Whalesbook
### Market Momentum and Key Figures
The Indian electric two-wheeler (e2w) sector commenced 2026 with robust expansion. Registrations surged by 22% year-on-year in January 2026, reaching 2.08 lakh units compared to 1.71 lakh units in January 2025. This significant volume increase signals sustained consumer interest in electric mobility, even as the competitive landscape experiences a notable reshuffling of established players and market leaders. The overall market growth indicates a maturing sector, absorbing new technologies and varying consumer preferences.
### Shifting Market Dynamics: Leadership Consolidation
Several key manufacturers reported substantial growth, contributing to the overall market's upward trajectory. TVS Motor solidified its position as the dominant player, recording a 48% increase in registrations to 35,736 units in January 2026. This performance allowed TVS to expand its market share to 17% from 14% in the prior year. Bajaj Auto demonstrated healthy momentum, with its e2w registrations rising by 20% to 32,104 units. Ather Energy continued its strong growth narrative, achieving a 59% increase and registering 20,757 units. Hero MotoCorp marked a significant ascent into the top five e2w manufacturers, driven by an impressive six-fold surge in registrations, reaching 12,608 units from 1,626 units in the year-ago period. These performances underscore the ability of established automotive giants to adapt and capture market share within the rapidly evolving e2w segment.
### Ola Electric's Steep Decline
In stark contrast to its rivals, Ola Electric experienced a dramatic downturn in January 2026. Registrations for the company plummeted by 70%, falling to 7,221 units from 24,413 units in January 2025. This sharp decline in volumes resulted in a significant erosion of market share, dropping from 14% to just 3% within a year. Ola Electric slipped from its previous standings to fifth position, a precipitous fall from its former leadership role. This downturn is reportedly linked to persistent customer complaints regarding product defects, safety concerns, and after-sales service issues, which have impacted buyer confidence and brand reputation. The company's struggle also led to Greaves Electric Mobility exiting the top five ranking.
### Competitive Landscape and Sector Trends
The electric two-wheeler market is increasingly defined by product reliability and customer satisfaction, factors that appear to be driving Ola Electric's decline. Companies like Greaves Electric Mobility, operating under the Ampere brand, are focusing on durability and suitability for Indian conditions with their "Built for Bharat" philosophy and the strategic adoption of LFP battery chemistry for enhanced safety and longevity. Meanwhile, Ather Energy is not only growing sales but also gaining on market capitalization and revenue, surpassing Ola Electric in these metrics. The sector is also influenced by broader economic factors, such as adjustments in GST impacting the price gap between electric and internal combustion engine vehicles. As companies like Ather plan new model platforms to compete in the sub-INR 1 lakh segment, the market's dynamics point towards a future where product execution and customer support will be as critical as technological innovation.