Ola Electric’s E2W market share slumps to under 6% in Jan 2026 from 24.8% a year ago

The Indian electric two wheeler market has seen significant shifts, particularly for Bhavish Aggarwal led Ola Electric, which was once the dominant player with over 35% market share at the end of 2024 but has since slipped to under 6%.

Ola Electric’s overall market share since January 2025 accounted for 14.9%, translating to about 2.04 lakh units. This represents a sharp decline from 2024, when Ola Electric recorded 4.07 lakh registrations and commanded a 35.47% market share.

According to Vahan data, as of January 2025, Ola Electric led the electric two wheeler market with a 24.8% share, closely followed by legacy players TVS Motor and Bajaj Auto at 24.41% and 21.81%, respectively. Ather Energy ranked fourth with a 13.31% share, followed by Greaves Electric Mobility and Hero MotoCorp.

Following January 2025, Ola Electric’s market share began to decline amid controversies over persistent customer complaints, including reports of defects, safety concerns, and weaknesses in service and after sales support. In February 2025, its market share slipped to 11.31%. However, the company saw a partial recovery during the year, with its share improving to 21.42% in April and remaining relatively consistent for the following few months.

Since September 2025, the company’s sales and market share have steadily declined. In November, its market share fell to 7.16%, and by January 2026 it dropped to a new low of 5.87%, with just 5,488 registrations.

On the other hand, rival Ather Energy recorded a 72% jump in sales, rising from 1.26 lakh units in 2024 to 2.18 lakh units in 2025. Its market share increased from 13.31% in January 2025 to 18.16% in January 2026. After overtaking Ola Electric in market capitalization, Ather also surpassed it in Q2 FY26 revenue, posting Rs 899 crore. Ather’s current market capitalization stands at Rs 23,712 crore, or about $2.63 billion.

Legacy players such as TVS Motor and Bajaj Auto have remained consistent in sales throughout the year and continued to dominate the market. Between January 2025 and January 2026, they held overall market shares of 23.75% and 21.05%, with registrations of 3.26 lakh and 2.89 lakh units, respectively.

Ola Electric’s downturn has also been reflected in its stock market performance, with the share price hitting an all time low of Rs 30.79 today, sharply down from its listing price of Rs 75. Notably, within a few weeks of its August 2024 listing, the stock had surged to around Rs 150. The company’s current market capitalization stands at Rs 14,115 crore, or about $1.56 billion.