India’s electric two-wheeler (E2W) market witnessed a major shake-up in February 2026 as Ola Electric, led by Bhavish Aggarwal, slipped out of the top five manufacturers. The company’s dramatic decline came as its registrations plunged nearly 47% month-on-month, bringing it down to just 3,968 units — and leaving it struggling with 3.5% market share.
Overall Market Sees Seasonal Dip
According to Vahan data, the total E2W market declined by over 9% in February, largely due to the shorter month. Registrations stood at 1,11,680 units. Despite this slowdown, established players continued to dominate.
TVS Motor Company retained its leadership position with 31,600 units, commanding a strong 28.3% market share even after a slight decline in volumes.
Strong Performance by Traditional OEMs
Close behind, Bajaj Auto secured the second spot with 25,323 units and an improved 22.7% share.
Meanwhile, Ather Energy held firm at third place with 20,581 units, capturing about 18.4% of the market despite a 7% drop in sales.
Hero MotoCorp maintained its fourth position with 12,512 units and an 11.2% share, showcasing the continued dominance of legacy manufacturers in India’s fast-evolving EV landscape.
Ola Electric’s Sharp Fall
Once commanding over 35% market share in 2024, Ola Electric’s position has eroded significantly. Its February performance pushed it out of the top five with 3.5% market share, marking one of the steepest declines in the segment.
The fall created an opportunity for Greaves Electric Mobility (Ampere), which entered the top five with around 4.2% share despite an 11.5% drop in monthly sales.
This shift highlights how quickly the competitive landscape is evolving — especially as Ola Electric now sits outside the top tier with 3.5% market share.
Financial and Organisational Challenges
The company’s struggles extend beyond sales. Ola Electric’s stock closed at ₹25.25 in early March 2026, reducing its market capitalisation to approximately ₹11,137 crore.
In Q3 FY26, the company reported a 55% year-on-year revenue decline. It also laid off 5% of its workforce (around 620 employees) in January as part of structural changes amid rising attrition levels.
Leadership transitions added to the turbulence, with CFO Harish Abichandani stepping down and Deepak Rastogi taking over the role.
Emerging Players Reshape the Market
Further down the rankings, BGauss, River Mobility, and e-Sprinto held their respective positions despite declining sales.
However, Simple Energy emerged as a surprise entrant into the top 10, replacing Pure EV after achieving a 45% jump in registrations.
The Road Ahead
Ola Electric’s fall from dominance to operating with 3.5% market share signals a turning point in India’s EV race. While legacy players consolidate their hold, new entrants are steadily gaining ground — making the coming months critical for Ola’s revival strategy.
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