The Indian market for electric vehicles is experiencing a significant surge, with numerous companies engaged in manufacturing a diverse range of EVs. These Indian electric vehicle manufacturers are actively involved in exporting locally-made electric vehicles as part of the National Electric Mobility Mission program initiated by the Government of India. Both the central and state governments consistently introduce new policies and initiatives to foster the adoption of electric vehicles and create a conducive EV ecosystem. Notable initiatives include the National Electric Mobility Mission Plan, FAME-I and II, National Mission for Transformative Mobility and Battery Manufacturing, and the Phased Manufacturing Program. These endeavours are aimed at promoting the use of electric vehicles throughout the country. It is projected that the market value of the Indian EV industry will reach approximately 20,000 million by 2028, exhibiting a remarkable compound annual growth rate (CAGR) of 69% during the forecast period of 2023-2028. Here is the list of the top 10 Electric Vehicles Companies in India:
- Bajaj Electric
Bajaj Auto Limited is a renowned company that focuses on the design, manufacture, and global distribution of two-wheeled vehicles. With a substantial presence in over 75 countries, it has firmly established itself as one of the leading manufacturers of two-wheeled vehicles worldwide. Bajaj Auto’s product portfolio encompasses motorcycles, scooters, and three-wheeled vehicles, catering to diverse customer segments. In line with the evolving market trends, Bajaj Auto has also ventured into the development of electric vehicles, introducing a range of electric scooters and motorcycles in the Indian market.
- Ather Energy
Ather Energy Pvt. Ltd. is an Indian startup that is driven by a vision to provide the Indian market, which heavily relies on petrol and diesel vehicles, with a sustainable and environmentally-friendly mode of transportation. At the core of their offerings is a flagship electric scooter that not only delivers exceptional performance but also enhances the overall riding experience for customers. In addition to manufacturing electric scooters, Ather Energy also prioritizes the development of reliable charging infrastructure to meet the increasing demand for electric vehicles in India.
- Tata Motors
Tata Motors was an early adopter of electric vehicles in India, gaining a slight first-mover advantage. The Tigor EV, launched in 2019, was their first electric vehicle for personal buyers, capturing 95 per cent of electric car sales in February 2022. Powered by the advanced Ziptron technology, Tata electric cars deliver reliable performance and enable the seamless integration of EV variants into their existing lineup, including models like Tigor and Nexon.
- TVS Motors
TVS Motors, a prominent Indian multinational Motor Company, excels in manufacturing two-wheelers and three-wheelers. With a diverse product line encompassing motorcycles, scooters, and three-wheelers, they serve customers across various segments, from entry-level to premium. Their extensive distribution network comprises over 5,000 dealerships and service centres, ensuring wide coverage globally.
- Mahindra Electric Motors
Mahindra Electric Mobility Limited, a subsidiary of the Mahindra Group, is a leading player in the automotive sector, akin to Tata Motors. Recognizing the demand for electric vehicles, Mahindra Electric has swiftly advanced in building electric cars like eVerito, eSupro, Treo Zor, and e2o Plus. Additionally, they are actively involved in battery manufacturing and enhancing the electric vehicle infrastructure in the nation.
- OLA Electric
Ola Electric Mobility, a division of Ola Cabs, has garnered attention with its Ola S1 and Ola S1 Pro electric scooters manufactured in a vast automated factory in Tamil Nadu. With a current production of 1000 units, Ola’s goal is to become the world’s largest two-wheeler brand by manufacturing 10 million scooters annually. The S1 and S1 Pro models stand out for their advanced features, including keyless ignition, ample storage, an external charging port, a large LED display with smart functionalities, and impressive performance.
- Ampere Electric Pvt. Ltd.
As of February 2022, Ampere Vehicles is the country’s third-largest electric two-wheeler brand. Initially supplying vehicles for individuals with disabilities, the company expanded into electric scooters in 2010. With investments from figures like Shri Ratan N Tata, Ampere offers four scooter models, including Magnus EX, Magnus, Zeal EX, and Reo Plus, priced from Rs 45,000 to Rs 80,000. In February 2022, they sold 4,303 units.
- Okinawa Autotech Pvt. Ltd.
Founded in 2015, Okinawa has become a favoured electric two-wheeler brand among young riders. Known for its sporty design and performance, the Gurugram-based company holds the second position among the top two-wheeler brands in India as of February 2022. With six models in their portfolio including Okinawa R30, Ridge Plus, Praise, i-Praise, and OKHI-90, they compete directly with the feature-packed Ola S1 Pro. Okinawa sold around 29,945 units in 2021, and 11,536 units of electric scooters in January 2022.
- Hero Electric vehicles
Hero Electric Vehicles Pvt. Ltd. specializes in producing and delivering electric two-wheelers, including scooters and motorcycles, across diverse market segments. Renowned for its eco-friendly and inventive offerings, the company aims to minimize carbon emissions and encourage sustainable transportation. With an extensive network comprising over 500 dealerships and service centres, Hero Electric ensures widespread distribution throughout India.
- Pure EV
Established in 2019, Pure EV is an electric scooter startup that has gained significant traction in the Indian market with its inventive and environmentally friendly product range. The company has successfully introduced electric scooters to a wide customer base, emphasizing both quality and performance. As a result, Pure EV is rapidly emerging as a prominent player in the electric vehicle industry.
Conclusion
The electric vehicle landscape in India is evolving rapidly, with these top 10 companies leading the charge towards a sustainable future. As India embraces electric mobility, these companies are driving the green revolution, creating a cleaner and more sustainable transportation ecosystem. With ongoing advancements in technology, affordability, and infrastructure development, the future of electric vehicles in India looks promising, with these companies at the forefront of shaping a greener and more.
