2025: Legacy OEMs Overtake Ola Electric in India's EV Two-Wheeler Market

• Ola Electric's market share declined from mid-20s to high teens/below 20% in 2025, despite initial optimism.
• Legacy OEMs like TVS Motor and Bajaj Auto consistently led monthly sales, while Ather Energy and Hero MotoCorp's Vida gained traction.
• Ola faced significant operational challenges including production volatility, delivery issues, and service problems, impacting brand perception.
• Industry-wide challenges included subsidy normalization, global supply constraints for rare-earth magnets, and intense competition from new electric offerings.
• Despite profitability struggles, the overall electric two-wheeler market grew, with improved infrastructure and product quality, making 2025 a transitional year.

Why It Matters: 2025 marked a shift in India's EV two-wheeler market, with legacy OEMs dominating as execution became key.