Top 16 Electric Vehicle Companies in India

The India electric vehicle market reached a value of US$ 772 Million in 2022. Electric vehicles (EVs) are automobiles that rely on one or more electric motors for propulsion and run on the energy stored in rechargeable batteries. They are widely used for transporting passengers and goods. Compared to conventional automobiles, they are sustainable, durable, easy to use, and require low-maintenance. They provide a higher speed output, offer a noise-free travel experience, generate zero carbon emissions, and optimize the overall performance and efficiency of the vehicle. Since they aid in minimizing harmful exhaust emissions from fuel-based vehicles, EVs have gained immense traction in India as a convenient, eco-friendly, and cost-effective mode of transportation.

As per the analysis by IMARC Group, the India electric vehicle companies are offering EVs in battery, hybrid, and plug-in hybrid variants. They are also integrating EVs with novel technologies, such as geographic positioning system (GPS) navigation, remote sensors, and anti-theft locking systems. In addition, the leading manufacturers are becoming inclined toward lithium-ion (Li-ion) batteries and EV batteries over internal combustion engines (ICEs) due to their superior efficiency and better driving experience. They are also making substantial investments to upgrade the private and public charging infrastructure for EVs across the country. Besides this, the introduction of electrification programs and favorable initiatives undertaken by the Government of India to encourage the uptake of battery-powered mobility solutions like EVs to mitigate greenhouse gas (GHG) emissions are creating a positive market outlook. Other factors, including the development of eco-friendly ridesharing EVs, shifting focus toward sustainable development, and escalating demand for low-emission and eco-friendly vehicles, are also anticipated to catalyze market growth. Looking forward, IMARC Group expects the market to reach US$ 19,980 Million by 2028, exhibiting a growth rate (CAGR) of 69% during 2023-2028.

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India Top Electric Vehicle Companies and Manufacturers:

Ampere Vehicles Private Limited (Greaves Cotton Limited)

Establishment: 2008
Headquarters: Bengaluru, Karnataka, India
Website: https://amperevehicles.com/ 

Ampere Vehicles Private Limited designs electric vehicles to power India through New Age Energy. It offers a wide range of energy-efficient products and solutions for clean last mile. In 2019, Ampere Vehicles was acquired by Greaves Cotton Limited. Backed by state-of-the-art technology and comprehensive EV ecosystem support, the company has transformed the affordable mobility landscape over the last 14 years. 

Ather Energy Pvt Ltd

Establishment: 2013
Headquarters: Bangalore, Karnataka, India
Website: https://www.atherenergy.com/ 

Ather Energy Pvt Ltd is a start-up that designs, manufactures, and sells premium electric two-wheelers for the Indian market. Its product offerings include the Ather 450X and Ather 450 Plus, Ather Grid public & private charging infrastructure, and innovative ownership plans. The company also built India’s first smart and connected electric scooters, the Ather 450 product line. It is focused on building a complete ecosystem for electric vehicles in India, powered by indigenous design and all locally manufactured. It is currently expanding its footprint across the country and aims to be in over 50 cities in the coming months.

Atul Auto Limited

Establishment: 1986
Headquarters: Rajkot, Gujarat, India
Website: https://atulauto.co.in/ 

Atul Auto Limited is one of the youngest and fastest-growing three-wheeler commercial vehicle companies in India. It offers a complete range of three-wheelers across the fuel range - Diesel, Petrol, CNG, LPG, and Electric. With 200 primary and 130 secondary networks, it has an extensive presence across 21 states. The company’s dealership, sales, service, and spare parts network consists of more than 600 touch points across the globe.

Bajaj Auto Limited (Bajaj Group)

Establishment: 1945
Headquarters: Pune, Maharashtra, India
Website: https://www.bajajauto.com/ 

Bajaj Auto Limited is an Indian multinational automotive manufacturing company. It is India’s No.1 motorcycle exporter and a leading two and three-wheeler manufacturer in the world. The company mainly offers motorcycles, sports bikes, scooters, and auto rickshaws. Its products are sold in over 70 countries globally.

Electrotherm (India) Ltd.

Establishment: 1983
Headquarters: Gujarat, India
Website: https://www.electrotherm.com/ 

Electrotherm (India) Ltd. is a leading conglomerate mainly engaged in electrical and electronics engineering. The company’s line of businesses includes engineering & technologies, steel & pipes, electric vehicles, renewables, transformers, and transmission line towers. Its electric vehicles division manufactures battery-operated two-wheelers and three-wheelers for passenger and cargo applications. It was the first company to introduce e-bikes in India in an organized manner under the brand name YObykes.

Hero Electric Vehicles Pvt. Ltd. (Hero Eco Group)

Establishment: 1993
Headquarters: Gurugram, Haryana, India
Website: https://heroelectric.in/ 

Hero Electric is the leading manufacturer of electric two-wheelers in India. Its diverse product line-up includes a wide range of electric bikes, e-cycle, and scooters worldwide. It also offers a wide range of high-range and high-speed electric two-wheelers produced in its state-of-the-art manufacturing facility at Ludhiana. Each product manufactured by the company is closely inspected, rigorously tested by quality engineers, and put through 46 stringent quality checks before reaching the customers. The company has a wide network of exclusive sales and service outlets across the country.

Hyundai Motor India Limited (Hyundai Motor Company)

Establishment: 1996
Headquarters: Gurugram, Haryana, India
Website: https://www.hyundai.com/in/en 

Hyundai Motor India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motor Company (HMC) and India’s first smart mobility solutions provider. It is also the number one car exporter since its inception in India. Its broad product portfolio comprises SUVs, sedans, hatchback cars, and electric vehicles. The company operates a fully integrated state-of-the-art manufacturing plant near Chennai with advanced production, quality, and testing capabilities. It also owns a modern multi-million-dollar R&D facility in Hyderabad. Currently, it has 555 dealers and more than 1414 service points in India and exports to around 85 countries across Africa, the Middle East, Latin America, Australia, and the Asia Pacific.

JBM Auto Limited (JBM Group)

Establishment: 1983
Headquarters: Gurugram, Haryana, India
Website: https://www.jbmgroup.com/ 

JBM Auto Limited is a global conglomerate that operates in automotive, EV charging infrastructure, renewable energy, environment management, and artificial intelligence. Its buses and electric vehicles division has redefined public transportation through its best-in-class, modern, and technologically superior low-emission and electric buses that have established benchmarks in passenger comfort, safety, affordability, and innovation. With around 25,000 employees worldwide, the company has a presence in more than ten countries. 

Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)

Establishment: 1994
Headquarters: Bangalore, Karnataka, India
Website: https://www.mahindraelectric.com/ 

Mahindra Electric Mobility Limited is the pioneer of electric vehicles and related technologies in India. Its broad product portfolio includes electric sedans, three-wheelers, passenger and cargo vans, e-rickshaws, and cars. It also develops EV-related technologies and mobility solutions to create an ecosystem that encourages the adoption of EV technology.

MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)

Establishment: 2017
Headquarters: Gurugram, Haryana, India
Website: http://mgmotor.co.in/ 

MG Motor India Pvt Ltd is a leading automobile company in India and a subsidiary of Chinese automotive manufacturer SAIC Motor. It offers a wide range of luxury SUV cars and electric vehicles in India.

Okinawa Autotech Internationall Pvt Ltd

Establishment: 2015
Headquarters: Gurugram, Haryana, India
Website: https://okinawascooters.com/ 

Okinawa Autotech Internationall Pvt Ltd is a 100% Indian electric two-wheeler manufacturing company that aims to create two-wheelers that can drive our present towards a sustainable future. The company has entered into a joint venture with TACITA, an Italian electric and performance motorcycle manufacturer. The new company, born from this joint venture, will be based in India and begin production in 2023.

Olectra Greentech Ltd.

Establishment: 2000
Headquarters: Hyderabad, Telangana, India
Website: https://olectra.com/ 

Olectra Greentech Ltd. is a subsidiary of MEIL Group and a leader in electric bus manufacturing and insulators in India. It is one of India’s largest manufacturers of composite polymer insulators and offers a complete solution, including charging infrastructure and maintenance. After leading in the commercial run of electric buses, the company is expanding its product line in the e-mobility segment for three-wheeler electric autos and trucks.

Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)

Establishment: 1999
Headquarters: Pune, Maharashtra, India
Website: https://piaggio-cv.co.in/ 

Piaggio Vehicles Pvt. Ltd. (PVPL) is the pioneer of 3-wheeler goods transportation in India and a part of Piaggio & C. SpA, one of the leading motor vehicle manufacturers in the world. The company transformed the three-wheeler cargo vehicle segment in the country with its fuel efficiency, rugged performance, and outstanding load-carrying capability. It provides three-wheeler autos, electric rickshaws, tempos, and four-wheeler commercial vehicles.

Tata Motors Limited (Tata Group)

Establishment: 1945
Headquarters: Mumbai, Maharashtra, India
Website: https://www.tatamotors.com/ 

Tata Motors Limited is an Indian multinational automotive manufacturing company and a part of the Tata Group. It has an extensive portfolio covering a wide array of cars, sports utility vehicles, trucks, buses, defense vehicles, and a range of integrated, smart, and e-mobility solutions. The company also offers leading-edge powertrains, electric solutions, and connected & autonomous vehicles. Currently, the company operates R&D centers in the UK, Italy, India, and South Korea. Tata Motors is present in more than 125 countries, with a worldwide network of over 8,800 touch points. 

TVS Motor Company (Sundaram - Clayton Limited)

Establishment: 1979
Headquarters: Chennai, Tamil Nadu, India
Website: https://www.tvsmotor.com/ 

TVS Motor Company is an Indian multinational motorcycle manufacturer and one of the largest two-wheeler companies in the world. It manufactures an extensive range of two-wheelers, including mopeds, scooters, commuter motorcycles, racing-inspired bikes, three-wheelers, and electric vehicles. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement, have a leading position in the e-bike market in Switzerland. The company operates four manufacturing plants, three located in India (Hosur in Tamil Nadu, Mysore in Karnataka, and Nalagarh in Himachal Pradesh) and one in Indonesia at Karawang. TVS Motors has a presence in over 80 countries across the globe, including the Middle East, Africa, SE Asia, the Indian subcontinent, and Latin & Central America.

VE Commercial Vehicles Limited

Establishment: 2008
Headquarters: Gurugram, Haryana, India
Website: https://www.vecv.in/ 

VE Commercial Vehicles Limited (VECV) is a joint venture between the Volvo Group and Eicher Motors Limited. It is a multi-brand, multi-division company comprising a complete range of Eicher Trucks and Buses, Volvo Buses, exclusive distribution of Volvo Trucks in India, engine manufacturing and export hub for Volvo Group, non-automotive engines, powertrain, and Eicher component business. It owns and operates nine manufacturing facilities spread across India, supported by a strong dealership network of over 500 outlets. Currently, the company exports to over 34 countries and is recognized as an industry leader in commercial vehicles in India and the developing world.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects in the India electric vehicle industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:        

• Market Research         
• Plant setup         
• Plant Expansion         
• Marketing and sales         
• Procurement and Distribution
• Innovation and Product Development