India is promoting electric vehicles to cut emissions and improve air quality. The Indian EV market is set to grow from $2 billion in 2023 to $7.09 billion by 2025. Here are the top 10 electric vehicle companies in India driving this change, including Tata Motors and Mahindra Electric, progressing the country towards cleaner and greener transportation.

India, the world's third-largest auto market, is making significant strides in promoting electric vehicles (EVs) to combat rising environmental concerns. The government has set an ambitious goal of achieving 30% EV penetration by 2030, seeing electric mobility as crucial for reducing emissions and improving air quality. With supportive policies like the Electric Mobility Promotion Scheme (EMPS) 2024, the EV market in India has seen substantial growth.

In 2023, the Indian EV market was valued at US$2 billion and is projected to soar to US$7.09 billion by 2025. Key players driving this growth include Tata Motors, battery manufacturers like Exide Industries, and infrastructure providers such as Power Grid Corporation. This surge underscores the expanding interest in electric vehicles, setting the stage for the top electric vehicle companies in India.

Why are electric vehicles a boon to the economy?

Electric vehicles offer significant benefits to India for several compelling reasons:

Reducing Air Pollution: India hosts six of the world's ten most polluted cities, largely due to fossil fuel emissions from vehicles. Electric vehicles produce zero tailpipe emissions, thereby helping to improve air quality and reduce pollution levels.

Decreasing Oil Dependency: Currently, India imports 86% of its crude oil, which strains foreign exchange reserves and impacts economic stability. Shifting to electric vehicles reduces reliance on imported oil, thereby enhancing energy security and preserving foreign exchange reserves.

Mitigating Climate Change: Electric vehicles contribute to global efforts in combating climate change by reducing greenhouse gas emissions. This aligns with international agreements like the Paris Climate Accord, supporting India's commitments to sustainability and environmental stewardship.

Technological Advancements: The advent of electric vehicles represents a technological leap forward, integrating advancements like artificial intelligence for self-driving capabilities. This positions electric vehicles as pivotal in the future of transportation technology.

Global Transition: Many developed nations are already transitioning towards electric vehicles, highlighting a global shift towards cleaner and sustainable transportation solutions. India's adoption of electric vehicles aligns with global trends and positions the country at the forefront of the electric mobility revolution.

Here are the top electric vehicle companies in India, spotlighting the key players driving this transformative shift towards sustainable mobility:

Top EV companies in India

1. Tata Motors

Tata Motors was one of the first automotive brands in India to enter the electric vehicle market. It assessed the EV space early on, gaining a first-mover advantage. The Tigor EV, launched in 2019, was Tata's first electric vehicle for personal buyers, initially priced on the higher side. This model accounted for 95% of total electric car sales in February 2022. 

In the EV sector, Tata Motors registered impressive growth in sales in FY22, with a remarkable 353% increase compared to FY21. The company enjoys a first-mover advantage, offering the widest range of EVs in the country. Tata's electric cars are powered by Ziptron technology, which ensures long-term battery and motor performance. This technology also allows Tata to easily convert its existing internal combustion engine (ICE) models into electric vehicles like the Tigor and Nexon.

Tata Motors' EV lineup in India includes:

  • Tata Nexon EV Max: This model represents the latest variant of Tata's popular electric SUV, offering enhanced range and advanced features.
  • Tata Nexon EV: Known for its strong build and comfortable interiors, the Nexon EV is celebrated for its long-range capability and modern design.
  • Tata Tigor EV: A compact electric sedan that combines affordability with Tata's dependable electric technology, ideal for urban commuting.
  • Tata Tiago EV: As Tata's entry-level electric car, the Tiago EV focuses on practicality and efficiency, making electric mobility accessible to a wider audience.

 2. Mahindra Electric

Mahindra Electric Mobility Limited, a venture under the Mahindra Group, is a significant player in India's electric vehicle sector. With a history dating back to 2001, Mahindra Electric has been at the forefront of electric mobility, starting with the launch of the Mahindra Reva, one of the world's earliest electric cars sold internationally in markets like the UK, Germany, and France. Over the years, Mahindra Electric has expanded its portfolio to include a range of commercial, personal, and passenger electric vehicles.

In addition to manufacturing electric vehicles, Mahindra Electric is actively involved in battery production and enhancing EV infrastructure across the country. With its long-standing presence in the automotive industry and a commitment to electric mobility, Mahindra Electric continues to drive innovation and sustainability in India's EV market.

Mahindra Electric's EV lineup in India includes:

  • Mahindra eVerito: A spacious electric sedan offering a comfortable ride with a focus on practicality and zero emissions.
  • Mahindra e2o plus: Compact and agile, the e2o Plus is designed for city driving with its small footprint and eco-friendly electric drivetrain.
  • Mahindra eSupro: A versatile electric van suitable for commercial use, providing efficient transport solutions with low operating costs.
  • Mahindra Treo: A three-wheeler electric vehicle designed for last-mile connectivity and urban transport, combining affordability with green mobility.
  • Mahindra eAlfa mini: A compact electric rickshaw offering a cost-effective and environmentally friendly solution for short-distance travel in urban areas.

3. Hyundai 

Hyundai began its electric vehicle journey in India with the introduction of the Kona SUV in 2019, marking one of the earliest foreign brands to enter the Indian electric car market. Despite the segment's early stages at the time, Hyundai took a proactive approach, recognising the potential of electric mobility in India. Moving forward, Hyundai is set to expand its EV lineup significantly by launching six new electric cars across various price points by 2028.

Hyundai's commitment to expanding its electric vehicle presence in India is bolstered by collaboration with its sister brand, Kia Motors. Together, they aim to leverage shared resources and target diverse audiences in the Indian market.

Hyundai's current EV offering in India includes:

  • Hyundai Kona Electric: It is a compact SUV known for its impressive electric range, stylish design, and advanced tech features, making it a popular choice in the electric vehicle market.

4. Hero Electric

Hero Electric has emerged as the leader in India's electric two-wheeler segment, leveraging over 14 years of industry presence and strong consumer trust. With the increasing awareness and demand for electric vehicles in India, Hero Electric achieves high monthly sales, consistently selling thousands of electric scooters. The brand aims to ramp up production to over 1 million EVs by 2025, expanding its manufacturing facilities and charging infrastructure.

In 2021 alone, Hero Electric achieved significant sales, with over 46,260 units of electric scooters sold. This robust performance underscores Hero Electric's leadership in driving the adoption of electric mobility in India's two-wheeler market.

Currently, Hero Electric operates 2,000 charging stations nationwide, with plans to add another 20,000, enhancing convenience for customers across various locations. Hero Electric's lineup of e-scooters includes:

  • Hero Eddy: A compact and efficient electric scooter designed for urban commuting with a focus on affordability and ease of use.
  • Hero Electric Photon HX: A stylish electric scooter offering a balance of performance and comfort, ideal for city riders looking for eco-friendly mobility.
  • Hero Electric NYX HX: An electric scooter built for practicality and versatility, suited for both city streets and light off-road conditions.
  • Hero Electric Optima LX: Known for its ergonomic design and long-range capability, the Optima LX is a popular choice among electric scooter enthusiasts.
  • Hero Electric Flash LX: A nimble and lightweight electric scooter designed for short-distance commuting, offering ease of manoeuvrability and cost-effective operation.
  • Hero Electric Atria LX: Combining elegance with functionality, the Atria LX offers a premium electric scooter experience with enhanced comfort and performance features.

5. Ola Electric 

Ola Electric Mobility, a division of Ola Cabs, has made a significant impact on the market with its Ola S1 and Ola S1 Pro electric scooters. These electric two-wheelers are manufactured in Ola's 500-acre automated factory in the Krishnagiri district of Tamil Nadu. Currently, Ola produces 1,000 electric scooters daily and aims to become the largest two-wheeler brand in the world, with an annual production target of 10 million units in the coming years.

The Ola S1 and S1 Pro e-scooters have gained widespread attention due to their high-end features, such as keyless ignition, large boot space, external charging port, and a host of smart features accessible via the large LED display. These scooters also deliver impressive performance outputs, making them a popular choice among consumers.

Ola Electric's EV lineup in India includes:

  • Ola S1 Air: A lightweight and compact electric scooter designed for easy manoeuvrability and urban commuting, featuring a sleek design and eco-friendly performance.
  • Ola S1: Known for its stylish design and practical features, the Ola S1 offers a comfortable ride with smart connectivity options and efficient electric power.
  • Ola S1 Pro: The flagship model, the Ola S1 Pro, boasts an extended range and enhanced performance capabilities, catering to riders looking for premium features and superior riding experience.

6. Ampere EVs 

Ampere Vehicles has established itself as the third-largest electric two-wheeler brand in India as of February 2022. Founded in 2008, the company initially focused on supplying vehicles for the differently-abled under government contracts. Over the years, Ampere has evolved its product lineup, introducing innovations such as the V60 electric scooter in 2010 and developing indigenous chargers and IQ batteries.

Supported by investments from notable figures like Shri Ratan N Tata, Ampere Vehicles has expanded its portfolio to include four electric scooters tailored for various consumer needs. In February 2022 alone, Ampere Vehicles achieved significant sales, totalling 4,303 units. The current lineup of Ampere EVs in India comprises:

  • Ampere Magnus EX: Known for its robust build and comfortable ride, the Magnus EX offers a balance of performance and practicality, suitable for urban commuting.
  • Ampere Magnus: A reliable electric scooter with a focus on durability and efficiency, ideal for daily commuting with its user-friendly features.
  • Ampere Zeal EX: Designed for versatility and performance, the Zeal EX combines agility with a long-range capability, making it suitable for various riding conditions.
  • Ampere Reo Plus: Compact and economical, the Reo Plus is tailored for city commuting, offering an affordable entry into electric mobility with its efficient design.

7. Ather Energy 

Ather Energy has carved a niche in India's electric vehicle market with its innovative approach, highlighted by the introduction of the country's first smart electric scooter, the S340, in 2016. This scooter revolutionised the industry with features like a capacitive touch screen, user-based profiles, and smartphone app integration for remote control.

Supported by investments from Hero MotoCorp, a key player in India's two-wheeler automotive sector, Ather Energy continues to innovate and expand its presence in the rapidly growing electric scooter market in India.

As a prominent player in the EV space, Ather Energy has established its charging infrastructure, Ather Grid, across 21+ cities and 220 locations in India. Currently, the company offers two main electric scooter models:

  • Ather 450X Gen 3: The latest generation model from Ather Energy, the 450X Gen 3 offers enhanced performance, smart connectivity features, and a refined riding experience.
  • Ather 450X: Known for its premium build quality and advanced technology, the Ather 450X combines powerful performance with intelligent features like OTA updates and fast charging.
  • Ather 450 Plus: A predecessor to the 450X, the Ather 450 Plus offers a robust electric scooter experience with a focus on efficiency, range, and modern design.

8. TVS

TVS has emerged as a leading electric vehicle manufacturer in India, recognised for its proactive approach to tapping into the country's electric vehicle market potential. The domestic two-wheeler company launched the iQube electric scooter in 2020, which received a positive reception from buyers. Responding to market demands, TVS recently enhanced the iQube with improved range and performance earlier this year.

According to reports, TVS Motor Company is poised to sell over 1,00,000 electric two-wheelers (E2Ws) in FY 22-23, with projections reaching up to 1,50,000 units in FY24. Analysts anticipate robust growth for the E2W industry, estimating sales between 700,000 to 800,000 vehicles in the current fiscal year. This optimistic outlook positions TVS to maintain its double-digit growth trajectory in the electric vehicle segment.

TVS's current lineup of electric scooters in India includes:

  • TVS iQube: A stylish electric scooter from TVS, offering a blend of performance and smart features suitable for urban commuting.
  • TVS iQube S: The sportier variant of the iQube, featuring enhanced performance and agility, is ideal for riders looking for a more dynamic riding experience.
  • TVS iQube ST: Known for its sturdy build and spacious design, the iQube ST focuses on comfort and practicality, making it suitable for longer rides and varied road conditions.

9. Okinawa 

Okinawa has become a prominent name in India's electric two-wheeler market, especially popular among younger consumers for its sporty-looking e-scooters known for speed and performance. Founded in 2015 and headquartered in Gurugram, Okinawa has secured the second position among top two-wheeler brands in India as of February 2022. The company's success is attributed to offering a diverse range of electric two-wheelers across various price brackets, giving it a competitive advantage in the market.

In 2021, Okinawa achieved notable sales figures, selling a total of 29,945 units of electric two-wheelers. The company continued its strong performance in January 2022 alone, selling 11,536 units. With its expanding portfolio and robust sales numbers, Okinawa remains a key player in shaping the future of electric mobility in India.

Okinawa manufactures its vehicles at a plant located in Bhiwadi, Rajasthan, which serves as the production hub for its portfolio. The lineup of Okinawa electric scooters in India includes:

  • Okinawa Dual: A compact and versatile electric scooter designed for dual riding, offering comfort and convenience for two passengers.
  • Okinawa Okhi-90: Known for its lightweight and nimble design, the Okhi-90 is ideal for short-distance commuting with a focus on affordability and ease of use.
  • Okinawa Lite: A lightweight and economical electric scooter, perfect for urban commuting with its compact size and efficient electric motor.
  • Okinawa iPraise+: Combines style with performance, featuring advanced features like regenerative braking and digital instrument cluster, catering to tech-savvy riders.
  • Okinawa PraisePro: Known for its powerful motor and extended range, the PraisePro offers a comfortable ride with enhanced performance capabilities.
  • Okinawa Ridge+: Designed for rugged terrain and city streets alike, the Ridge+ offers durability and reliability with a focus on versatility and practicality.
  • Okinawa R30: A lightweight and compact electric scooter, perfect for daily commuting with its efficient motor and ergonomic design.

10. MG Motors

MG Motor India, a British automotive company, has established a significant presence in the Indian market. The company's electric vehicle (EV) lineup features the MG ZS EV, a compact SUV that offers a remarkable range of up to 419 km on a single charge. The MG ZS EV is one of the most popular EVs in India, known for its impressive range and advanced features.

MG Motor India's EV models include:

  • MG Comet EV: An upcoming electric vehicle from MG, promising innovative features and eco-friendly performance suitable for urban and suburban driving.
  • MG ZS EV: Known for its spacious interior, long electric range, and advanced safety features, the MG ZS EV is a popular choice in the electric SUV segment, offering a blend of comfort and sustainability.

Future of electric vehicles (EVs) in India

The future of electric vehicles (EVs) in India looks promising, with many consumers expecting EV options to become widely available by 2023, although mass adoption might not happen until 2025. Indian buyers are keen on lower EV prices compared to global standards, where the average EV costs around $36,000 (approximately Rs 27 lakh).

Lithium-ion batteries, which currently make up half the cost of EVs, are globally priced at about $250 per kWh (around Rs 5.7 lakh). However, concerns about battery safety, including risks of explosion, remain a challenge for widespread EV adoption in India.

Charging infrastructure is another hurdle, with a lack of sufficient charging stations making long-distance travel less convenient with EVs compared to traditional gasoline-powered vehicles. Additionally, some EVs are perceived to be slower than their gas-powered counterparts.

Despite these challenges, EVs present a crucial opportunity for India to lead in reducing carbon emissions and fostering a cleaner environment. Transitioning to EV mobility can pave the way for a greener ecosystem and align with global efforts to combat climate change.