Synopsis
The Bengaluru-based EV maker, led by Bhavish Aggarwal, sold 10,118 vehicles in March 2026 capturing 5.4% market share, a sharp decline from the 22.1% share it held in April 2025, according to data from the government-run Vahan portal.The Bengaluru-based EV maker, led by Bhavish Aggarwal, sold 10,118 vehicles in March 2026 capturing 5.4% market share, a sharp decline from the 22.1% share it held in April 2025, according to data from the government-run Vahan portal.
Overall, e2W registrations crossed 13.5 lakh units during the fiscal, despite production challenges arising from a shortage of rare earth metals. Monthly sales averaged around 1.12 lakh units.
Legacy players such as TVS Motor and Bajaj Auto, which command the largest share of the market, reported robust growth in volumes through the year.
TVS Motor, which sold slightly less than 20,000 scooters in April 2025 with a 22.3% market share, more than doubled its volumes to 49,484 units by March 2026, raising its share to nearly 27%.
Similarly, Bajaj Auto increased its market share from 21.4% to 28.5% over the same period, emerging as the segment leader as of March 2026.
Ola Electric’s new-age rival Ather Energy, which made its stock market debut this fiscal year, also posted steady gains. The company recorded about 35,736 registrations in March 2026, translating to a 19.4% market share, up from 13,332 units and a 15% share in April 2025.
October saw the highest monthly sales during the year, around 1.4 lakh units, driven largely by festive demand during Dussehra and Diwali. Automakers typically offer discounts, cashbacks, and financing schemes during this period, while also ramping up production to meet higher demand.
Ola Electric’s decline in market share has been attributed to multiple factors, including service-related concerns, quality issues, and rising customer dissatisfaction.
However, earlier this week the company indicated an improvement in demand, stating that daily orders had crossed 1,000 units in the final week of March. It added that it has implemented deep operational changes, including improved parts availability and diagnostics, and claimed that over 80% of vehicles are now serviced the same day.
As Ola ceded ground, other players such as Hero MotoCorp and Greaves Electric Mobility expanded their presence in the market.
During the year, Chinese export restrictions on rare earth metals disrupted India’s EV industry significantly, affecting the supply of permanent magnets critical for electric motors. The curbs led to import delays, raised the risk of production disruptions, and forced manufacturers to explore alternative sourcing strategies.
Rare earth metals are a group of 17 chemically similar elements essential for high-tech applications, including electric vehicle motors, wind turbines, and electronics.
