India’s electric two wheeler race has entered a new phase. Once the undisputed leader of the segment, Ola Electric has slipped out of the top five electric scooter makers in February after a sharp fall in sales and market share.
The company recorded a steep 47 percent month on month decline in registrations, bringing its total February sales down to just 3,968 units. As a result, its market share fell to 3.55 percent, pushing it out of the industry’s top tier at a time when competition in India’s electric mobility market is intensifying.
The shift signals a broader transition in the electric two wheeler ecosystem where established automobile manufacturers are strengthening their grip while newer startups struggle to maintain momentum.
Table of Contents
- India’s EV Two Wheeler Market Slows in February
- Traditional Automakers Tighten Grip on EV Leadership
- Ola Electric Faces Sharp Market Share Erosion
India’s EV Two Wheeler Market Slows in February
India’s electric two wheeler market saw a modest contraction in February as overall registrations declined more than 9 percent compared with the previous month. Total electric scooter and motorcycle registrations stood at 1,11,680 units during the month.
A shorter calendar month contributed to the slowdown, though demand remained relatively resilient across leading manufacturers.
At the top of the leaderboard, TVS Motor Company retained its leadership position despite a slight decline in sales. The company registered 31,600 units and maintained a commanding 28.3 percent market share.
Meanwhile, Bajaj Auto continued its strong performance in the electric segment. The company recorded 25,323 units in February and expanded its market share to 22.67 percent, strengthening its position as the second largest electric two wheeler maker in the country.
The data reflects a broader industry trend where legacy automakers with strong distribution networks are increasingly dominating India’s EV adoption curve.
Traditional Automakers Tighten Grip on EV Leadership
Among emerging EV focused companies, Ather Energy held on to the third spot in the rankings. The Bengaluru based startup registered 20,581 units during the month, representing a 7 percent decline from January. Despite the drop in volumes, the company maintained a healthy 18.43 percent market share.
Ather’s valuation remains strong, with the company’s market capitalization estimated at about Rs 27,150 crore or roughly 3 billion dollars.
In fourth place, Hero MotoCorp maintained its position in the electric two wheeler segment even as registrations slipped slightly. The company sold 12,512 units in February and held an 11.2 percent share of the market.
The growing presence of large automobile manufacturers highlights how established supply chains, brand trust, and dealership networks are playing a decisive role in the rapidly evolving EV market.
Ola Electric Faces Sharp Market Share Erosion
The most striking shift in February came from Ola Electric’s dramatic fall in sales.
Once the dominant force in India’s electric scooter market with more than 35 percent market share in 2024, the company has seen a steep erosion in its position over the past year. February’s 3.55 percent share represents one of its lowest points since entering the segment.
The company’s declining volumes created space for Greaves Electric Mobility to enter the top five electric two wheeler manufacturers. Greaves Electric captured a 4.23 percent market share despite an 11.55 percent decline in monthly sales.
Other players continued to jostle for position in the growing EV ecosystem. BGauss, River Mobility, and e-Sprinto retained their positions among the next tier of manufacturers, although each reported varying degrees of sales decline during the month.
One bright spot in the rankings came from Simple Energy, which entered the top ten electric two wheeler makers after registrations surged more than 45 percent in February. The company replaced Pure EV in the list.
The reshuffling of rankings suggests that India’s electric two wheeler market is moving into a more competitive and mature phase. For Ola Electric, once the poster child of the country’s EV revolution, the challenge ahead will be regaining consumer confidence and rebuilding its position in a market that is no longer defined by early mover advantage alone