Indian Electric Two Wheeler Market Insights
The Indian electric two wheeler market is undergoing notable changes, especially for Ola Electric, led by Bhavish Aggarwal. Once enjoying a 35% market share at the close of 2024, it has now fallen to less than 6%. As of January 2025, Ola Electric accounted for 14.9% of the overall market, equating to approximately 2.04 lakh units. This marks a significant decrease from 2024, when Ola Electric achieved 4.07 lakh registrations and held a market share of 35.47%.
According to data from Vahan, by January 2025, Ola Electric was leading the electric two wheeler sector with a share of 24.8%. It was closely followed by established competitors TVS Motor and Bajaj Auto, which registered market shares of 24.41% and 21.81%, respectively. Ather Energy secured the fourth position with a 13.31% share, trailed by Greaves Electric Mobility and Hero MotoCorp.
After January 2025, Ola Electric’s market share began to diminish amid controversies surrounding ongoing customer complaints. Issues included reports of defects, safety concerns, and inadequate service and after-sales support. By February 2025, its market share had decreased to 11.31%. However, the company somewhat recovered, with its share rising to 21.42% in April, maintaining relative stability for several months. Since September 2025, the company’s sales and market share have shown a steady decline. By November, its market share dipped to 7.16%, and in January 2026, it reached a new low of 5.87%, with merely 5,488 registrations.
In contrast, rival Ather Energy experienced a remarkable 72% increase in sales, climbing from 1.26 lakh units in 2024 to 2.18 lakh units in 2025. Its market share expanded from 13.31% in January 2025 to 18.16% by January 2026. After exceeding Ola Electric’s market capitalization, Ather also overtook it in Q2 FY26 revenue, achieving Rs 899 crore. Ather’s present market capitalization is valued at Rs 23,712 crore, or roughly $2.63 billion.
Established brands like TVS Motor and Bajaj Auto have maintained steady sales throughout the year, remaining dominant in the market. From January 2025 to January 2026, they held overall market shares of 23.75% and 21.05%, with registrations reaching 3.26 lakh and 2.89 lakh units, respectively. Ola Electric’s decline is further illustrated by its stock market performance, with the share price dropping to an all-time low of Rs 30.79 today, a sharp decrease from its initial listing price of Rs 75. Remarkably, shortly after its August 2024 listing, the stock had surged to about Rs 150. The company’s current market capitalization now stands at Rs 14,115 crore, or approximately $1.56 billion.