The electric two-wheeler market in India expanded by approximately 31% year-on-year in Q1 FY26, registering around 291,300 units sold. Legacy OEMs TVS Motor and Bajaj Auto led the charge with 24% and 22% market shares, respectively, while Ola Electric once the market leader fell to a 20% share, overtaken by the traditional players.
Ola Electric Sales Slashed
Ola Electric’s Q1 domestic sales declined nearly 47% year-on-year, dropping to approximately 57,000 units from its peak. Its share plummeted from nearly 50% in Q1 FY25 to just 20% in Q1 FY26, signaling a steep loss in dominance and shifting momentum to its competitors.
TVS and Bajaj Take the Lead
TVS Motor maintained the top spot with around 68,700 units sold, while Bajaj Auto followed closely with 62,600 units. These companies recorded consistent and impressive growth, benefitting from established dealer networks, strong service infrastructure, and attractive pricing, allowing them to sustain and expand their foothold in the EV space.
Ather and Newcomers Gain Traction
Niche EV brands are also making headway. Ather Energy, which debuted on public markets recently, more than doubled its Q1 sales to nearly 40,000 units, securing a 14% market share. Emerging players like Hero MotoCorp and Greaves Electric Mobility are gearing up to intensify competition further, introducing new models and expanding their production capacity.
Experts Predict Market Realignment
Market analysts anticipate that the “big three” legacy players will dominate the space going forward. Forecasts suggest TVS, Bajaj, and Hero could control up to 60-65% of the electric two-wheeler market by FY27, underlining the shift away from tech-first EV startups that once dominated the narrative.
Strategic Recovery Plans for Ola
Ola Electric attributes its decline to sluggish delivery momentum and challenges in scaling its distribution model. The company is tackling these issues by expanding its retail footprint from 800 to over 4,000 outlets under its “Project Vistaar” and bringing registration processes in-house. CEO Bhavish Aggarwal remains confident that improved network efficiency will help Ola regain market share.
What Lies Ahead
As the electric two-wheeler segment enters a maturation phase, performance, service, and distribution will determine long-term success. Ola’s ability to restore buyer trust and ramp up execution will be critical. Meanwhile, the accelerating growth of legacy OEMs signals a fundamental shift in India’s EV landscape.
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