Ola Electric founder Bhavish Aggarwal said India’s electric vehicle market is in the “middle of the S-curve” of adoption, with a period of consolidation likely before the next phase of rapid growth.
“EV has gone from almost zero four years ago to about 20% in scooters in just four years. So it’s been a very aggressive ramp. And these new technologies have an S-curve of adoption. We’ve had one quick ramp, now industry is consolidating. The consumer base is also consolidating… I think there will be a one-year phase of consolidation after which there will be another steep ramp,” Aggarwal said during an interview with Moneycontrol’s Chandra R Srikanth at the company's newly opened Gigafactory in Krishnagiri district, where it plans to manufacture lithium ion cells to power its electric vehicles.
He noted that cautious buyers are still evaluating the technology, often waiting for social proof from friends and family before making a switch.
“Consideration is very high and slowly more of the conservative customers are coming in,” he added.
Aggarwal’s comments come in as EV two-wheeler market is witnessing a phase of slowdown and consolidation.
In fact, in July this year, TVS Motor led the electric two-wheeler (E2W) market in July with 22,225 registrations, cornering a 21.6% share, according to Vahan data.
However, this was a 12.73% drop from June, when the company sold 25,468 units. Bajaj Auto held on to the second spot with 19,650 units and a 19.1% share, though sales were down 15.16% month-on-month from 23,161 units in June.
Ola Electric, once the dominant player in the segment, lost ground. The company’s share fell to 17.35% in July 2025, down sharply from 38.83% a year earlier. Registrations nearly halved to 17,848 units compared with 41,802 units in July 2024, marking a steep 57.29% year-on-year decline.
Speaking on the sidelines of Ola Electric’s annual event Sankalp on August 15, Aggarwal said improvements in technology will drive the next growth phase, pointing to falling costs, higher ranges, and faster charging speeds.
“For the cautious consumer, all his core concerns are only improving every year. As they see new products, our Gen 3 and maybe next year our Gen 4 product, stabilization of technology will get more and more customers into the fold,” he said.
Aggarwal also showcased Ola Electric’s use of artificial intelligence in its gigafactory.
Every battery cell undergoes X-ray imaging, followed by AI-driven analysis to detect minute deviations in electrode layering.
“A gigafactory cannot run without AI. It’s micron-level accuracy, and all the AI of this factory is inbuilt in-house,” he said.
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