Top 10 Electric Scooter Companies in India in 2024 by Market Share

Electric scooters have been gaining popularity in India for quite some time now, driven by the growing need for eco-friendly transportation amid rising fuel costs.

Companies such as Ola Electric, TVS Motors, and Bajaj Auto, which have been major players in the industry for years, continue to dominate the electric scooter market.

These brands have built a strong reputation for affordability and innovation, consistently delivering high-quality products to meet the growing demand for electric vehicles.

In this article, we will explore the top 10 electric scooter companies in India for 2024, each of which has firmly established its presence in the market and continues to innovate in the EV space.

#1] OLA ELECTRIC

Ola Electric’s journey began in 2017 under the leadership of its founder, Bhavish Aggarwal. Today, the company holds the prestigious position of being India’s leading electric two-wheeler manufacturer, with a valuation of US$5.4 billion. The breakthrough moment came in 2021 with the launch of the Ola S1, followed by an expanded lineup including the

Ola S1 Pro 2nd Gen
Ola S1 Air
Ola S1X (2kWh)
Ola S1X (3kWh)
Ola S1X [4kWh]
and the Ola S1X+

On August 15, 2024, Ola entered the electric motorcycle market with the Roadster series, priced from Rs 74,999 for the base model to Rs 2,49,999 for the top-tier version.

Additionally, Ola Electric has ventured into AI with its innovative tool, Krutrim, which is designed to assist users with language and problem-solving needs.

However, despite its wide range of products, Ola Electric’s market share saw a significant drop by September 2024, standing at 27%, down from its peak of 38% earlier in March and July of the same year.

The market leader, which had averaged monthly sales of 37,695 units in the first seven months of CY2024, experienced a notable decline in demand in August, with sales dropping to 26,928 units, and further declining in September to 23,965 units.

Ola has faced criticism from customers due to subpar after-sales service, leading to a large number of complaints. This service gap could be a major reason for the decline in its market share.

To counter this, Ola Electric has introduced a Network Partner program to improve logistical reach. According to CEO Bhavish Aggarwal, the company has onboarded 625 partners and plans to expand this to 1,000 by the festive season and to 10,000 by the end of 2025.

Despite facing challenges, Ola Electric continues to lead as the top electric two-wheeler manufacturer in India. However, the consistent drop in sales since August 2024 indicates the company needs to ramp up its efforts.

With the festive season approaching, it remains to be seen whether the celebrations in October and November, with festivals like Dussehra and Diwali, will help revive demand and put Ola back on track.

#2] Bajaj Auto

The Bajaj Chetak launched in 1972 and inspired by the Vespa, quickly became a staple in the Indian scooter market.

Throughout the 1970s and 1980s, it was synonymous with middle-class aspirations and became an essential part of Indian households. Due to its immense popularity and limited production under the licensing regime, waiting periods for the Chetak could stretch up to 10 years. However, by 2005, with the rise of motorcycles and shifting consumer preferences toward lighter, faster vehicles, Bajaj Auto discontinued the Chetak to focus on motorcycles.

After more than a decade, the iconic Bajaj Chetak made its comeback in 2020 as an electric scooter, signifying a major strategic shift for Bajaj Auto.

The electric version of the Chetak was unveiled in October 2019, with production commencing soon after, and its official launch took place in early 2020 in select cities, marking Bajaj’s re-entry into the scooter segment with a modern, eco-friendly twist.

The current portfolio of Bajaj Chetak Electric is as follows:

The Chetak Premium 2024
The Chetak Blue 2903
The Chetak Blue 3201
The Electric Chetak 3201 SE [Special Edition]
The Chetak Blue 3202

In a surprising shift, Bajaj Auto overtook TVS Motor Co in September 2024, securing the No. 2 spot among electric two-wheeler OEMs. Bajaj sold 18,933 Chetaks, surpassing TVS’s 17,865 iQubes.

Just a month earlier, in August, Bajaj was trailing TVS by only 791 units, but this leap in sales has pushed Bajaj ahead.

As a result, Bajaj Auto captured a market share of 21.47% in September, slightly edging out TVS, which held a 20.26% share.

This marks a significant achievement for Bajaj Auto, as it continues to strengthen its position in the competitive electric scooter market.

#3] TVS Motor

TVS Motor Company, founded in 1911 by T.V. Sundaram Iyengar, originally started as a transportation business known as Southern Roadways, operating buses and trucks in southern India.

By the 1930s, the company diversified into two-wheeler manufacturing, initially collaborating with international brands to cater to the rising demand for personal mobility. Over the decades, TVS established itself as a major player in the Indian market, with iconic models like the TVS 50 moped in the 1980s cementing its status.

In 2020, TVS Motor took a significant leap into the electric vehicle space by launching its first electric scooter, the iQube, on January 25.

This marked TVS’s entry into the growing electric two-wheeler market, addressing the increasing consumer demand for eco-friendly transportation.

The iQube represented TVS’s commitment to sustainable mobility and its vision for the future of transportation.

The current portfolio of TVS iQube Electric is as follows:

TVS iQube- iQube 2.2kwh, iQube 3.4 kWh
TVS iQube S- iQube 3.4 kWh
TVS iQube ST- iQube 3.4 kWh, iQube 5.1 kWh
TVS X

In September 2024, TVS Motor Co sold 17,865 units of its iQube electric scooter, securing a 20.26% market share.

Despite being the longstanding No. 2 electric two-wheeler OEM after Ola Electric, TVS lost its position this month to Bajaj Auto.

TVS Motor is gearing up to expand the sales of its electric vehicles across global markets, with a particular focus on Southeast Asia. The Indian two-wheeler giant plans to utilize its manufacturing facility in Indonesia to produce electric scooters for the Southeast Asian markets.

Currently, TVS offers the iQube and X electric scooters in India, while the iQube electric scooter is also available in international markets and is produced at the Indonesia plant—TVS’s only facility outside India. By leveraging this facility, TVS aims to increase its presence and capture a significant share of the EV market in the ASEAN region.

#4] Ather Energy

Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, two engineering graduates with a bold vision to challenge the dominance of Internal Combustion Engine (ICE) vehicles and replace them with electric alternatives.

As known to all Hero Motorcorp has been a significant investor in Ather Energy. As of 2024, Hero Motorcorp has invested ₹124 crore in electric scooter maker Ather Energy to pick up a further 2.2 percent stake. With the funding, Hero MotoCorp, which was the largest shareholder in Ather Energy, now holds nearly 39 percent of the firm’s total shareholding.

Ather Energy introduced India’s first smart and connected electric scooters, starting with the Ather 450 product line, based on the belief that personal mobility is moving towards a cleaner, electric future.

The current portfolio of Ather Energy is as follows:

Ather 450 S
Ather 450 X
Ather 450 Apex
Ather Rizta

In September, Ather Energy sold 12,579 e-scooter units, increasing its market share to 14%, up from 11% the previous year.

Ather Energy has recently filed an IPO and is looking to raise INR 3,100 Cr via a fresh issue of shares. The public issue will also comprise an offer-for-sale (OFS) of up to 2.2 Cr equity shares.

IPO-bound Ather Energy is developing new platforms to enter the electric motorcycle segment. In its DRHP filed with SEBI, Ather revealed plans to expand its product lineup with new vehicles featuring upgraded software to cater to a wider E2W market.

#5] Hero Motorcorp

Hero MotoCorp, based in New Delhi, India, has been a global leader in two-wheeler manufacturing since 2001, maintaining its position for over 20 years.

Known for its innovative motorcycles and scooters, the company introduced a new brand, VIDA, Powered by Hero, on March 3, 2022. Focused on sustainability, VIDA reflects Hero’s commitment to shaping the future of mobility and creating a better world for future generations.

The current portfolio of Hero MotoCorp’s Vida Electric scooters is as follows:

Vida V1 Pro
Vida V1 Plus

In September 2024 4,174 units of Vida Electric scooters were sold, and the company secured a 5% market share as of September 2024.

Vida plans to launch scooters across the affordable, mid, and premium segments as part of its new aggressive strategy. The company intends to roll out these models over the year.

#6] Greaves Electric Mobility

Founded in 2008 and headquartered in Coimbatore, Tamil Nadu, Greaves Electric Mobility Private Limited (GEMPL) specializes in manufacturing battery-operated electric vehicles for personal and industrial use. Backed by the 164-year legacy of Greaves Cotton, GEMPL has raised around $226 million over six funding rounds, establishing a strong presence in the EV sector.

Its prominent brand, Ampere, focuses on electric two-wheelers, particularly scooters, to promote eco-friendly and sustainable transportation in India.

The current portfolio of Ampere Electric scooters is as follows:

Ampere Nexus
Magnus LT/EX
Reo Li/LA Plus
Primus
Ampere Magus Special
Zeal EX

In September, the company sold a total of 2,606 e-scooters, down 24% YoY (September 2023: 3,447 units). Therefore it could secure a market share of only 3%.

#7] Bgauss Auto

BGauss, a premium electric vehicle brand, is a lifestyle solution from RR Kabel and part of the RR Global group, a veteran in electrical solutions. BGauss offers a range of electric scooters designed for urban and developing areas, aiming to enhance lifestyles while promoting environmental conservation.

The scooters feature fluid design, ease of use, comfort, low maintenance, powerful performance, and quick charging, making them ideal for daily commuting. Backed by the expertise of 13 manufacturing facilities, BGauss focuses on providing convenient and sustainable mobility solutions.

Here is the product portfolio of Bgauss Auto:

Bguass RUV 350
Bguass C12i

In September 2024 Bgauss sold 1,237 Electric scooters.

BGauss aims to sell 50,000 units this financial year, with 30,000 units of its RUV350 and the rest being its C12 electric scooter. By FY26, the company plans to double sales to 100,000 units, leveraging the growth in the EV market. BGauss also plans to launch new variants of the RUV350 and explore export opportunities to Southeast Asia, Europe, and SAARC countries shortly.

#8] Bounce Electric

Bounce, launched in May 2018 by Vivekananda Hallekere, Anil G, and Varun Agni, was India’s first smart mobility solution aimed at providing quick, stress-free, and reliable daily commutes. Within 11 months, the company’s valuation reached $500 million. Recognizing the potential of electric vehicles in India, Bounce introduced in-house EV mobility solutions in July 2019.

A key milestone was the launch of its first electric scooter, the Bounce Infinity E1, on December 2, 2021, marking a significant step in accelerating India’s shift towards electric mobility.

Its current portfolio of Electric scooters comprises the models:

E.1+
E.1 LE
E.1
E1X

In September 2024, the Bounce Electric sold 1,205 scooters.

#9] Kinetic Green Energy

The Kinetic Group is well-known and loved by millions for its innovative two-wheelers, like the Kinetic Honda scooter and the Kinetic Luna. Today, Kinetic Green is a leading player in the electric vehicle market, offering a variety of electric three-wheelers and two-wheelers. The company is headed by Ms. Sulajja Firodia Motwani, a third-generation member of the Firodia family.

Its current portfolio of Electric scooters comprises the models:

Kinetic Green E- Zulu
Kinetic Zoom
Kinetic Flex
Kinetic Zing

The company sold 449 Electric scooters in September 2024 and has secured a mediocre market share of approximately 1%.

Kinetic Green, an electric vehicle manufacturer, is developing a family e-scooter that is expected to launch in the next year and a half. Kinetic Green Founder and CEO Sulajja Firodia Motwani stated that the company aims for a topline revenue of Rs 10,000 crore by 2030, with 60 percent of this coming from the two-wheeler segment.

Motwani outlined that Kinetic Green plans to generate Rs 3,500 crore each from both the two-wheeler and three-wheeler businesses, highlighting the larger market potential for two-wheelers. Recently, the company secured a $25 million investment from private equity firm Greater Pacific Capital (GPC) as part of a larger $40 million Series A funding round. These funds will be used to accelerate the growth of Kinetic Green’s electric two- and three-wheeler offerings.

#10] Wardwizard Innovations

Wardwizard Innovations & Mobility Limited, with a market capitalization of ₹1,800 crore, is recognized as India’s first electric vehicle manufacturer listed on the BSE. Founded by Yatin Gupte in 2016, the company focuses on EV manufacturing with a strong leadership team. Initially incorporated as Manvijay Development Company Limited on October 20, 1982, the company rebranded to Wardwizard Innovations & Mobility Limited on June 9, 2020.

In October 2018, it launched its first low-speed electric scooter, the Joy eBike Butterfly, followed by the introduction of high-speed electric scooters in January 2022 at the Vibrant Gujarat Global Summit.

Its current portfolio comprises the following Electric scooters :

Mihos
Wolf+
Gen Next Nanu+
Glob
Wolf
Gen Next Nanu
Wolf Eco

Wardwizard sold 587 Electric scooters in September 2024.

This post was last modified on October 14, 2024 10:50 am

October 14, 2024 10:46 am

Pranali Naik

Hey 🙋🏻‍♀️ I am Pranali Naik, a writer with an M.A. in English Literature and a passion for the EV industry. With a distinction in my B.A. and ongoing German studies, I bring a unique mix of linguistic skills and technical insight to my content writing and copywriting.