Top 15 Electric Vehicle Companies in India: Exploring Trends and Competitive Dynamics

The India electric vehicle market size was valued at USD 2,360.97 Million in 2024. As per the analysis by IMARC Group, the market is projected to reach USD 1,64,420.39 Million by 2033, exhibiting a growth rate (CAGR) of 57.23% during 2025-2033. The leading companies in the Indian electric vehicle industry are focusing on various product improvements to expand their product portfolio and improve their existing sales. Consequently, they are integrating regenerative braking, battery management systems (BMS), onboard chargers, and telematics in electric vehicles (EVs) to capture the kinetic energy generated when the vehicle slows down and convert it into electrical energy to recharge the battery. They also help monitor the health of the battery, optimize its performance, ensure its safety, and extend the life of the battery.

In addition, key players operating in the country are also incorporating advanced technologies, such as geographic positioning system (GPS) navigation, remote sensors, and anti-theft locking systems, to enhance the experience of the user. Moreover, the advent of a mobile application that provides real-time information about the performance, battery status, and charging status of the vehicle and allows the driver to monitor or control the vehicle more effectively is influencing the market positively. Besides, EV emerged as the clean and more sustainable option to conventional vehicles. The Indian government has facilitated this through a host of encouraging policies and incentives. For instance, in February 2024, the Ministry of Heavy Industries, Government of India, launched the Electric Mobility Promotion Scheme (EMPS) 2024.

List of Top Companies Operating in the Electric Vehicle Industry in India:

The India electric vehicle market has several major players including Ather Energy Limited, Atul Auto LIMITED, Bajaj Auto Ltd, Electrotherm (India) Limited, Greaves Electric Mobility Limited, Hyundai Motor India, JBM Group, JSW MG Motor India Pvt Ltd, Mahindra Electric Automobile Ltd, Okinawa Autotec Private Limited, Ola Electric Mobility Ltd., Olectra Greentech Limited, Piaggio Vehicles Pvt. Ltd, TATA Motors, and TVS Motor Company. More information about these companies has been provided below:

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1. Ather Energy Limited

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

Ather Energy Private Limited is an Indian startup that focuses on the designing and manufacturing of electric scooters. The company's vision is to create a sustainable and eco-friendly mode of transportation for the Indian industry, which is heavily dependent on petrol and diesel-powered vehicles. Its flagship product is a high-performance electric scooter that is designed to offer a superior riding experience to its customers. It also invests in developing a robust charging infrastructure to support the growing demand for electric vehicles in India. The company offers advanced onboard navigation and efficient lithium-ion battery technology.

2. Atul Auto LIMITED

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

ATUL Auto Limited is an Indian company that manufactures three-wheeled commercial vehicles for passenger and cargo transportation. It has a diverse product portfolio that includes passenger carriers, goods carriers, and special-purpose vehicles. Its products are known for their durability, reliability, and fuel efficiency. It has a strong distribution network that covers most parts of India, with over 350 dealerships and service centers. The company offers durable EVs tailored for last-mile connectivity in urban and semi-urban areas. The brand is a trusted name in the three-wheeler segment, offering electric variants for passenger and goods transport.

3. Bajaj Auto Ltd

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

Bajaj Auto Limited specializes in the designing, manufacturing, and distribution of two-wheeled vehicles. It is one of the substantial manufacturers of two-wheeled vehicles in the world and has a strong presence in over 75 countries. Its product line includes motorcycles, scooters, and three-wheeled vehicles. It is known for its innovative and high-performance products, which cater to a wide range of customers, from entry-level to premium segments. It has also invested in developing electric vehicles and has launched electric scooters and motorcycles in the Indian market. The company offers sleek retro design combined with modern electric powertrains and regenerative braking. The company has leveraged its iconic Chetak brand to penetrate the urban electric scooter market.

4. Electrotherm (India) Limited

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

Electrotherm (India) Limited specializes in the design, manufacture, and distribution of engineering products and services. It is one of the first companies to launch electric scooters in India, driving early awareness.It has a diverse product portfolio that includes induction furnaces, electric scooters, motorcycles, and batteries. It is known for its innovative and eco-friendly products, which cater to a wide range of customers. It has a strong commitment to research and development, investing in advanced technologies for its products.
 

5. Greaves Electric Mobility Limited

Establishment:	2008
Headquarters:	Karnataka, India
Website:	https://ampere.greaveselectricmobility.com

Greaves Electric Mobility Private Limited ('GEMPL') focuses on producing eco-friendly electric vehicles for urban transportation. The company aims to revolutionize the Indian mobility sector by offering electric vehicles that are affordable, reliable, and sustainable. GEMPL is a pioneer in the affordable EV space. It has strengthened its presence in the three-wheeler and two-wheeler segments. Its product line includes electric scooters, motorcycles, and three-wheelers. It is strongly committed to environment sustainability and aims to reduce carbon emissions by promoting the use of electric vehicles in India.

6. Hyundai Motor India

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

Hyundai Motor India Ltd. is a subsidiary of the South Korean multinational automotive manufacturer Hyundai Motor Company. The company manufactures and distributes a wide range of cars, including hatchbacks, sedans, SUVs, and electric vehicles. It has implemented various measures to reduce its carbon footprint and promote environmental sustainability. The company is known for its advances, such as fast charging capabilities, long-range lithium-ion batteries, and cutting-edge design. It is committed to providing quality products and services to its customers and has been recognized with numerous awards for its achievements in the Indian automotive industry.

7. JBM Group

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

JBM Group is an Indian multinational company that designs, manufactures, and distributes automotive components and systems. Its product line includes sheet metal components, assemblies, exhaust systems, and buses. It has a strong focus on innovation and has developed advanced technologies for its products. It has a strong distribution network that covers most parts of India, with over 25 manufacturing facilities and 10 design centers. The company is knoen for its high-performance electric drivetrains and advanced safety features for public transport. It has also expanded its business overseas, with operations in countries such as Mexico, Germany, and the United Kingdom.

8. JSW MG Motor India Pvt Ltd

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

JSW MG Motor India Private Limited is a subsidiary of the Chinese multinational automotive manufacturer SAIC Motor Corporation Limited. It manufactures and distributes a range of cars, including SUVs, electric vehicles, and plug-in hybrids. It is known for its innovative and high-performance products, which cater to a wide range of customers, from entry-level to premium segments. The company focuses on AI-driven smart features, high-range batteries, and fast charging. It has a strong distribution network that covers most parts of India, with over 220 dealerships and service centers.

9. Mahindra Electric Automobile Ltd

Establishment:	2022
Headquarters:	Mumbai, Maharashtra, India
Website:	https://www.mahindraelectricsuv.com/

Mahindra Electric Vehicle Ltd is one of India's leading companies in the design, development, and manufacture of electric vehicles. The company has a portfolio of diversified products that include electric three-wheelers, electric passenger cars, and fleet solutions for urban mobility and commercial applications. Additionally, the company focuses on sustainability and innovation, with continued investment in future-generation battery technologies, connected mobility solutions, and inclusion of clean energy. Supported by Mahindra Group's legacy and robust infrastructure, it has developed a large distribution and service footprint in India. Mahindra Electric aims to provide reliable, green, and future-proof mobility solutions to millions of customers.

10. Okinawa Autotec Private Limited

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

Okinawa Autotec Internationall Private Limited designs, manufactures, and distributes electric scooters and motorcycles. Its product line includes a range of electric scooters that cater to a wide range of customers, from entry-level to premium segments. It has a strong commitment to research and development and has invested in developing advanced technologies for its products. It has a strong distribution network that covers most parts of India, with over 350 dealerships and service centers. It has been recognized with numerous awards for its achievements in the Indian automotive industry and is committed to providing quality products and services to its customers.

11. Ola Electric Mobility Ltd.

Establishment:	2017
Headquarters:	Bangalore, India
Website:	https://www.olaelectric.com/

Ola Electric Mobility is one of India's leading electric vehicle companies, revolutionizing the EV market with innovative two-wheelers. The company is vertically integrated, handling everything from design and manufacturing to battery technology and charging solutions. Ola Electric aims to speed up the adoption of EVs in India by offering affordable high-performance options, making sustainable transportation accessible to the masses. The company offers AI-driven connected features, long-range battery options, and ultra-modern design. Ola is also actively expanding its Hypercharger network for a rapid and widespread charging infrastructure.

12. Olectra Greentech Limited

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

Olectra Greentech Limited specializes in the designing, manufacturing, and distribution of electric buses and related products. Its product line includes a range of electric buses, which cater to public transportation, tourism, and corporate transport sectors. The company is known for its advanced lithium-ion battery integration for long-range, sustainable public transport. It has a strong distribution network that covers most parts of India, with over 200 buses already in operation across various cities in India. It is committed to sustainable development and has implemented various measures to reduce its carbon footprint and promote environmental sustainability.

13. Piaggio Vehicles Pvt. Ltd

Establishment:	1999
Headquarters:	Pune, Maharashtra, India
Website:	https://www.piaggiogroup.com

Piaggio & C. S.p.A. manufactures and distributes motorized two-wheelers and commercial vehicles. Its product line includes a range of scooters, motorcycles, and three-wheelers, which cater to a wide range of customers, from entry-level to premium segments. Its products are known for their iconic design, innovative technology, and superior performance. It has a strong distribution network that covers most parts of the world, with over 7,000 dealerships and service centers. The company is strengthening its position in the commercial EV market with robust three-wheelers.

14. TATA Motors

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

Tata Motors Ltd. is an Indian multinational automotive manufacturing company that specializes in passenger cars, commercial vehicles, and electric vehicles. Its product line includes a range of vehicles, which cater to a wide range of customers, from entry-level to premium segments. Its products are known for their durability, reliability, and performance. The company has a strong distribution network that covers most parts of the world with over 8,000 dealerships and service centers. The company dominates India's EV car market with its advanced Ziptron technology, offering long-range and fast-charging capabilities.

15. TVS Motor Company

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

TVS Motor Company is an Indian multinational two-wheeler and three-wheeler manufacturing company. Its product line includes a range of motorcycles, scooters, and three-wheelers, which cater to a wide range of customers, from entry-level to premium segments. It has a strong distribution network that covers most parts of the world, with over 5,000 dealerships and service centers. The company has been recognized with numerous awards for its achievements in the automotive industry and is committed to providing quality products and services to its customers.

Get an inside look at the India electric vehicle market with exclusive insights, including:

• CAGR projections during the 2025-2033 forecast period.
• In-depth information on the factors that will fuel the India electric vehicle market growth in the next five years.
• Precise predictions regarding upcoming trends and potential changes in consumer behavior.
• Analysis of the India electric vehicle industry's expansion at the regional and global level.
• A thorough review of the market's competitive landscape and detailed information on key players.
• Detailed explanations of the challenges that could impede the growth of the India electric vehicle market.

 

About Author:

Aditi Kumar  Senior Content Writer at IMARC Services Private Limited Aditi is a content writer and editor at IMARC Services Private Limited with over two years of experience in market research, covering diverse sectors from information technology to healthcare, automotive, oil and gas, food and beverage, and electronics. She actively works on numerous predictive and exploratory research projects and has hands-on experience analyzing and writing about macro and micro markets. Besides writing, Aditi loves baking and reading novels.