**Electric Two-Wheeler Market Sees Significant Growth in Q1**
The electric two-wheeler market has experienced remarkable growth in the first quarter, with legacy manufacturers significantly increasing their sales. TVS Motor, based in Hosur, emerged as the leader in this segment, selling 68,682 units, followed closely by Bajaj Auto from Pune, which recorded 62,629 units sold, according to data from the Vahan portal. Ather Energy, a startup competitor to Ola that went public in May, also saw its sales more than double year-on-year, reaching nearly 40,000 electric scooters in Q1. Overall, the electric two-wheeler market grew by 31% year-on-year, totaling 291,294 units sold.
In terms of market share, TVS held 24%, Bajaj 22%, and Ola Electric accounted for 20%. Ather Energy captured 14% of the market during the first three months of the fiscal year. At the end of the previous fiscal year (FY25), Ola’s market share was 30%, while TVS had 21%, Bajaj Auto 20%, and Ather 11%. Experts predict that the momentum of legacy players will continue as they leverage their established distribution networks and experience in the automotive sector.
Shridhar Kallani, an auto research analyst at Axis Securities, stated, “We believe the surge from TVS and Bajaj will not only sustain but potentially accelerate, aided by the ramp-up of Hero MotoCorp’s EV rollout.” He anticipates a competitive landscape with legacy players capturing 60-65% of India’s electric two-wheeler market share by FY27, suggesting that the era of tech-first, product-later is coming to an end.
Hero MotoCorp aims to achieve monthly sales of 25,000-30,000 electric two-wheelers over the next two years, with plans to launch two new variants of its flagship Vida electric scooter within the current financial year. In FY25, the company averaged around 4,000 units sold monthly. During its last earnings call on May 29, Ola Electric projected sales of 65,000 scooters and bikes, with expected revenues between ₹800-850 crore. Although the Vahan portal does not include data from Telangana, a spokesperson confirmed that Ola is on track to meet its sales guidance.
In response to challenges in vehicle registration due to negotiations with registration agencies, Ola has transitioned the entire registration process in-house. The backlog from February and March has also affected the first quarter of the current financial year, but the company reported that these registration issues have been resolved.
To compete with the established infrastructure of legacy players, Ola has expanded its sales network from 800 to over 4,000 stores, enhancing its market presence.
**FAQ**
**Q: What is the current market share of Ola Electric in the electric two-wheeler segment?**
A: As of the first quarter, Ola Electric holds a 20% market share in the electric two-wheeler segment.