Table of Contents
India is a diverse multiethnic nation on its path to creating a sustainable future. The promise of a cleaner and greener future has been going around for a while now; steps and initiatives to implement these plans and make them a reality are coming into action. One such initiative is the introduction of electric vehicles on the roads of India. This comes with the establishment of electric vehicle companies in India.
A vehicle that uses electric motors for propulsion instead of fuel, such as petrol or diesel, is known as an electric vehicle. The shift from conventional fuel-based to electric vehicles promises reduced carbon emissions and pollution. It has opened up new opportunities and a marketplace for electric vehicle companies in India. According to a recent study by Arthur D. Little, it is estimated that by 2030, more than 30% of vehicles in India will be electric. The Economic Survey 2023 showcases that between 2022 and 2030, India’s domestic electric vehicle market will observe a 49% compound annual growth rate (CAGR), with 10 million annual sales by 2030.
Now that we know about electric and electric vehicle companies in India, let us look at the top 10 electric vehicle companies in India.
Top 10 Electric Vehicle Companies in India
A survey by the International Energy Agency (IEA) showed that global electric vehicle sales in 2021 doubled to 16.5 million sold worldwide compared to last year. Electric vehicle companies in India have many challenges and needs to cater to. This provides electric vehicle manufacturing companies in India with massive space and opportunities to make various types of electric vehicles. Along with all these opportunities and uprisings, there comes competition to achieve the title of best electric vehicle company in India, like Ola Electric, Hero Electric, Bajaj Auto, MG Motors, etc.
Electric vehicle companies in India have many challenges and needs to cater to. This provides electric vehicle manufacturing companies in India with massive space and opportunities to make various types of electric vehicles. Along with all these opportunities and uprisings, there comes competition to achieve the title of best electric vehicle company in India, like Ola Electric, Hero Electric, Bajaj Auto, MG Motors, etc. On the other hand, India has also observed that by 2023, at least 30% of road traffic will be due to electric vehicles. Therefore the requirement and competition to provide the best and to become the best electric vehicle company is also huge. So, here we have curated a list of the top 10 electric vehicle companies in India.
Let’s look at the top electric vehicle companies in India -
Tata Motors
Tata Motors is an Indian multinational automotive manufacturing company. Tata Motors is a part of Tata Group; the company makes electric vehicles, passenger cars, trucks, coaches, vans, and buses. Tata Passenger Electric Mobility is the subsidiary company responsible for producing electric cars under Tata Motors. Tata Motors has produced three electric vehicles: Tata Nexon EV, Tata Tigor EV, and Tata Tiago EV. The first Tata Motors electric vehicle was the Tata Nexon EV, introduced in 2020. Tata Motors leads in the electric vehicle company market, having 86% share, courtesy of two models- Tata Nexon Ev and Tigor EV.
Morris Garage
MG (Morris Garage) is a British Automotive company that manufactures electric vehicles at a global market scale. According to a report, it is the best EV OEM in the country after TATA. MG has only manufactured one electric vehicle in India, MG ZS EV, which was launched in 2022. MG has an 8.32% market share.
Hyundai
Hyundai Motor India Limited (HMIL) is a subsidiary of Hyundai Motor Company, headquartered in South Korea. Hyundai is the largest automobile manufacturing company, with a 15% market share. Hyundai entered the electric vehicle world in 2019, investing approximately Rs69,04,86,17,000 in an EV production line to begin manufacturing Kona Electric.
Ola Electric
Ola Electric Mobility, known as Ola Electrics, is a two-wheeler electric vehicle company in India. It is based in Bengaluru, India, and its manufacturing plant is in Tamil Nadu. The company has recently manufactured three electric two-wheelers- Ola S1 Air, Ola S1, and Ola S1 Pro. The first-ever electric scooter manufactured by Ola Electric was released in 2021. The company claims to become the largest electric two-wheeler brand in the world and aims to produce 10 million units in the upcoming years. Ola Electric has a 22% market share in FY23.
Ather Energy
Ather Energy is an Indian electric manufacturing company based in Bangalore. The company manufactures electric scooters. When the company began in 2016, it launched S340, an electric scooter. It had advanced technology, such as an app to control scooter settings, touch screens, and used-based profiles. Ather Energy has introduced two electric scooter models- Ather 450X and Ather 450Plus. The company has also established vehicle charging infrastructure across India known as the Ather Grid. In April 2023, the company sold 8,182 units registering a 117% year-on-year growth.
Okinawa
Okinawa is an Indian electric scooter manufacturing company based in Gurgaon (Gurugram). The company is known for making e-scooters with exceptional speed and performance. The production plant of the company is in Bhiwadi, Rajasthan. The company has manufactured six-two-wheeler electric scooters. These are- Okinawa Dual, Okinawa Okhi-90, Okinawa Lite, Okinawa iPraise+, Okinawa PraisePro, Okinawa Ridge+, and Okinawa R30. The company has sold 103,000 units in the first 11 months of FY2023.
Hero Electric
Hero Electric is an Indian electric two-wheeler manufacturing company. It is one of the leading electric scooter manufacturing companies in India. The company ensures that products undergo rigorous inspection and approximately 46 quality checks before entering the market. Hero Electrics has released 7 electric scooters- Hero Eddy, Hero Electric Photon HX, Hero Electric NYX HX, Hero Electric NYX HX, Hero Electric Optima LX, Hero Electric Flash LX, Hero Electric Atria LX, and Velocity. For FY2023, Hero Electric has sold 80,954 units. The company holds a 15.75% market share.
Mahindra Electric
Mahindra Electric, formerly Reva Electric Car Company, was the first company to introduce the concept of electric vehicles in India. It is an Indian company based in Banglore. The company has manufactured five electric vehicles- Mahindra eVerito, Mahindra e2o plus, Mahindra eSupro, Mahindra Treo, and Mahindra eAlfa mini. It launched the first electric car Mahindra Reva back in 2001, which is one of the world’s first electric cars to be sold in the international market. Mahindra Electric holds a 67.2% market share in the electric 3-wheeler segment.
TVS
TVS is a two-wheeler electric vehicle manufacturing company in India. TVS is headquartered in Chennai and stands to be the third-largest motorcycle company in India in terms of revenue. The company launched its first electric scooter iQube in 2020. TVS has recently released three electric scooters- TVS iQube, TVS iQube S, and TVS iQube ST. TVS has sold 81,920 units in the first 11 months of FY2023. TVS has a 19.5% market share in India.
Ampere Vehicles
Ampere Vehicles is a Coimbatore-based two-wheeler electric vehicle company in India. It released its first V60 electric scooter in 2010. It is also the company that manufactures chargers and IQ batteries. The company has launched four electric scooters in India- Ampere Magnus EX, Ampere Magnus, Ampere Zeal EX, and Ampere Reo Plus. The company sold 74,932 units in the first 11 months of FY2023. The electric vehicle manufacturing company in India has a 12.93% market share.
Future of Electric Vehicle Companies in India
The establishment of electric vehicle companies in India has opened up an extensive range of job opportunities and has created a huge marketplace in the country. The Ministry of Skill Development and Entrepreneurship presumes that by the year 2030, the electric vehicles manufacturing company in India holds the potential to generate approximately 50 million to 1 crore indirect jobs apart from the 10 million to 1 crore direct jobs.
The Indian government, on 9th Feb. 2023, announced the massive discovery of a 5.9 million ton of lithium reserves found in India. The lithium reserves are located in Jammu and Kashmir. This is a significant discovery and a great boost for the Indian economy. This is also great news for the electric vehicle companies in India, as lithium is the key component in the manufacturing of electric vehicles. The discovery of lithium also reduces India’s dependency on lithium import, potentially lowering the cost of manufacturing electric vehicles. It is also stipulated that India might become the number one electric vehicle manufacturing nation after the discovery of lithium reserves in Jammu and Kashmir.
Do you know which company is making batteries for electric vehicles in India? TDSG (TDS Lithium-Ion Battery Gujrat Private Limited) is India’s first lithium-ion battery manufacturing plant set up in Gujrat. The discovery of lithium reserves in India would help create more lithium-ion battery manufacturing plants in India that, in return, would generate a huge employment base. Electric vehicles have also changed the manufacturing scenario; they contain fewer moving parts, making manufacturing simpler and streamlined. They require lithium-ion batteries, thus growing special skills and need for producing them.
The electric vehicle companies in India have a major role to play apart from the economic and industrial benefits. This industry plays a vital role in reducing pollution and contributing to sustainable development in India. Electric vehicles are zero-emission; they produce no greenhouse gases or pollutants. They are a step towards reducing fossil fuel dependency and eliminating exhaust emissions. Electric vehicles play a vital role in reducing air pollution to a considerable amount and reducing environmental impact with zero tailpipe emissions.
Fueling the Future with Electric Vehicles
Electric vehicles are energy-efficient and set up on a path to change the transportation landscape. The setting up of electric vehicle companies in India is one step towards sustainable development in India. Electric vehicles are responsible for reducing air and noise pollution, making them a perfect choice for the future.
Introducing electric vehicles in India has revolutionized the Indian market and economy. It is setting up great opportunities, business ideas, and employment in the market. Electric vehicles are also quite cost-effective and are low maintenance. They do not require frequent servicing and are easier to look after.
In this step, finding the perfect electric vehicle best suited for one’s needs is important. We made a list of electric vehicle companies in India to make it easy for you to make a pick.
Innovative, low-investment ideas for the hidden entrepreneur in you! Explore our guide on Business Ideas.
Frequently Asked Questions (FAQ’s)
India’s best electric vehicle manufacturers are Tata Motors, Hyundai, Morris Garage, Ola Electric, TVS, Okinawa, etc. These companies manufacture electric cars and scooters of the best quality and ensure the efficiency of their products. Electric vehicles are known for their innovative features, impressive range, sustainable performance, and contribution towards reducing carbon emissions.
There are a variety of electric vehicle manufacturing companies in India. They all are competing against each other to become the best and biggest electric manufacturing vehicle companies in India. Some of India’s top and best electric vehicle companies are Mahindra Electric, Tata Motors, Hyundai, and Morris Garage. These manufacturers prioritize customer satisfaction, making them the top choice among customers.
There are a total of 25 electric vehicles company in India. Electric vehicle companies are of various kinds some only manufacture two-wheelers like TVS, some only manufacture three-wheelers or four-wheelers, and some manufacture all sorts of electric vehicles. Hence there are 25 electric vehicle companies catering to consumers’ different needs in India.
Ola Electric is the largest electric vehicle company in India. Ola Electrics company has claimed to become the largest electric two-wheeler brand in the world and aims to produce 10 million units in the upcoming years. This makes ola electric the largest vehicle company in India. Ola Electric is leading the way in the Indian electric vehicle industry and shaping the future of electric mobility.
Other Related Reads
To read more related articles, click here.
Got a question on this topic?