Top 16 Electric Vehicle Companies in India: Exploring Trends and Competitive Dynamics

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$ 1,327.8 Million in 2023. The market is projected to reach US$ 102,610.8 Million by 2032, exhibiting a growth rate (CAGR) of 60.2% during 2024-2032.

Over the years, India's drive for green mobility has progressed significantly. This momentum comes with a sense of urgency to curb carbon emissions and combat urban air pollution. Electric vehicles are at the core of this transition process. It has emerged as the clean and more sustainable option to conventional vehicles. This has been facilitated by the Indian government through a host of encouraging policies and incentives. These incentives coupled with programs like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which provides financial subsidization to buyers for purchasing electric vehicles, tax rebates, lower GST, and others are implemented by the government to make electric vehicles more affordable for the masses. Further, the establishment of robust charging infrastructures is expected to drive the demand for EVs in the country. This is all part of an unprecedented boost in the market underlining consumer enthusiasm and possible establishment of a greater commitment towards a greener future.

The Indian government has introduced various initiatives to promote the adoption of electric vehicles and the development of charging infrastructure. For instance, in February 2024, the Ministry of Heavy Industries, Government of India, launched the Electric Mobility Promotion Scheme (EMPS) 2024. This is a fund-limited scheme with a total of Rs. 500 crores over the course of four months, from April 1, 2024, to July 31, 2024, to encourage the faster adoption of electric two-wheelers and three-wheelers. The goal is to further boost the nation's EV manufacturing ecosystem and promote green mobility. Moreover, advancements in charging technologies, such as fast chargers and battery swapping stations, are making EVs more convenient for consumers. 

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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., and TVS Motor Company. 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.

• Key Models: Ampere Magnus, Ampere Zeal EX
• Technological Advancements: Affordable EVs with efficient battery management systems for urban commuting.
• Market Impact: GEMPL is a pioneer in the affordable EV space. It has strengthened its presence in the three-wheeler and two-wheeler segments.

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.

• Key Models: Ather 450X, Ather 450S.
• Technological Advancements: Advanced onboard navigation, efficient lithium-ion battery technology, and a growing network of Ather Grid fast chargers.
• Market Impact: The company is established as a premium electric scooter brand with a focus on performance and smart features.

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.

• Key Models: Atul Elite Passenger, Atul Elite Cargo.
• Technological Advancements: Durable EVs tailored for last-mile connectivity in urban and semi-urban areas.
• Market Impact: The brand is a trusted name in the three-wheeler segment, offering electric variants for passenger and goods transport.

4. Ola Electric Mobility Pvt. Ltd.

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.

• Key Models: Ola S1 Air, Ola S1 Pro
• Technological Advancements: AI-driven connected features, long-range battery options, and ultra-modern design. Ola is also actively expanding its Hypercharger network for rapid and widespread charging infrastructure.
• Market Impact: A market disruptor, Ola Electric has swiftly captured consumer interest with its cutting-edge electric scooters, contributing significantly to India's goal of reducing carbon emissions and embracing green mobility.

5. 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.

• Key Models: Chetak Electric.
• Technological Advancements: Sleek retro design combined with modern electric powertrains and regenerative braking.
• Market Impact: The company has leveraged its iconic Chetak brand to penetrate the urban electric scooter market.

6. 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.

• Key Models: YObykes series
• Technological Advancements: Early adopter of electric two-wheelers with a focus on lightweight, energy-efficient designs.
• Market Impact: One of the first companies to launch electric scooters in India, driving early awareness.

7. 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.

• Key Models: Hero Optima, Hero Photon, Hero NYX
• Technological Advancements: Affordable EVs with swappable battery options and low running costs.
• Market Impact: A market leader in electric two-wheelers, known for its extensive dealer network.

8. 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.

• Key Models: Hyundai Kona Electric, Hyundai Ioniq 5
• Technological Advancements: Fast charging capabilities, long-range lithium-ion batteries, and cutting-edge design.
• Market Impact: One of the early entrants in India’s electric car segment, offering premium electric SUVs.

9. 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.

• Key Models: ECO-LIFE electric buses.
• Technological Advancements: High-performance electric drivetrains and advanced safety features for public transport.
• Market Impact: A key player in the electric bus segment, supporting green mobility for cities.

10. 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.

• Key Models: Mahindra e2o Plus, Mahindra Treo
• Technological Advancements: Strong focus on efficient electric powertrains for commercial and passenger vehicles.
• Market Impact: Leader in electric three-wheelers and compact electric cars for urban mobility.

11. 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.

• Key Models: MG ZS EV, MG Comet EV
• Technological Advancements: Focus on AI-driven smart features, high-range batteries, and fast charging.
  • Market Impact: Positioned as a premium EV brand with a growing market share in the compact SUV segment.

12. 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.

• Key Models: Okinawa PraisePro, Okinawa Ridge+
• Technological Advancements: Affordable scooters with swappable batteries and smart connectivity features.
• Market Impact: Leading company in the value-for-money electric two-wheeler segment, targeting mass adoption.

13. 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.

• Key Models: K6 Electric Bus, K9 Electric Bus
• Technological Advancements: Advanced lithium-ion battery integration for long-range, sustainable public transport.
• Market Impact: A frontrunner in the electric bus segment, enabling cleaner city transportation systems.

14. 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.

• Key Models: Ape E-City
• Technological Advancements: Compact, efficient EVs designed for last-mile connectivity.
• Market Impact: The company is strengthening its position in the commercial EV market with robust three-wheelers.

15. 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.

• Key Models: Tata Nexon EV, Tata Tiago EV, Tata Tigor EV
• Technological Advancements: Advanced Ziptron technology offers long-range and fast-charging capabilities.
• Market Impact: The company dominates India’s EV car market with a wide range of models catering to diverse customer needs.

16. 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.

• Key Models: TVS iQube Electric
• Technological Advancements: Smart connectivity features, efficient battery systems, and reliable build quality.
• Market Impact: A rising contender in the electric two-wheeler market, combining trust and technology.

Challenges and Growth:

Despite the excellent growth trail for the Indian electric vehicle industry, it still confronts several challenges. In this regard, one major constraint is the lack of a powerful and widespread charging infrastructure, both in rural and semi-urban locations, that limits its use and convenience. At the same time, expensive battery technology continues to be one of the prime reasons keeping prices out of reach for many price-conscious consumers. In addition, problems such as limited vehicle range, battery lifespan issues, and environmental concerns about the recycling of batteries add to the hurdles. Supply chain constraints are mainly associated with critical raw materials, like lithium and cobalt. To overcome these barriers, innovation, investment, and supporting policies are expected to continue to build a sustainable ecosystem for EVs in India.

Conclusion - The Road Ahead:

The EV industry makes India one of the leaders in the green mobility revolution. Companies deploy advanced technologies and government support to make electric vehicles more accessible and efficient. From pioneering affordable electric two-wheelers and introducing premium electric SUVs and buses, the companies are shaping a cleaner, sustainable future in transportation. Government initiatives, including subsidies and tax incentives, along with infrastructure works, complement their efforts in supporting the momentum toward mass electric vehicle adoption. Consumers, as well as stakeholders, need to stay abreast of the latest innovations in the market. This is expected to herald a new revolutionary change toward a greener and environmentally friendly India.

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