The Indian electric vehicle market is experiencing a surge as manufacturers actively produce diverse EVs, exporting them under the National Electric Mobility Mission program. Both central and state governments introduce policies to promote widespread EV adoption, aiming to create an encouraging ecosystem. Projections show the Indian EV industry reaching a market value of around 20,000 million by 2028, with a remarkable CAGR of 69% from 2023-2028. Here are the top 10 electric vehicle companies in India.
1. Tata Motors
Tata Motors took an early lead in embracing electric vehicles in India, which gave them a slight advantage as a first mover in the market. In 2019, they introduced the Tigor EV as their first electric vehicle targeted at individual buyers. Remarkably, the Tigor EV accounted for 95 per cent of electric car sales in February 2022. With the implementation of their advanced Ziptron technology, Tata electric cars deliver dependable performance and allow for the smooth integration of electric variants into their existing lineup, including popular models like the Tigor and Nexon.
2. Mahindra Electric Motors
Mahindra Electric Mobility Limited, a subsidiary of the Mahindra Group, holds a prominent position in the automotive sector, similar to Tata Motors. Acknowledging the increasing demand for electric vehicles, Mahindra Electric has made significant strides in developing electric cars such as eVerito, eSupro, Treo Zor, and e2o Plus. Moreover, they actively participate in battery manufacturing and work towards improving the electric vehicle infrastructure across the country.
3. OLA Electric
Ola Electric Mobility, a division of Ola Cabs, has gained significant recognition for its Ola S1 and Ola S1 Pro electric scooters, which are produced in a sprawling automated factory located in Tamil Nadu. The S1 and S1 Pro models stand out due to their cutting-edge features, such as keyless ignition, generous storage, an external charging port, a large LED display with intelligent functionalities, and impressive performance capabilities.
4. Hero Electric vehicles
Hero Electric Vehicles Pvt. Ltd. is a specialist in the production and distribution of electric two-wheelers, encompassing scooters and motorcycles, catering to various market segments. The company is renowned for its innovative and environmentally-friendly offerings, with a strong commitment to reducing carbon emissions and promoting sustainable transportation. With a vast network comprising more than 500 dealerships and service centres, Hero Electric ensures wide accessibility and distribution of its products across India.
5. Ather Energy
Ather Energy Pvt. Ltd. is an Indian startup motivated by a vision to offer a sustainable and eco-friendly mode of transportation to the Indian market, which heavily relies on petrol and diesel vehicles. Their key focus lies in a flagship electric scooter that not only provides outstanding performance but also elevates the overall riding experience for customers. Alongside manufacturing electric scooters, Ather Energy places significant emphasis on developing dependable charging infrastructure to meet the growing demand for electric vehicles in India.
6. Bajaj Electric
Bajaj Auto Limited, a well-known company, specializes in the design, production, and global distribution of two-wheeled vehicles. With a strong presence in more than 75 countries, it has firmly positioned itself as a prominent manufacturer of two-wheeled vehicles on a global scale. Bajaj Auto offers a comprehensive product portfolio that includes motorcycles, scooters, and three-wheeled vehicles, catering to diverse customer segments. Bajaj Auto has embraced the electric vehicle market by introducing electric scooters and motorcycles, aligning with evolving trends in the Indian market.
7. TVS Motors
TVS Motors, a prominent Indian multinational motor company, stands out in the production of two-wheelers and three-wheelers. They have a wide range of products that include motorcycles, scooters, and three-wheelers, catering to customers across different segments, ranging from entry-level to premium. With a vast distribution network of over 5,000 dealerships and service centres, TVS Motors ensures extensive coverage both domestically and globally.
8. Pure EV
Pure EV, a startup in the electric scooter industry, has made substantial progress in the Indian market since its establishment in 2019. The company has gained recognition for its innovative and environmentally friendly range of products. With a focus on delivering exceptional quality and performance, Pure EV has successfully introduced electric scooters to a diverse customer base. As a result, the company is quickly establishing itself as a key player in the electric vehicle industry.
9. Okinawa Autotech Pvt. Ltd.
Established in 2015, Okinawa has quickly gained popularity as a preferred brand for electric two-wheelers among young riders. With its sporty design and impressive performance, this Gurugram-based company currently holds the second position among the leading two-wheeler brands in India as of February 2022. Okinawa boasts a portfolio of six models, including the Okinawa R30, Ridge Plus, Praise, i-Praise, and OKHI-90, offering direct competition to feature-rich options like the Ola S1 Pro. In terms of sales, Okinawa recorded approximately 29,945 units in 2021, and in January 2022 alone, they sold 11,536 units of electric scooters.
10. Ampere Electric Pvt. Ltd.
Ampere Vehicles has secured its position as the third-largest electric two-wheeler brand in the country as of February 2022. Initially focused on providing vehicles for individuals with disabilities, the company ventured into the electric scooter market in 2010. With notable investments from prominent figures like Shri Ratan N Tata, Ampere offers a range of four scooter models, namely Magnus EX, Magnus, Zeal EX, and Reo Plus, with prices ranging from Rs 45,000 to Rs 80,000. In February 2022, the company achieved sales of 4,303 units.
Conclusion
The electric vehicle industry in India is undergoing rapid transformation, and these top 10 companies are at the forefront of driving the shift towards a sustainable future. As India embraces electric mobility, these companies are playing a crucial role in spearheading the green revolution, fostering a cleaner and more sustainable transportation ecosystem. With continuous advancements in technology, affordability, and infrastructure development, the future of electric vehicles in India appears promising. These companies are leading the way in shaping a greener and more environmentally friendly transportation landscape.
