Ola again makes it to top spot in sales in April; e2W market share at 22.4%

Ola Electric, which has been struggling with sales of its electric two-wheelers (e2Ws), has once again managed to grab the top spot in April, the first month of the new financial year 2025-26 (FY26), with its market share reaching 22.4 per cent and registrations hitting 18,485.

 

However, Ola Electric’s lead with its rivals is very narrow — TVS at the number two slot has registrations of 18,205 vehicles (market share 22.06 per cent), and Bajaj Auto at the third slot having 17,743 registrations (21.5 per cent). This is a clear reflection of the fierce competition among the three players for the e2W sweepstakes.

 

The impact of the government subsidy on escooters, which has been halved to ₹5,000 from April 1, is clearly taking its toll on overall sales of e2Ws. Overall sales in April saw a sharp fall over March, declining by a substantial 35 per cent from 126,703 vehicles to a mere 82,539 vehicles. The question is will this cut in subsidy adversely impact sales for the next few months too.

 

On a year-on-year (Y-o-Y) basis, however, the sales in April represents an increase of around 30 per cent while the expectation of the industry was much higher. 

 

In March, Ola Electric’s shares fell sharply, pushing the company down to the third spot, with Bajaj taking the top slot followed by TVS. Ola’s fall can be attributed to its battle with its vendors who do the registration for the company.

 

The startup once had touched a share of 50 per cent of the e2W market but competition from rivals, allegations about its poor service, and regulatory investigations have had an adverse impact on its sales as well shares on the bourses. It has also seen a delay in the launch of its electric motorcycles, which were expected to be delivered in April.

 

Despite its market share fall in FY25, Ola still reigned supreme with a share of over 31 per cent, which was 36 per cent in FY24 — still in the top slot. Bajaj’s share doubled from 11.7 per cent in FY24 to 20.5 per cent in FY25 while TVS managed to retain its market share, which went up marginally from 20 per cent to 21.2 per cent.

 

The other key player in the business is Ather Energy, which has seen its market share in April hit 15 per cent while Hero MotorCorp was able to garner around 7 per cent share of the market through its Vida escooter offering. Ather Energy’s initial public offer (IPO) closed on April 30.