, a massive jump from just 508 units in Feb 2025, thanks to the success of its BE and XEV lineups.

• New entrants like VinFast (384 units) and BYD (306 units) also made their mark in the top five.

Electric Two-Wheelers: TVS Stays Ahead as Ola Electric Slides

The electric two-wheeler (e2W) market reported total sales of 1,11,709 units, a 45.6% increase over February 2025. Despite the growth, the segment saw a month-on-month decline from January's 1.22 lakh units.

• TVS Motor Company retained the top position for the second month running, selling 31,614 units (up 66.78%).

• Bajaj Auto followed in second place with 25,328 units, while Ather Energy maintained strong momentum in third with 20,584 units (up 71.85%).

• Hero MotoCorp (Vida) saw a staggering 364% growth, reaching 12,514 units.

• Notably, Ola Electric experienced a sharp decline, falling to sixth place with only 3,968 units sold-a 54.26% drop compared to the previous year.

Market Penetration and Future Outlook

As per FADA President C. S. Vigneshwar, EV penetration in the 2W segment currently stands at 6.6%, while the PV segment holds a 3.5% market share. While the year-on-year numbers are encouraging, the month-on-month cooling suggests that the industry is stabilizing after a high-demand period in January.

With the PM E-DRIVE subsidy set to expire at the end of March, industry experts anticipate a massive "pre-buying" surge in the final weeks of the 2026 financial year as consumers look to capitalize on remaining incentives.