Top 16 Electric Vehicle Companies in India

As per the analysis by IMARC Group, 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. 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. 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. Looking forward, the India electric vehicle market reached a value of US$ 1327.8 Million in 2023. the market to reach US$ 102,610.8 Million by 2032, exhibiting a growth rate (CAGR) of 60.2% during 2024-2032.

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

The India electric vehicle market has several major players including Greaves Electric Mobility Private Limited (‘GEMPL’), Ather Energy Private Limited, ATUL Auto Limited, Bajaj Auto Limited, Electrotherm (India) Limited, Hero Electric Vehicles Pvt. Ltd., Hyundai Motor India Ltd, JBM Group, Mahindra & Mahindra Limited, MG Motor India Private Limited, Okinawa Autotech Internationall Private Limited, Olectra Greentech Limited, Piaggio & C. S.p.A., Tata Motors Ltd., TVS Motor Company, and VE Commercial Vehicles Limited. More information about these companies has been provided below.

1. Greaves Electric Mobility Private Limited (‘GEMPL’)

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. 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.

2. Ather Energy Private Limited

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.

3. ATUL Auto Limited

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.

4. Bajaj Auto Limited

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.

5. Electrotherm (India) Limited

Electrotherm (India) Limited specializes in the design, manufacture, and distribution of engineering products and services. 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 and has invested in developing advanced technologies for its products.

6. Hero Electric Vehicles Pvt. Ltd.

Hero Electric Vehicles Pvt. Ltd. manufactures and distributes electric two-wheeled vehicles. It offers a wide range of electric scooters and motorcycles, catering to various segments of the industry. It is known for its innovative and eco-friendly products, which are designed to reduce carbon emissions and promote sustainable transportation. It has a strong distribution network that covers most parts of India, with over 500 dealerships and service centers. The company has also expanded its business overseas, with exports to countries such as Europe, Africa, and the Middle East.

7. Hyundai Motor India Ltd.

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. 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.

8. JBM Group

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. It has also expanded its business overseas, with operations in countries, such as Mexico, Germany, and the United Kingdom.

9. Mahindra & Mahindra Limited

Mahindra & Mahindra Limited mainly deals in electric vehicles and related products. Its product line includes electric cars, three-wheelers, and commercial vehicles. It has a strong distribution network that covers most parts of India, with over 100 dealerships and service centers. The company has also expanded its business overseas, with exports to countries such as Nepal, Bhutan, and Sri Lanka. It is committed to sustainable development and has implemented various measures to reduce its carbon footprint and promote environmental sustainability.

10. MG Motor India Private Limited

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. It has a strong distribution network that covers most parts of India, with over 220 dealerships and service centers.

11. Okinawa Autotech Internationall Private Limited

Okinawa Autotech 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.

12. Olectra Greentech Limited

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. 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 & C. S.p.A.

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.

14. Tata Motors Ltd.

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.

15. TVS Motor Company

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.

16. VE Commercial Vehicles Limited

VE Commercial Vehicles Limited primarily deals in trucks and buses, which cater to a wide range of customers, from entry-level to premium segments. It is committed to sustainable development and has implemented various measures to reduce its carbon footprint and promote environmental sustainability. It exports to over 34 countries and is recognized as an industry leader in commercial vehicles in India and the developing world.

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