E2W Market Faced Decline: Ola Electric Drops Out of Top 5 as February Sales Slide 47%

Bhavish Aggarwal-led Ola Electric slipped out of the top five electric two-wheeler manufacturers in February after a steep 47% month-on-month decline in sales, with its market share falling below 4%.

According to Vahan registration data, the overall electric two-wheeler (E2W) market declined over 9% in February 2026, largely due to the shorter month with total registrations at 1,11,680 units.

TVS Continues to Lead

TVS Motor Company retained its leadership position despite a 9% dip in sales. The company recorded 31,600 registrations during February, translating into a 28.3% market share.

Bajaj Strengthens Position

Bajaj Auto reported sales of 25,323 units in February, compared to 25,717 units in the previous month. Even with a marginal volume dip, its market share improved to 22.67%, reinforcing its second-place standing.

Ather Holds Third Spot

Ather Energy maintained its third rank, though registrations fell 7% month-on-month to 20,581 units from 22,130 in January. The company captured an 18.43% market share. Ather’s current market capitalisation stands at approximately ₹27,150 crore (around $3 billion).

Hero Remains Fourth

Hero MotoCorp retained the fourth position despite a 6.26% month-on-month decline in sales. The company registered 12,512 units in February, securing an 11.2% share of the market.

Ola Electric’s Sharp Erosion

Ola Electric’s volumes dropped sharply to 3,968 units in February, marking a 47% month-on-month fall. Its market share declined to 3.55%, pushing the company out of the top five rankings.

Once commanding over 35% market share in 2024, Ola Electric has seen a rapid erosion in its dominance amid intensifying competition. The company’s shares closed at ₹25.25 on Friday, valuing it at ₹11,137 crore (approximately $1.23 billion).

Ranking Shifts in the Mid-Tier

Greaves Electric Mobility entered the top five, aided by Ola’s decline. Despite an 11.55% month-on-month drop in sales, it secured a 4.23% market share.

Further down the table:

• BGauss retained seventh position, with sales down 2.8% month-on-month.
• River Mobility held eighth spot, with a 13.8% decline in volumes.
• e-Sprinto remained ninth, reporting a sharp 42.15% fall in sales.

Meanwhile, Simple Energy entered the top 10 after registrations rose more than 45% during the month, replacing Pure EV.

Also Read: Niva Bupa Receives IRDAI Show Cause Notice Following February 2025 Inspection 

Industry Trend

February’s data highlights increasing consolidation in the electric two-wheeler market. While overall volumes softened due to seasonality, legacy players such as TVS and Bajaj strengthened their hold, even as early leader Ola Electric continues to lose ground in an increasingly competitive landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.