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Datum Charts

Ather Surpasses Ola in Market Share for the First Time as Their Growth Paths Diverge

Ola Electric’s share fell from 35% in FY24 to 13% in Sep-25, while Ather rose to 17%, signaling balanced competition. As incumbents scale and reliability becomes key, India’s E-2W market is shifting beyond early adoption toward brand parity and service-led competition.

,   and  Datum Intelligence
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Table of Contents

Ola Electric’s early-mover advantage in the E-2W segment has moderated through FY25, with its market share declining from a peak of 34.8% in FY24 to ~13% by Sep-25. Ather Energy, meanwhile, has steadily expanded its share from 10.6% in FY23 to 17.4% in Sep-25, supported by a stronger retail network, improved delivery timelines, and consistent software upgrades.

Ola’s share erosion post-FY24 coincides with increased competitive intensity from TVS, Bajaj, and Hero MotoCorp, as well as consumer pushback on reliability and service concerns.

What It Means

The E-2W market is entering a multi-brand equilibrium phase where scale, reliability, and after-sales service will outweigh early-mover advantages.

  • Ola’s dominance is fading as established OEMs and Ather capture share through steady execution.
  • Ather’s trajectory suggests it is evolving from niche premium to mainstream challenger.
  • Industry structure is shifting from a single-leader dynamic to a diversified top-four, signaling a more sustainable and competitive market environment.

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