Top Electric Vehicle Brands in India 2023
The electric vehicle segment is booming in India with increasing sales throughout the nation. India’s last-mile mobility sector is undergoing a shift with customers’ preference for electric vehicles. While this shift is attributed to several key elements like affordability, low operating costs, and maintenance, the rising fuel prices are further tilting the market towards EVs. To cater to the increasing customer demand, several brands have come up in the EV segment. Their aim is to make EVS more affordable, reliable, and perfect alternatives to ICE. Their EVs offer value for money along with durability and reliable performance. These Electric vehicle brands are excelling across the two-wheeler, three-wheeler, and four-wheeler segments in India right now.
Top Electric Two-wheelers Companies
1. Ola Electric
Ola Electric had started commercial sales in December 2021 and just in four months, became the top electric two-wheeler brand in India. Currently Ola Electric holds 29% market share (Jan-June 2023) in the electric two-wheeler market. Ola Electric Mobility had electrified the electric scooter segment and took the market by storm with its Ola S1 series electric scooters. Ola Electric offers a range of electric scooters under the S1 family: Ola S1 Air, Ola S1, and Ola S1 Pro. The S1 scooters are equipped with high-end features such as keyless ignition, large boot space, an external charging port, and loads of smart features accessible via the large LED display. All these scooters have an impressive performance as well.
Apart from this, Ola Electric also has plans to launch several Ola electric bikes in the Indian market. The company has some huge plans for the electric motorcycle segment and it is expected to be revealed on 15th August 2023.
The company aims to become the largest two-wheeler brand in the world with an annual production of 10 million units in the coming years.
2. TVS IQube
TVS Motor Company Ltd is the second largest two-wheeler manufacturer in India. The Company holds 18% of the market share (Jan-June 2023) in the electric two-wheeler market. It is among one of the best EV 2W manufacturers in the country. TVS iQube is the first electric two-wheeler launched by the TVS group back in 2020. This marked the automaker’s electric two-wheeler journey. The TVS iQube has a simplistic design and offers a good range of features and a comfortable ride experience.
3. Ather Energy
Ather Energy commenced its EV journey in 2013 and was among the first new brands to enter the electric two-wheeler segment. Currently, Ather Energy has a 14% market share (Jan-June 2023) in the Indian two-wheeler market. It is an avid player in the EV space and has managed to build its charging infrastructure across more than 21 cities and 220 locations in India, called Ather Grid. It aims on building a modern and fast electric scooter range. It currently manufactures two electric scooters: Ather 450X and Ather 450S (Base Variant), with both of them boasting features like reverse assist, a high-end suspension system, and tons of smart features such as Bluetooth connectivity and monthly riding stats. Ather Energy is also the maker of India’s first smart electric scooter called S340. Launched in 2016, the scooter brought in never seen features on a two-wheeler such as a capacitive touch screen, user-based profiles, and even an app to control various settings of the e-scooter.
Top Electric 3 Wheeler Companies
1. Mahindra LMM
Mahindra Last Mile Mobility is among the first major OEMs to enter the 3-wheeler EV market. Identifying the opportunity in the last-mile mobility segment, Mahindra has introduced several three-wheeler EVs in the market. It has a wide range of electric last-mile mobility 3-wheeler passenger and cargo vehicles. The range includes the Mahindra e-Alfa Cargo and Mini, Zor Grand, Treo Zor, Treo, and Treo Yaari.
2. YC Electric
YC Electric is one of the top brands in the electric three-wheeler segment in India. It aims to offer great quality, advanced, and well-built last-mile mobility solutions for the Indian market. It has a wide portfolio of high-quality and reliable electric three-wheelers that are designed for both cargo and passenger purposes. Their range of e-rickshaws has become very popular ever since their launch in the Indian market, thanks to the exceptional capabilities of the electric three-wheeler along with exceptional efficiency and convenience. It includes YC Electric Yatri, YC Electric Yatri Super, and YC Electric Yatri Deluxe.
3. Saera Electric
Saera Electric Auto aims to serve the last-mile mobility needs of India. Saera manufactures and sells a vast range of electric which includes two-wheelers, e- cargo loaders, and electric rickshaws in the Indian market. It offers two series: the Saera Mayuri and Yoga. The Yogo series is a range of electric bikes while the Mayuri series is a range of electric three-wheelers which includes passenger carriers, e-cargo loaders, and other kinds of vehicles.
Saera electric three-wheelers are suitable for the Indian market and road conditions offering ease of use and enhanced performance. The EVs are highly efficient and accessible with great build quality and reliability.
Top Electric Four Wheeler Companies
1. Tata Motors
Tata Motors is one of the first Indian brands to hop onto the electric vehicle bandwagon. It was quick in entering the EV market way before the competition and currently has a predominant advantage. At Present Tata Motors has 77% of the market share (Jan-June 2023) in the Indian four-wheeler market Tigor EV was the manufacturer’s first electric vehicle in India. It has accounted for almost 95 percent of total electric car sales at a point. Apart from that, the Tata EV Ziptron technology ensures the smooth performance of the battery and motor for the long term. This also allows Tata to easily offer EV versions of its existing ICE vehicles. Some of the popular Tata EVs are Tata Tiago EV, Tata Tigor EV, Tata Nexon EV Prime, Tata Nexon EV Max.
2. MG Motors
MG Motors is well known for designing, developing, and marketing EVs under the British automotive company (MG) Morris Garage). Currently, MG Motors has 8% of a Market share (Jan-June 2023) It has had an impressive performance in the Indian EV market and is one of the best OEMs in the country. It has come a long way in shaping the Indian EV market growth and continues to be a prominent player in the automotive sector. Their EV journey began in 2019 with the launch of the MG ZS EV. The Company Recently launched its budget-segment electric car the MG Comet EV.
3. Mahindra Electric
Mahindra Electric Mobility Limited is an EV company under the Mahindra Group. The company has several EVs in its portfolio including commercial, personal, and passenger vehicles.
Mahindra Electric has a 4% of market share (Jan-June 2023) in the Indian four-wheeler market. Mahindra Electric is a prominent player in the automotive sector and has grown by quickly understanding the need for EVs and taking action accordingly It also is focused on the manufacturing of batteries and improving the EV infrastructure in the country. It has a wide range of EVs that includes models like the XUV 400 EV.
In Early 2023 the company launched its first electric car the XUV400 in the Indian market and after the launch just in a few month’s this EV has receive a significant response from the market. Mahindra Also has some upcoming electric cars in its market portfolio including the Born EV series and electric version XUV700 (XUV.e8).
The EV ecosystem in the country is dominated by major 2, 3, and 4-wheeler passenger and commercial EV brands.
The EV segment is growing in line with the vision to decarbonize and electrify the energy and transport sector. As the Indian EV industry reaches new heights, the country’s best EV companies, among other EV automakers are leading the way forward towards sustainability and efficient electric mobility.