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.
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.
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:
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.
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:
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.
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:
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.
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:
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%.
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:
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.
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:
In September 2024, the Bounce Electric sold 1,205 scooters.
Its current portfolio of Electric scooters comprises the models:
The company sold 449 Electric scooters in September 2024 and has secured a mediocre market share of approximately 1%.
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 :
Wardwizard sold 587 Electric scooters in September 2024.
This post was last modified on October 14, 2024 10:50 am
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