EV Two-Wheeler Market Surges 60% in March: Ola Electric Stages Comeback

The overall electric two-wheeler segment also witnessed a sharp surge of nearly 60% month-on-month, fueled largely by growing concerns over fuel availability amid tensions in West Asia. After dropping out of the top five electric two-wheeler manufacturers in February, Ola Electric made a strong comeback in March, with sales more than doubling. 

According to Vahan data, the segment recorded 1.78 lakh registrations in March, the highest ever for a single month. The previous peak stood at 1.43 lakh units in October last year, driven by festive demand.

Market Leaders: TVS Motors

TVS Motor retained its leadership position, capturing a 26.23% market share with sales of 46,859 units, marking a 47% increase from February’s 31,870 units. Bajaj Auto followed closely, significantly narrowing the gap with 42,931 units sold in March versus 25,513 units in February, boosting its market share to 24.03%.

Ather Energy continued to hold third place, posting a robust 61% month-on-month growth with registrations rising to 33,621 units from 20,835. The company commanded an 18.82% market share and had a market capitalisation of Rs 28,564 crore (around $3 billion) as of the latest trading session.

Hero MotoCorp maintained its fourth position, registering 19,764 units, a 57% increase over February, and securing an 11.06% share of the market.

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Ola Came Back to Top 5

Ola Electric, after several months of declining performance that pushed its market share below 4% in February, rebounded in March. The company sold 9,496 units, up from 3,973 units the previous month, raising its market share to 5.32%. However, its stock price continued to slide, hovering near its all-time low of approximately Rs 22.6, with a market capitalisation of Rs 9,970 crore (about $1.06 billion).

Greaves Electric Mobility slipped to sixth place despite achieving a 57% month-on-month rise in sales to 7,408 units, holding a 4.15% share.

Meanwhile, River Mobility, BGauss, and Simple Energy maintained their rankings at seventh, eighth, and ninth positions, recording 3,924, 3,412, and 1,612 units, respectively, in March. Revolt Motors broke into the top 10, replacing e-Sprinto, after registering an impressive growth of over 80% during the month.

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.