Top 10 Companies Revolutionising the India Electric Vehicle Market Landscape

Tata Motors Limited, BMW AG, Mahindra & Mahindra Limited, MG Motor India Pvt. Ltd., ANI Technologies Pvt Ltd., Hyundai Motor India, Piaggio Vehicles Private Limited, Kinetic Green Energy & Power Solutions Ltd., TVS Motor Company, and Bajaj Auto Ltd, among others are the major players in the India electric vehicle market. 

The India electric vehicle market reached a value of around USD 5.48 billion in 2023. The market is projected to grow at a CAGR of 34.7% in the forecast period of 2024-2032 to reach a value of around USD 95.23 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by rising environmental consciousness and the rising fuel prices in the country.

The demand for automobiles is rising with a growing demand for mobility. Since traditional combustion engines using petrol or diesel are highly polluting, they are increasingly being replaced by electric vehicles, propelling the India electric vehicle market growth. Fully electric vehicles (EVs) provide consumers with zero tailpipe emissions and are environmentally friendly. The running cost of EVs is also much lower than petrol or diesel vehicles owing to the chargeable batteries running the vehicles rather than fossil fuels. The costs for charging electric vehicles can further be reduced by charging cars or bikes using renewable energy sources such as solar panels. 

India is also working towards building a robust EV charging infrastructure. The government aims to have EVs account for 30% of new private vehicle registrations by 2030. To support this India is expected to require a total of 39 lakh public and semi-public charging stations.

Table: Number of EV charging Stations in 2023

Under the government e-AMRIT (Accelerated the Mobility Revolution for India’s Transportation) scheme, the government offers consumers purchase incentives, coupons, interest subventions, and income tax benefits. Such schemes aid the demand for electric vehicles in India. According to governmental data concerning the status of electric and hybrid vehicles deployed in India in 2023, Uttar Pradesh leads with approximately 7.75 lakh vehicles. The state was followed by Maharashtra with 5.17 lakh, and Karnataka with around 4 lakh electric vehicles.

In January 2024, Hero MotoCorp's startup Surge launched the Surge S32. The two-in-one convertible electric vehicle seamlessly transforms from a 3 wheeled electric vehicle to an electric scooter within 3 minutes. It provides self-employed individuals with versatile mobility options. The vehicles allow users to elevate their lifestyle and earning potential. For instance, it provides self-employed people, the flexibility of using both an electric rickshaw and an electric scooter within the same vehicle.

Top 10 Electric Vehicle Companies in India:

Tata Motors Limited

Tata Motors Limited is a producer of cars, utility vehicles, buses, trucks, and defence vehicles. The company’s operations are widespread, with a global presence extending across Latin America, the Middle East and North Africa, and Sub-Saharan Africa, among others. The company has over 2,600 touchpoints, serving its international customers in over 44 countries. Tata Motors is the leader in India’s EV market and has produced over 1 lakh Evs to date. Its leading Evs are Tiago.ev (fastest selling), Nexon EV (No. 1 electric SUV), and XPRESS-T (No. 1 EV fleet). 

BMW AG

BMW AG is a global luxury automobile and motorcycle manufacturer and a provider of premium financial and mobility services. The company has over 30 production sites across the world and a robust global sales network in 140 markets. The company has two facilities sites in India. BMW offers the Indian market a range of electric vehicles, including BMW iX, BMW i4, and BMW i7.

Mahindra & Mahindra Limited

Mahindra & Mahindra Limited has a significant presence in key markets such as automotive, agribusiness, aerospace, construction equipment, energy, finance and insurance, leisure and hospitality, and retail. The company’s research and development centres are located in 21 centres across 7 countries, including India, Finland, the United States of America, Italy, Japan, the United Kingdom, and Turkey. In India, the company owns 21 manufacturing plants with its electric vehicle manufacturing facilities located in Chakan (Maharashtra), Nashik (Maharashtra), and Bengaluru (Karnataka).

MG Motor India Pvt. Ltd.

MG Motor India Pvt. Ltd., a subsidiary of SAIC Motor Corporation Limited, is a prominent player in the Indian automotive market. MG Motor India is recognised for its innovative technologies and car models. MG Motor India’s annual retail sales figure for FY 2023, was recorded at 56,902 units, a y-o-y growth of 18%. MG is also the second-largest EV seller in India, with around 25% of its total sales coming from EV models. The company has sold around 20,000 units of MG ZS and the MG Comet to date.

ANI Technologies Pvt Ltd.

ANI Technologies Pvt Ltd is primarily known for operating Ola, India’s largest mobility platform and one of the largest ride-hailing company in the world. It serves over 250 cities across India, the United Kingdom, Australia, and New Zealand. Ola’s core mobility offering in India is strengthened by Ola Electric, its electric vehicle arm. Ola Electric owns an integrated and automated electric 2-wheeler manufacturing plant in the country. Ola Electric has a manufacturing capacity of one million per annum of EVs. Further, from January 2021 to March 2023, Ola sold over 3 lakh EVs.

Hyundai Motor India

Hyundai Motor India Ltd. is a wholly-owned subsidiary of the Hyundai Motor Company (HMC). The company is India’s first smart mobility solutions provider. Hyundai operates a robust network of 1,366 sales points and 1, 548 service points across the country. The strong model line-up consists of 13 car models including KONA Electric and all-electric SUV IONIQ 5. Hyundai Motor India Ltd. is a critical component of HMC’s global export hub with exports spanning 88 countries across the Middle East and Africa, Latin America, Australia, and Asia Pacific.

Piaggio Vehicles Private Limited

Piaggio Vehicles Pvt. Ltd. (PVPL) is a subsidiary of Italian Piaggio & C. SpA. In India, Piaggio plays a significant role, in the production of 3-wheeler cargo vehicles segment. The company has over 29 lakh customers in India and is also a major 3-wheeler manufacturer in the country. Its Ape electric 3-wheeler vehicles are popular across the country for commercial use. The Ape E-City model of electric three-wheelers leads the L5 segment of electric vehicles. 

Kinetic Green Energy & Power Solutions Ltd.

Kinetic Green is a significant player in the Indian electric vehicle market, offering a range of vehicles, including electric three-wheelers and two-wheelers. The company has over 510 dealers across India. Kinetic's joint venture with Italian Tonino Lamborghini helps it offer electric golf carts and buggies to its customers. The company is engaged in research and development to launch innovative electric vehicles and expand its market presence. Kinetic Green is the first company to develop ARAI-approved electric three-wheelers as well as the first company to offer lithium-ion battery technology in the Indian electric three-wheelers sector.

TVS Motor Company

TVS Motor Company is a renowned two and three-wheeler producer. It has three state-of-the-art manufacturing facilities in the Indian cities of Hosur, Mysuru and Nalagarh, and one in Karawang in Indonesia. Further, the company has global footprints across the Middle East, Africa, Southeast Asia, the Indian subcontinent, and Latin and Central America. During 2024, the company plans on expanding its electric vehicle 2-wheelers to cater to the cost requirements of its customers.  

Bajaj Auto Ltd

Bajaj Auto Ltd. is the flagship company of the Bajaj Group and is ranked as the world's fourth-largest three and two-wheeler manufacturer. Bajaj Auto exports to over 70 countries globally with exports accounting for a significant share of revenues. The company is the first global two-wheeler producer to have reached a market cap of INR one trillion. The company is also a prominent player in the country’s EV market.