Indian Electric Vehicle Landscape: Key Players and Highlights

If you are looking to buy a new two- or four-wheeler electric vehicle, you have landed on the right page. In this article, we will share all the major players in the Indian electric vehicle (EV) market, providing details on their production facilities, product offerings, and expansion plans. Here is the list of major electric vehicle companies in India:

Key Players:

• GEMPL: A leader in electric mobility solutions, focusing on two- and three-wheeler segments with the “Ampere” brand.
• Ather Energy: A prominent electric two-wheeler maker, attracting significant investment and aiming for market share expansion.
• ATUL Auto: Specializes in electric rickshaws and three-wheelers, catering to a diverse range of transportation needs.
• Bajaj Auto: A major player entering the EV market with a dedicated production facility and ambitious goals.
• Electrotherm (India): An emerging manufacturer of electric two-wheelers with a focus on exports.
• Hero Electric: An established producer of high-quality electric scooters, expanding production and exploring premium segments.
• Hyundai: India’s second-largest carmaker, offering EVs and investing heavily in local production and infrastructure.
• JBM Group: A diversified company involved in various aspects of electric mobility, including vehicles, components, and charging solutions.
• Mahindra & Mahindra: A latecomer to the EV space, but aiming to launch multiple models under the “Born Electric” brand.
• MG Motor India: A carmaker with two EV offerings, focusing on building a charging ecosystem and expanding exports.
• Okinawa Autotech: A recognized electric scooter manufacturer with factories in Rajasthan.
• Olectra Greentech: A pioneer in electric bus manufacturing, expanding production, and exploring partnerships.
• Omega Seiki Mobility: An innovator in green hydrogen-powered vehicles, targeting small commercial vehicles.
• Piaggio: A major three-wheeler cargo player entering the electric segment with the Ape Electrik model.
• Tata Motors: The undisputed leader in the Indian EV market, with a dominant share and ambitious expansion plans.
• TVS Motor: A traditional two-wheeler manufacturer venturing into the EV space with its electric scooter and aiming for exports.
• VE Commercial Vehicles: A joint venture focused on electric buses, leveraging technology and established platforms.

Also, read Thinking of Buying A New Car – Go ELECTRIC in 2024

Two-wheelers:

• Leading players: GEMPL (Ampere), Ather Energy, Hero Electric, TVS Motor
• Emerging players: Okinawa Autotech, Electrotherm (YO Bykes), Hero-Mahindra partnership
• Global manufacturers: Bajaj Auto, Hyundai (Ioniq 5), Kia (EV6)

Three-wheelers:

• Established players: Atul Auto, Olectra Greentech (joint venture with Etrio)
• New entrants: Piaggio (Ape Electrik), Omega Seiki Mobility (hydrogen-powered vehicles)

Four-wheelers:

• Dominant player: Tata Motors (Tiago, Nexon, Tigor) with a 72% market share
• Growing players: MG Motor (ZS, Comet), Mahindra & Mahindra (Born Electric brand)
• Global presence: Hyundai (Ioniq 5), Kia (EV6), VE Commercial Vehicles (Skyline Pro E)

Key trends:

• Rapid expansion of manufacturing facilities across India.
• Focus on affordability and energy efficiency.
• Increased investment in battery technology and charging infrastructure.
• Partnerships between Indian and global companies.
• Government support through the FAME-II scheme.

Future outlook:

The Indian EV market is expected to see significant growth in the coming years, driven by government incentives, rising fuel prices, and increasing environmental awareness. This document provides a glimpse into the key players shaping this dynamic landscape.