Remember, elves breed slowly. Once they lost a few battles, they probably had trouble replenishing their army. At that point, the Nords would have the Voice, finely crafted equipment and sheer numbers.
EDIT-Ninja'd.
This is not to be underestimated. The elven races are always at a serious disadvantage against humans becuase the round ears can simply out-breed them. Elves live for centuries, and elven women maybe have two kids in all that time, if they are lucky. Humans of course, breed like humans. It will still take the Altmer and Bosmer a hundred years or more to recover their losses from the Great War. While the Imperials and Redguards have not only raised an entire new generation of fighters, but are half-way through pumping out a second. All the human races need to do is start a war every twenty years, and even if they take much heavier losses than the elves, they will still win in the end. Crunch all you want, they'll make more.