In recent years, especially due to the pandemic, the sales of two-wheelers have seen a sharp increase. This rise has been due to the affordability and convenience of owning a two-wheeler. 

But, the market is slowly changing with the entry of electric two-wheelers. India has seen a 9.89% increase in electric two-wheeler sales on an MoM basis. 

So, let’s take a look at the leading electric two-wheeler companies in India by market share.

An Overview of Electric Scooter Companies in India

India aims for 100% electrification by the year 2030. This is why the government is trying to switch to cleaner and more efficient transportation. Traditional companies like Hero Motocorp Ltd and Mahindra Electric are increasing their market share in electronic two-wheeler production. But startups like Okinawa Autotech, Ola Electric, and Ather Energy are not far behind. 

Electronic two-wheelers are also becoming popular with the people of India. This can be seen through the sales figures for the last few months. So far, there have been over 2,40,662 electronic two-wheeler vehicles registered in India. According to research conducted by India Rating & Research, the electronic two-wheeler industry will grow at an annual rate of 75-80% between 2022 to 2025.

Electric Two Wheeler Market Share in India 2024

List of Top 7 Leading Electric Two Wheeler Companies in India

1. Hero Electric

One of the leading electric two-wheeler companies in India by market share is Hero Electric. A subsidiary of Hero MotoCorp, the company has diversified interests in sectors such as Electric vehicles, bicycles, real estate, exports, and healthcare. 

Hero Electric launched its first lithium-ion battery scooter in 2017. The company presently has over 600+ dealerships in over 325 cities across India. They recorded sales of 8953 units of electric scooters in July 2021. That is double the units sold as per the same period last year. 

In recent news, Hero Electric partnered with Zypp Electric, a Gurugram-based startup, to look after the logistics and delivery segment of the brand. The company plans to deploy more than 1.5 lakh electric scooters in Zypp Electric’s fleet in the upcoming three years.

2. OLA Electric

Ola Electric is a Bangalore-based electric two-wheeler manufacturer. Spun out of Ola in 2019, the brand started manufacturing and delivering electric scooters in December of the same year. In recent news, the company has expanded its authorized share capital by 35%.

Ola’s S1 is still considered one of the most important launches in 2021 in India. Although launched in 2021, they have already sold more than 14,300 units in FY22.

3. TVS Motor Corp

TVS Motor Company Ltd is the third largest manufacturer of two-wheelers in India and ranks among the top 10 in the world. It has a strong world presence with markets in South Asia, Africa, Latin America, and the Middle East. TVS motor recently incorporated TVS Electric Mobility Limited into the stock exchange. This section of the brand will focus on developing electronic vehicles. In an attempt to grow its share in the sector, the brand has entered a partnership with BMW Motorrad to co-create electric vehicles. They have also forged a strategic partnership with Tata Power to set up electric charging infrastructure across India.

One of their first electric two-wheelers to be launched was TVS iQube.

4. Okinawa Autotech

Next on our list is Okinawa Autotech. This unlisted company will have 20% of the electric two-wheeler market share in India in 2022. Based out of Haryana, the company currently has 24 dealerships and plans to open 450 more throughout the country over the next few years. It is one of the oldest contenders in the electric two-wheeler segment in India. 

The most recent milestone, the company, achieved was crossing the 100,000 mark in the Indian market. The brand plans to launch three electric scooter models every year and is also looking into manufacturing e-Motorcycles in the future. 

The company has recorded sales of 46,447 units in the financial year 2022 so far. This shows a 566% YoY growth with a market share of 20%. 

5. Greaves Electric (Ampere)

Starting in 2008, the brand wanted to build a sustainable future, and the chain of events from then led to the development of Eco-Friendly Mobility. With their research and innovation team, Ampere designs Electric vehicles that help build a new India.

In FY 2021, Ampere sold record sales of 5903 units of its higher-ranging models. This is more than double the sales of FY20. In February 2021, Ampere signed an MoU with the Tamil Nadu government. They plan to invest over 700 crores over 10 years to set up a world-class e-mobility manufacturing plant of over 1.4 million sq ft. in Ranipet, TN. 

6. Ather

Ather Energy Pvt. Ltd. is another India-based electric vehicle company. Founded in 2013, this fast-growing Bangalore-based brand takes third place in the leading electric two-wheeler companies in India by market share list. Ather has approximately 9% market share in India and is backed by Hero MotorCorp with a 32% stake in the company. 

So far, Ather has sold 19,971 units of e-scooters in FY22 with a YoY growth rate of 354%. Even though the company has only 2 models - Ather 450X and 450 Plus, they have seen a jump in demand. 

Additionally, they are adding fast-charging stations to their growing network every month and plan to have over 500 such stations across India. 

7. Pure EV

Pure Energy or Pure EV stands for Power Using Renewable Energy. Their main focus is to enable India to transition to sustainable energy sources. The company expects to become one of the leading EV startups in India. So far, they rank 5th on the list of electric two-wheeler market share in India 2022 with 14,862 units sold in FY22. Given that their position in FY20 was 7th, they have made a huge jump to 5th place in these two years.

Other Electric Scooter Companies in India

While the top 7 holds the biggest electric two wheeler market share in India in 2024, here are some contenders you should not forget:

• Bajaj Auto
• Euler Motors
• Revolt Motors
• Bounce Infinity E1
• Vida V1
• Simple One
• Ultraviolette Automotive.

Conclusion

The Electric Two-wheeler segment is still in the evolution stage in India. The market is estimated to rise to 50,000 Crores by 2025. According to a report by Avendus Capital, the two and three-wheelers are expected to drive higher electrification of vehicles in the medium term.

This means that there will be a huge opportunity for investors in the automobile sector. This is evident in the companies entering the market now. Brands like Honda Motorcycles and Scooters India are planning to introduce their electric scooters in the next financial year. So, this is another great sector to look into if you are planning to invest.