Top 15 Indian EV Companies to watch out for in 2024

Although electric vehicles have been around for a while, significant advancements and increased interest in this technology have occurred over the last ten years. These leading electric car manufacturers play a critical role in lowering pollution.

In terms of performance, electric vehicles are currently catching up to conventional vehicles powered by internal combustion engines.

With more than 10 million units sold by 2022, the electric vehicle market is expanding. The percentage of electric vehicles sold overall has increased dramatically in just three years, from roughly 4% in 2020 to 14% in 2022.

For a considerable time, EVs have revolutionized the Indian auto industry. With a remarkable CAGR of 46.38% from 2023 to 2028, the EV market, valued at approximately USD 5.61 billion in 2023, is expected to soar to USD 37.70 billion by 2028.

We shall examine the leading Indian  EV companies in this article. Now let’s explore them.

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Top 15 Indian EV Companies

1. Bajaj Auto Limited

Founded: 1945

Headquarters: Pune, Maharashtra, India

Among the best EV companies in India is this one. Bajaj Auto Limited is a well-known business that was founded by Jamnalal Bajaj and specialises in the design, manufacture, and international distribution of two-wheeled vehicles.

It is one of the leading producers in the sector and is available in more than 75 nations. Their product line includes scooters, motorcycles, and cutting-edge three-wheeled vehicles. They serve a wide range of consumers, from those looking for entry-level options to those who prefer premium models.

‍Notably, Bajaj Auto is known for producing high-performance goods. They have continuously been a top option for clients all over the world. Additionally, their investments in electric vehicles, along with the successful introduction of electric scooters and motorcycles into the Indian market, demonstrate their dedication to sustainability and innovation.

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2. Hyundai Motor India Ltd

Founded: 1996

Headquarters: Gurugram, Haryana, India

The massive South Korean automaker Hyundai Motor Company has an Indian subsidiary called Hyundai Motor India Ltd.

‍In India, they manufacture and market a wide range of automobiles, including electric cars, SUVs, sedans, and hatchbacks. Hyundai prioritises eco-friendly procedures to reduce its negative effects on the environment and provide high-quality goods and services.

‍They manufacture some of India’s best electric vehicles and have won numerous accolades for their services to the country’s automotive industry. Their reputation for providing creative, eco-friendly solutions to a wide range of clients is what makes them stand out.

3. Mahindra & Mahindra Limited 

Founded: 1994

Headquarters: Bangalore, Karnataka, India

One of the greatest EVs in India, they provide a variety of electric cars, three-wheelers, and commercial vehicles with a primary focus on electric vehicles and related goods.

‍They have more than 100 dealerships and service centres spread out throughout India, making up a vast distribution network.

‍The business also exports its goods to countries like Sri Lanka, Nepal, and Bhutan. With a strong commitment to sustainable practices, Mahindra & Mahindra actively works to reduce their environmental impact and support eco-friendly initiatives.

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4. Electrotherm (India) Limited

Founded: 1983

Headquarters: Gujarat, India, India

One of the top 10 EV companies in India is Electrotherm (India) Limited, which focuses on developing, manufacturing, and offering a range of engineering services and products.

They are the pioneering company in India to manufacture two-wheelers that run on batteries, in keeping with their basic principle of “No Engine, No Pollution.” Their wide range of products includes batteries, electric scooters and motorcycles, and induction furnaces.

‍Their reputation for providing creative, eco-friendly solutions to a wide range of clients is what makes them stand out.

5. JBM Group 

Founded: 1983

Headquarters: Gurugram, Haryana, India

A well-known Indian company, JBM Group, designs and manufactures sheet metal parts, assemblies, exhaust systems, and buses, among other automotive components. They have a large presence in India, with multiple manufacturing and design centres, and are renowned for their inventiveness.

‍ International locations like Mexico, Germany, and the United Kingdom are part of their operations

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6. ATUL Auto Limited

Founded: 1986

Headquarters: Gujarat, India, India

An Indian company called ATUL Auto Limited specialises in manufacturing three-wheeled commercial vehicles that can be used for both passenger and cargo transportation. With operations in 21 states, the company has 200 primary and 130 secondary networks.

Among the leading EV companies in India, they operate over 600 touchpoints worldwide, including dealerships, sales, service, and spare parts facilities. With 350 dealerships and service centres, their extensive distribution network covers the majority of India.

ATUL Auto stands out for having a wide range of products. It provides passenger carriers, goods carriers, and speciality vehicles, all of which are well-known for their durability, dependability, and remarkable fuel efficiency.

The company has experienced a noteworthy tripling of its production turnover over the last five years, which culminated in an outstanding turnover of Rs. 617.51 Crore during the 2019-20 fiscal year.

7. Tata Motors Ltd

Founded: 1945

Headquarters: Mumbai, Maharashtra, India

The Indian multinational automotive manufacturer Tata Motors Ltd. focuses on producing electric, commercial, and passenger cars. Its product line consists of a variety of cars that serve a broad spectrum of consumers, spanning from entry-level to luxury markets. Its goods are renowned for their performance, dependability, and longevity. With more than 8,000 dealerships and service facilities, the company boasts a robust distribution network that reaches most regions of the globe.

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8. Okinawa Autotech International Private Limited

Founded: 2015

Headquarters: Gurugram, Haryana, India

Electric scooters and motorcycles are designed, produced, and distributed by Okinawa Autotech International Private Limited.

From entry-level to luxury segments, a variety of electric scooters are offered in its product line to suit a broad spectrum of consumers. It has made investments in creating cutting-edge technologies for its products and has a strong commitment to research and development.

It has more than 350 dealerships and service centres spread across the majority of India, making it a powerful distribution network. It is dedicated to offering top-notch goods and services to its clients, and it has received multiple awards in recognition of its accomplishments in the Indian automotive sector.

9. Olectra Greentech Limited

Founded: 2000

Headquarters: Hyderabad, Telangana, India

The primary goals of Olectra Greentech Limited are the design, production, and delivery of electric buses and related products. They have electric buses for corporate, tourist, and public transportation purposes in their product lineup.

‍Their extensive distribution network reaches many regions of India, and numerous Indian cities have already adopted their electric buses. The business is committed to sustainability and has made efforts to reduce its negative effects on the environment and encourage eco-friendliness.

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10. Piaggio & C. S.p.A.

Founded: 1999

Headquarters: Pune, Maharashtra, India

The company Piaggio & C. S.p.A. produces and markets commercial vehicles and motorised two-wheelers. Its product line consists of several scooter, motorcycle, and three-wheeler models that serve a broad spectrum of consumers in entry-level and premium segments.

Its products are renowned for their outstanding performance, cutting-edge technology, and iconic designs. Its extensive global distribution network, comprising more than 7,000 dealerships and service centres, reaches most regions of the globe.

11. TVS Motor Company 

Founded: 1979

Headquarters: Chennai, Tamil Nadu, India

An international Indian company called TVS Motor Company makes both two- and three-wheelers. They provide a range of motorcycles, scooters, and three-wheelers that cater to consumers in various market segments, ranging from entry-level to luxury.

‍They are present all over the world with a network of over 5,000 dealerships and service centres. TVS Motor Company is committed to providing its customers with top-notch products and services, and it has been recognised with numerous awards for its contributions to the automotive industry.

12. Greaves Electric Mobility Private Limited (‘GEMPL’)

Founded: 2008

Headquarters: Karnataka, India

The primary goal of Greaves Electric Mobility Private Limited (‘GEMPL’) is to manufacture environmentally friendly electric cars for use in cities. By providing reasonably priced, dependable, and environmentally friendly electric vehicles, the company hopes to completely transform the Indian mobility market.

Three-wheelers, motorbikes, and electric scooters are among its product offerings. It has a strong commitment to environmental sustainability and wants to encourage the use of electric vehicles in India to lower carbon emissions.

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13. Hero Electric Vehicles Pvt. Ltd.

Founded: 1993

Headquarters: Gurugram, Haryana, India

Hero Electric Vehicles Pvt. Ltd. is a manufacturer and retailer of electric motorcycles and scooters. Hero Eco Group is a multifaceted business that works in the fields of real estate, bicycles, healthcare, exports, and electric vehicles. In more than 80 countries, they sell bicycles, and in 36 countries, electric bikes.

‍They started selling electric two-wheelers in India in 2000, and in 2003 they brought in battery-operated bicycles and in 2007 they brought in electric scooters.

14. MG Motor India Private Limited

Founded: 2017

Headquarters: Gurugram, Haryana, India

This is a division of SAIC Motor Corporation Limited, a global Chinese automobile manufacturer that builds and sells a range of automobiles, including plug-in hybrids, electric cars, and SUVs.

‍Their innovative and superior products are well-known, catering to a wide range of clients from luxury to those on a tight budget. They have a large presence and uphold a strong distribution network, with more than 220 dealerships and service centres functioning all over India.

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15. Ather Energy Private Limited

Founded: 2013

Headquarters: Karnataka, India

An Indian startup company called Ather Energy Private Limited is dedicated to creating and designing electric scooters. The company’s goal is to develop an environmentally friendly and sustainable form of transportation for the heavily fuel-dependent Indian automotive sector. Its flagship product is a high-performance electric scooter made to provide users with an enhanced riding experience. To meet India’s rising demand for electric vehicles, it also makes investments in building a reliable infrastructure for charging them.

Conclusion 

In conclusion, the EV companies in India are evolving, emphasising the use of electric cars and eco-friendly solutions.

‍The best EV companies in India that we spoke about are well-established, dedicated to excellence and environmental responsibility, and will contribute to a more sustainable transportation landscape in India and abroad.

‍They are bringing about a positive change in the industry with their electric cars and commitment to lowering pollution. India’s automobile industry is experiencing exciting growth in the EV market.

‍They promote environmentally friendly travel and lower pollution by providing a range of eco-friendly products. With more than 500 dealers spread throughout India, they have a sizable network and export their goods to the Middle East, Africa, and Europe.

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