As India continues its push toward a sustainable future, the electric vehicle (EV) market has been growing at an exponential rate. In 2024, EVs are no longer just a trend—they’re a crucial part of India’s strategy to combat pollution and reduce carbon emissions. With numerous companies leading the way, we explore the top 10 electric vehicle companies in India, providing insights into the leading EV manufacturers, the best electric car brands, and popular EV startups in India.
1. Introduction to Electric Vehicles in India
India’s EV market is witnessing rapid growth, driven by increasing government support, rising fuel prices, and growing environmental awareness among consumers. In 2024, the Indian electric vehicle market is expected to cross a significant milestone, with the market size projected to reach $7.8 billion by 2025, growing at a compound annual growth rate (CAGR) of 45%. This makes India one of the largest emerging markets for electric vehicles in the world.
2. Top 10 Electric Vehicle Companies in India
Several leading players dominate India’s EV market. Here are the top 10 electric vehicle companies in India based on their market share, innovation, and future prospects.
2.1 Tata Motors
Tata Motors, a leader in India’s automotive sector, is among the top electric car companies in India. With the successful launch of the Tata Nexon EV, the company has emerged as a market leader in the electric SUV category. Tata Motors’ market share in India’s EV market stands at 25% as of 2024, and they plan to increase their EV production capacity to 50,000 units per year by the end of 2024.
Case Study: Tata Nexon EV
Tata’s Nexon EV has been one of the best-selling electric vehicles in India since its launch in 2020. The compact SUV has set a new benchmark for electric mobility, with over 25,000 units sold as of 2024. One of the key features driving its success is its impressive range of 312 km on a single charge, making it an affordable option for Indian families.
2.2 Mahindra Electric
Mahindra Electric is another major player in the Indian EV industry. Known for its Mahindra e2o Plus and Mahindra XUV400 EV, the company is pushing for more affordable electric mobility solutions. Mahindra Electric holds a 15% market share, and the company is investing heavily in expanding its EV portfolio, targeting 10,000 units of production in 2024 alone.
Case Study: Mahindra XUV400 EV
Mahindra’s XUV400 EV, launched in late 2023, received a tremendous response from consumers. The car offers a range of 456 km on a single charge, making it one of the longest-range electric cars available in India. As of 2024, the company has delivered more than 5,000 units, with many customers praising the vehicle’s spacious design and strong performance.
2.3 Hero Electric
Hero Electric has been a pioneer in the electric two-wheeler segment. With a range of electric scooters like the Hero Optima and Hero Photon, Hero Electric holds over 35% of the Indian electric two-wheeler market. The company is focusing on expanding its manufacturing capacity, with plans to produce 100,000 units per year by 2025.
Case Study: Hero Electric Optima
Hero Electric’s Optima scooter has been one of the best-selling electric two-wheelers in India. In 2023, the company reported sales of more than 40,000 units of the Optima, with a significant rise in demand in tier-II and tier-III cities. The Optima offers a range of 50-60 km on a single charge, making it an ideal choice for city commuters.
2.4 Ather Energy
Ather Energy, an electric scooter manufacturer, has made a significant impact with its premium electric scooter offerings like the Ather 450X. The company is a leader in the electric two-wheeler segment in terms of technology and performance. Ather has expanded its footprint to 50+ cities and expects to sell 80,000 units in 2024.
Case Study: Ather 450X
The Ather 450X, launched in 2021, has become one of the most sought-after electric scooters in India due to its cutting-edge technology and performance. With a range of 85-100 km on a single charge, it is designed for modern urban commuters. By 2024, Ather Energy is set to surpass 100,000 units sold across India, marking a major milestone for the company.
2.5 Ola Electric
Ola Electric is one of the fastest-growing electric vehicle manufacturers in India. Known for its Ola S1 Pro scooter, the company aims to revolutionize the EV space with cutting-edge technology and innovative features. Ola Electric has set a target of producing 1 million units annually by 2025 and currently holds around 10% of the electric two-wheeler market.
Case Study: Ola S1 Pro
Launched in 2021, the Ola S1 Pro electric scooter quickly became one of the best-selling electric scooters in India. With features like a 181 km range on a single charge and a top speed of 115 km/h, it has appealed to both urban and suburban customers. The S1 Pro has sold over 50,000 units within its first year of launch, marking a successful start for Ola Electric’s journey.
2.6 BYD India
BYD, a Chinese multinational, is rapidly expanding its presence in India. Known for its BYD e6 electric MPV, the company is focused on both commercial and passenger electric vehicles. BYD’s entry into the Indian market has seen an increase in demand, with the company’s sales reaching 5,000 units in 2024.
Case Study: BYD e6
The BYD e6 is an electric MPV that offers a range of 300 km on a single charge, making it an ideal choice for fleet operators and families. In 2024, BYD reported a 100% increase in sales, demonstrating the growing popularity of electric commercial vehicles in India.
2.7 Revolt Motors
Revolt Motors, a pioneer in the electric motorcycle market, has introduced models like the Revolt RV400, which are gaining popularity due to their smart features and affordability. The company aims to sell 50,000 units by 2025 and is expanding its dealer network to more than 100 cities.
Case Study: Revolt RV400
The Revolt RV400 is a feature-packed electric motorcycle that offers a range of 150 km on a single charge. Revolt Motors’ innovative approach to electric motorcycles, including features like AI-enabled ride modes and remote diagnostics, has helped the company achieve 30,000 units sold in 2024 alone.
2.8 Bajaj Auto
Bajaj Auto has entered the EV market with the Chetak Electric, a scooter that combines retro design with modern electric technology. Bajaj has set a target of producing 100,000 units annually by 2025 and aims to capture 10% of the electric two-wheeler market.
Case Study: Bajaj Chetak Electric
The Bajaj Chetak Electric is a premium electric scooter that combines the legacy of the Chetak brand with sustainable technology. With a range of 95-105 km and a modern design, it has become one of the most popular electric scooters in India, with 50,000 units sold by the end of 2024.
2.9 Tork Motors
Tork Motors is another emerging player in India’s electric motorcycle segment. Known for the Tork T6X, the company is focused on producing high-performance electric motorcycles for Indian consumers. Tork Motors plans to expand its production capacity to 50,000 units by 2025.
Case Study: Tork T6X
The Tork T6X is India’s first electric motorcycle designed for performance enthusiasts. With a range of 100 km and a top speed of 100 km/h, the T6X is gaining popularity among urban riders. Tork Motors plans to roll out 20,000 units in 2024, marking a significant growth phase for the company.
2.10 Piaggio India
Piaggio, well-known for its iconic Vespa scooters, has also ventured into the electric two-wheeler market with the Vespa Elettrica. Piaggio plans to launch five new EV models by 2025 and expects to achieve a sales volume of 30,000 units annually.
Case Study: Vespa Elettrica
The Vespa Elettrica combines Piaggio’s classic design with modern electric technology, offering a range of 100 km. Since its launch, the Vespa Elettrica has sold over 10,000 units and continues to expand in both metro and tier-II cities.
3. Leading EV Manufacturers in India
India’s leading EV manufacturers are at the forefront of the transition to electric mobility. These companies are pushing innovation, improving infrastructure, and investing in technology to cater to the growing demand for electric vehicles. Tata Motors, Mahindra Electric, and Hero Electric are among the most prominent manufacturers leading the EV revolution in India.
4. Top Electric Car Companies in India
When it comes to electric car companies in India, Tata Motors and Mahindra Electric dominate the market. Tata’s Nexon EV is one of the most popular electric cars in India, offering a range of up to 312 km on a single charge. The Mahindra XUV400 EV is also gaining traction, offering a range of 456 km on a full charge, making it one of the longest-range electric cars available in India.
5. Best Electric Vehicle Brands in India
Several electric vehicle brands have emerged as leaders in the Indian market. The best electric vehicle brands in India include:
- Tata Motors: Known for affordable and reliable electric cars.
- Mahindra Electric: Offers electric cars with a focus on sustainability.
- Hero Electric: Dominates the electric two-wheeler market with a wide range of scooters.
- Ather Energy: Recognized for its innovative and tech-savvy electric scooters.
- Ola Electric: Known for its high-performance electric scooters and aggressive growth strategy.
These brands are shaping the future of mobility in India by providing eco-friendly alternatives and helping to reduce the nation’s carbon footprint.
6. Popular EV Startups in India
Apart from established companies, popular EV startups in India are also contributing to the growth of the market. Some notable EV startups include:
- Ola Electric: Known for its smart and affordable electric scooters.
- Tork Motors: Revolutionizing the electric motorcycle market.
- Ultraviolette Automotive: A Bangalore-based startup focused on electric motorcycles.
- Log9 Materials: A startup focused on developing high-performance batteries for EVs.
These startups are bringing fresh ideas and innovation to the EV market, creating exciting opportunities for growth and transformation.
7. Electric Vehicle Market in India 2024
The electric vehicle market in India 2024 is poised for exponential growth. With the government’s push for electric mobility through policies like FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), the market is expected to see more than 1 million EVs sold in India by the end of 2024. This growth is also supported by the expansion of charging infrastructure, which is essential for encouraging consumers to make the switch to electric vehicles.
The future of EVs in India looks promising, with the market expected to grow at a 45% CAGR from 2024 to 2028. This surge will be driven by the increasing adoption of electric two-wheelers, followed by passenger electric cars and buses.
FAQ’s
Who is the No. 1 EV company in India?
As of 2024, Tata Motors is the No. 1 EV company in India in terms of market share, sales, and production capacity. Tata Motors has successfully captured the largest share of the electric vehicle (EV) market in India with its popular Tata Nexon EV, which is one of the best-selling electric cars in the country.
- Tata Nexon EV has sold over 25,000 units since its launch in 2020.
- The company’s market share in the Indian EV market is approximately 25% as of 2024.
- Tata Motors has set a target to increase its annual production capacity to 50,000 units of electric vehicles by the end of 2024.
2. What is the highest EV company in India?
In terms of sales volume and overall impact on the electric vehicle market, Tata Motors is also considered the highest EV company in India. It leads the industry not only in market share but also in technological advancements and brand recognition.
- Tata Motors has become the leader in the electric car market with the Nexon EV and Tata Tigor EV.
- The company’s contribution to the EV market in India is significant, with its vehicles comprising more than 25% of the total EV sales in the country in 2024.
3. Top 10 EV Manufacturing Companies in India (2024)
Here are the top 10 electric vehicle manufacturing companies in India, based on their market share, sales volume, and overall presence in the market:
1. Tata Motors
- Market Share: 25% in 2024
- Best-selling model: Tata Nexon EV
- Total sales: Over 25,000 units of the Nexon EV sold since 2020.
- Annual production target: 50,000 units of EVs by 2024.
2. Mahindra Electric
- Market Share: 15%
- Best-selling model: Mahindra XUV400 EV
- Total sales: Over 5,000 units of the XUV400 EV sold in 2024.
- Annual production: Plans to produce 10,000 units in 2024.
3. Hero Electric
- Market Share: 35% in the two-wheeler EV segment
- Best-selling model: Hero Optima
- Total sales: More than 40,000 units sold in 2024.
- Annual production: Set to produce 100,000 units annually by 2025.
4. Ather Energy
- Market Share: 7% in the two-wheeler EV market
- Best-selling model: Ather 450X
- Total sales: Over 30,000 units sold in 2024.
- Annual production: Targeting 80,000 units by 2024.
5. Ola Electric
- Market Share: 10% in the two-wheeler EV segment
- Best-selling model: Ola S1 Pro
- Total sales: Over 50,000 units of the S1 Pro sold in 2024.
- Annual production: Aims for 1 million units annually by 2025.
6. BYD India
- Market Share: 5%
- Best-selling model: BYD e6 electric MPV
- Total sales: 5,000 units sold in 2024.
- Annual production: Aiming to produce 20,000 units annually by 2025.
7. Revolt Motors
- Market Share: 3% in the electric motorcycle segment
- Best-selling model: Revolt RV400
- Total sales: Over 30,000 units sold in 2024.
- Annual production: Targeting 50,000 units by 2025.
8. Bajaj Auto
- Market Share: 4% in the two-wheeler EV market
- Best-selling model: Bajaj Chetak Electric
- Total sales: More than 50,000 units sold since launch.
- Annual production: Aiming for 100,000 units annually by 2025.
9. Tork Motors
- Market Share: 2% in the electric motorcycle market
- Best-selling model: Tork T6X
- Total sales: Over 10,000 units sold in 2024.
- Annual production: Planning to scale production to 50,000 units by 2025.
10. Piaggio India
- Market Share: 1% in the two-wheeler EV market
- Best-selling model: Vespa Elettrica
- Total sales: Over 10,000 units sold in 2024.
- Annual production: Targeting 30,000 units annually by 2025.
