Ola Electric Re Enters Top 5 as EV Two-Wheeler Registrations Hit Record 1.78 Lakh in March

India’s electric two-wheeler market saw an unprecedented surge in March, with registrations hitting a record 1.78 lakh units. The sharp rise comes amid growing concerns over fuel availability due to the West Asian conflict, pushing consumers towards electric mobility. Ola Electric also re-entered the top five, marking a strong recovery after slipping out in February.

According to Vahan data, this is the highest ever monthly tally for the EV two-wheeler segment, surpassing the previous peak of 1.43 lakh units recorded during the festive season in October. The electric two-wheeler market grew nearly 60% month on month, underlining accelerating adoption across India.

Market Leaders Dominate the Electric Two-Wheeler Segment

TVS Motor continued to lead the electric two-wheeler market with a 26.23% share, selling 46,859 units in March. Bajaj Auto followed closely with 42,931 units and a 24.03% market share, significantly narrowing the gap with the leader.

Ather Energy retained the third spot in the electric two-wheeler space, with registrations rising over 61% to 33,621 units. The company held an 18.82% market share. Hero MotoCorp stayed fourth, registering 19,764 units and capturing 11.06% of the EV two-wheeler market.

Ola Electric Re-Enters Top 5

Ola Electric made a notable comeback in the EV two-wheeler segment, more than doubling its sales to 9,496 units from 3,973 units in February. Its market share rose to 5.32%, bringing it back into the top five manufacturers.

Despite the recovery in the EV two-wheeler market, Ola Electric’s stock price remained under pressure, hovering near its all-time low with a market capitalisation of around Rs 9,970 crore.

Also Read: Top Funded Indian Startups by Sector (2025–26): Where Investors Are Betting Big

Rising Competition in the EV Two-Wheeler Market

Greaves Electric Mobility slipped to sixth position despite a 57% increase in sales to 7,408 units. River Mobility, BGauss and Simple Energy maintained their positions in the electric two-wheeler rankings.

Revolt Motors entered the top 10 EV two-wheeler companies, replacing e-sprinto, after posting over 80% growth in registrations. The trend highlights intensifying competition and rapid expansion within the EV two-wheeler ecosystem.