In an increasingly competitive electric two-wheeler market where players are preparing to launch more affordable products, TVS Motor Co has strategically broadened its product portfolio to cater to a wider customer base in the crucial sub-Rs 1 lakh price segment and consolidate its market leadership with the new Orbiter priced at Rs 99,900 just ahead of the festival season.
Electric vehicle adoption is accelerating in India’s two-wheeler segment, with sales showing a robust trend. This growth is heavily concentrated in the sub-Rs 1 lakh category, which is estimated to account for 40-60% of the electric two-wheeler market. TVS Motors is currently the market leader with a share of over 21% in July, and its portfolio consists of three models – iQube, Orbiter and X.
“As we studied the market, we identified a white space among young urbanites who are seeking vehicles that are minimalistic yet bold in design, with a strong blend of technology, style, and practicality. That is exactly what we have brought in with the Orbiter. It targets a profile distinct from that of the iQube and X…We expect the Orbiter to strengthen our presence in the EV space, driving both volumes and market share,” said Gaurav Gupta, president of the India two-wheeler business at TVS Motor.
TVS Motor launched its most affordable model into the market at a critical time, as key competitors are also preparing for a showdown in the affordable electric scooter space. For instance, Bajaj Auto is planning an entry-level Chetak, with its launch contingent on the rare earth magnet supply. Similarly, Ola Electric is expected to launch a cheaper model targeting the gig economy, while Ather Energy is poised to unveil its own entry-level scooter this week.
TVS Motor is the current leader in India’s electric two-wheeler market. The company topped the charts in July with a 21.6% market share, solidifying its leadership from the first quarter of FY26, where it held a 24% share. This marks a significant shift, as Ola Electric was the market leader in the year-ago period. TVS continues its strong performance, increasing its market share to 24% as of August. This growth is expected to accelerate in the coming quarters, driven by the launch of its new model, which boasts competitive pricing and strong technical specifications.
On the matter of rare earth magnet supply, TVS Motors’ management noted that the company continues to face challenges and is pursuing a sustainable solution for the future. “We are still not out of the woods. As of now, it is almost on a day-to-day basis, week-to-week basis management to be able to support the production line,” Gupta said.
Recently, Hero MotoCorp and Ather Energy launched a Battery-as-a-Service (BaaS) model for their products to lower the initial cost of acquisition for the customers. Ather’s Rizta starts at Rs 75,999 under this model and the customers pay an additional flexible monthly fee as low as Rs 1 per kilometer for battery usage. Hero MotoCorp’s Vida VX2 is available at a starting price of Rs 59,490 with an additional Rs 0.96 per kilometre for battery cost.
When asked if TVS Motor could consider BaaS service for its models, Gupta just said the automaker continues to explore all solutions. “BaaS has been explored by certain brands and players in the category of EVs. We also continue to explore and study that as of now. Once we have more work in progress in that area, we’ll be looking at exploring more solutions for the customer. Offering mobility solutions to our customers also remains one of our core purposes also. And it is not out as of now. Neither, I would say, it is right now being an immediate requirement as we see it.”