TVS’ best-selling electric scooter, the iQube, has crossed the 8 lakh wholesales milestone in the domestic market, underlining its position as India’s largest-selling electric scooter. The milestone was achieved in end-December 2025, with TVS dispatching 35,177 units that month. This also marked the fourth consecutive month of iQube wholesales exceeding 30,000 units.
1. The iQube could soon cross 1 million units wholesales
2. FY2026 shaping up to be the iQube’s strongest year yet
3. Volumes have accelerated sharply post-FY2024
Sales acceleration post-FY2024
The iQube’s growth trajectory has sharply accelerated in recent years
According to SIAM e-2W data, cumulative factory dispatches of the iQube since its market launch in January 2020 stand at 8.24 lakh units, while exports account for an additional 4,045 units. Total iQube production from FY2020 to December 2025 is 8.31 lakh units.
The iQube’s growth trajectory has sharply accelerated in recent years. While the first 1 lakh units took over three years, the next 1 lakh was achieved in just 10 months. The 3 lakh wholesales milestone was crossed in April 2024, 52 months after launch.
Post that, volumes have surged rapidly. The run from 3.01 lakh to 7 lakh units took just 17 months, while the jump from 7 lakh to 8 lakh units was completed in only three months (October–December 2025). Overall, the iQube has taken 72 months (six years) to reach the 8 lakh mark.
Strong contribution to TVS’ scooter business
TVS had a standout FY2025, registering 18.13 lakh scooter wholesales, up 25 percent YoY, across the petrol-powered Jupiter, NTorq and Zest, and the electric iQube. This performance gave TVS a 26 percent share of the Indian scooter market, which itself recorded an all-time high of 68.53 lakh units in FY2025.
Within this, the TVS iQube contributed 2.73 lakh units, accounting for 15 percent of the company’s total scooter sales for the fiscal.
In April–December 2025, TVS dispatched 2.53 lakh iQubes, a 28 percent YoY growth over the 1.98 lakh units sold in the same period last year. These volumes accounted for 15 percent of TVS’ total scooter wholesales of 16.77 lakh units during the nine-month period, which were up 26 percent YoY.
Strong iQube volumes helped TVS increase its scooter market share to 29 percent in April–December 2025, up from 25 percent a year earlier and the company’s highest to date. The petrol scooter portfolio sold 14.24 lakh units, also up 26 percent YoY.
Retail sales near 7.7 lakh units
While wholesales reflect factory dispatches, retail data provides a clearer picture of end-user demand. As per Vahan data, cumulative iQube retail sales stood at 7.65 lakh units in India between January 2020 and January 24, 2026.
In comparison, Bajaj Auto’s Chetak, launched in the same month as the iQube, has recorded cumulative retail sales of 5.85 lakh units over the same period.
Calendar year 2025 was the iQube’s best-ever year for retail sales at 2.99 lakh units, narrowly missing the 3 lakh mark by just 863 units.
FY2026 wholesales to cross 3 lakh units
FY2026 is shaping up to be iQube’s strongest fiscal year yet. At 2.53 lakh units in the first nine months, wholesales are already just 19,475 units short of FY2025’s full-year total of 2.73 lakh units, a gap that would have been bridged within the first few weeks of January 2026.
Monthly dispatches have crossed 30,000 units for four consecutive months, peaking at a new high of 38,191 units in November 2025. Q3 FY2026 (October–December 2025) saw average monthly wholesales of 35,119 units.
With Q4 still to be accounted for and demand remaining strong, TVS is on track to cross the 3 lakh wholesales milestone for the iQube for the first time in FY2026. This would also push cumulative iQube sales past the 9 lakh mark, further strengthening TVS Motor’s leadership in India’s electric scooter segment.
Pricing and product updates drive demand
A key catalyst behind the recent surge has been price reductions of up to Rs 26,000, enabled by GST-related changes, along with battery capacity upgrades across variants.
