TVS vs Bajaj October 2026: TVS Leads E2W by 11,365 EVs

Who won October 2026, TVS or Bajaj? It depends on what you count.

In electric two-wheelers, TVS won by 11,365. In electric three-wheelers, Bajaj won by 10,658. Add the two together and TVS comes out on top by just 707 vehicles: 65,500 against 64,793.

(Vahan retail registrations, data as of 1 November 2026. October is provisional and may rise 2% to 4% with late entries. Brand totals include a handful of registrations in other classes, so segment figures may not add up to the total to the last digit.)

The scoreboard

TVS takes the month. Bajaj still leads the year.

Round 1: Two-wheelers belong to TVS

TVS has led Bajaj in electric two-wheelers in every month of 2026, from January to October, and the gap is growing. In October it hit 11,365, the widest of the year.

A year ago, this round went to Bajaj: 32,462 against 31,074. Twelve months later, TVS registers 11,365 more scooters a month. TVS added about 6,000 registrations in October alone. Bajaj added 326. See the full two-wheeler ranking for the other brands.

Round 2: Three-wheelers belong to Bajaj

Bajaj has been ahead of TVS in electric three-wheelers in every month of 2026, and October was no different: 15,725 against 5,067. Bajaj has also been the number one brand in this segment for three months running. Read the full three-wheeler report.

TVS is not standing still here. Its three-wheeler registrations grew 69.8% over last year. But Bajaj's grew 91.3%, so the gap is widening in absolute numbers, not narrowing.

This segment is why Bajaj stays ahead on the FY27 scoreboard. Over April to October, Bajaj registered 93,775 three-wheelers against TVS's 30,395. That cushion of 63,380 is bigger than TVS's two-wheeler lead of 48,160 over the same stretch.

The tug of war, month by month

Counting both segments together, here is who led in each month of 2026:

(Two-wheelers plus three-wheelers, from Vahan's brand-wise reports.)

Bajaj led in six of ten months, TVS in four. But look at the direction. In October 2025, Bajaj led the combined count by 6,624, with 40,683 against 34,059. In October 2026, TVS leads by 707. That is a swing of 7,331 in a year.

Two different bets

The two companies have built their EV businesses differently:

• TVS: 92.3% of its EV registrations are two-wheelers. It is a scooter-first business.
• Bajaj: 75.7% are two-wheelers and 24.3% are three-wheelers. It has a second leg to stand on.

Both have almost exactly doubled over FY27. TVS grew 98.42% and Bajaj 98.43%, from 1,92,189 and 1,99,850 a year ago. Between them, the two companies registered 1,30,293 EVs in October, which is 36.8% of every EV registered in India.

Both are now adding production capacity. TVS wants to reach 80,000 electric scooters a month and Bajaj is aiming at around 80,000 Chetaks a month.

What this means for you

• If you are buying a scooter: both brands are the two most-registered in India, so service reach is not the problem it was a few years ago. Compare delivery dates and local service, not just the brochure.
• If you are buying a three-wheeler for work: Bajaj has the bigger lead there, 15,725 against 5,067 in October.
• If you follow the market: the real contest is not over a single month. Watch the FY27 gap of 15,217, which is smaller than a month of either brand's two-wheeler volume.

The EVGyan take

October gave TVS the headline, and the headline is fair. TVS is the faster-growing brand in electric two-wheelers by a wide margin, and that is where most EVs are sold. But Bajaj's three-wheeler business is a real cushion, and it is the reason the year-to-date table still shows Bajaj in front.

The tally to watch is November, with Dhanteras and Diwali inside it. Our October 2026 overview has the full national picture, and Ola Electric's slide shows what the other side of this market looks like.