With 3.5% market share, Ola Electric slips out of top 5 EV 2W makers in Feb

Bhavish Aggarwal-led Ola Electric slipped out of the top five electric two-wheeler makers in February after its sales fell 47% month-on-month and its market share dropped below 4%. TVS Motor continues to hold the top spot.

According to Vahan data, the overall electric two-wheeler market fell over 9% in February due to the shorter month, with total registrations at 1,11,680 units. Despite a 9% decline in sales, TVS Motor Company retained a 28.3% market share, with registrations of 31,600 units during the month.

Bajaj Auto recorded sales of 25,323 units in February, compared to 25,717 units in November, while its market share rose to 22.67%.

Ather Energy retained its third position during the period, although registrations declined 7% month-on-month to 20,581 units from 22,130 in January. The company held an 18.43% market share. Ather’s current market capitalization stands at Rs 27,150 crore (around $3 billion).

Hero MotoCorp also maintained its fourth spot, despite a 6.26% month-on-month decline in sales. The company registered 12,512 units and held an 11.2% market share.

Ola Electric sales continued to plunge in February, with volumes down over 47% month-on-month to 3,968 units. As a result, the company slipped out of the top five and its market share fell to 3.55%. Once a dominant player with more than 35% market share in 2024, Ola Electric has seen a sharp erosion in its position.

Check Ola Electric’s month-on-month market share from January 2025 here. Ola Electric’s shares closed at Rs 25.25 on Friday. The company’s market capitalization now stands at Rs 11,137 crore ($1.23 billion).

Ola Electric’s sharp fall opened space for Greaves Electric Mobility to enter the top five electric two-wheeler sellers. Despite an 11.55% month-on-month decline in sales, Greaves Electric held a 4.23% market share during the month.

BGauss, and River Mobility, e-Sprinto retained their positions at seventh, eighth, and ninth, respectively. However, their sales declined in February by 2.8%, 13.8%, and 42.15% month-on-month.

Simple Energy entered the top 10 electric two-wheeler companies, replacing Pure EV. The company’s registrations rose over 45% during the month.