The EV Sector in India is growing at a very rapid pace, driven by government incentives like the FAME II scheme, rising environmental awareness, and advancements in technology. The market is seeing a surge in electric two wheelers and four wheelers, expanding battery and charging infrastructure, and increased participation and heightened competition from both startups and established automakers.
Here is the list of the top EV manufacturers in India and their Market share for both the four-wheeler and two-wheeler:
Four Wheeler Stocks:
1. Tata Motors
Tata Motors is a leading player in India’s EV market, dominating the four-wheeler segment with models like the Nexon EV, Tigor EV, and Tiago EV. The company has benefited from strong government support, rising consumer demand, and an expanding charging infrastructure. Tata Motors ’ market share for Jan 2025 stood at 38 percent, it saw a fall from 74 percent in CY23 to 61 percent in CY24.
2. JSW MG Motor
JSW MG Motor India is a joint venture between JSW Group and MG Motor India, aimed at expanding their presence in India’s electric vehicle (EV) market. JSW Group, a major conglomerate with businesses in steel, energy, and infrastructure, is leveraging its expertise to support local EV manufacturing and green mobility. JSW MG Motor’s market share for Jan 2025 stood at 38 percent, it saw a gain from 12 percent in CY23 to 22 percent in CY24.
3. M&M
Mahindra & Mahindra (M&M) is a leading Indian automaker with a strong presence in the SUV and electric vehicle (EV) segments. The company has been actively expanding its EV portfolio under Mahindra Electric, with models like the XUV400 EV and upcoming Born Electric (BE) series. M&M’s market share for Jan 2025 stood at 6 percent, and saw a gain from 5 percent in CY23 to 7 percent in CY24.
4. Hyundai Motors
Hyundai Motor India is a key player in India’s automotive industry and a pioneer in the country’s electric vehicle (EV) segment. The company introduced India’s first long-range EV, the Hyundai Kona Electric, followed by the premium Ioniq 5, based on its advanced E-GMP platform. Hyundai market share for Jan 2025 stood at 3 percent, and saw a gain from 1 percent in CY23 to 2 percent in CY24.
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Two Wheeler Stocks:
1. Bajaj Auto
Bajaj Auto is a leading Indian two- and three-wheeler manufacturer, making a strong push into the electric vehicle (EV) market. The company re-entered the EV segment with the Chetak Electric. Bajaj Auto’s market share for Jan 2025 stood at 22 percent, and for the Half Month of February (H1 of Feb) stood at 26 percent.
2. TVS Motors
TVS Motor Company is a leading Indian two- and three-wheeler manufacturer making significant strides in the electric vehicle (EV) segment. The company launched the TVS iQube Electric. TVS Motor’s market share for Jan 2025 stood at 24 percent, and for the Half Month of February (H1 of Feb) stood at 22 percent.
3. OLA Electric
Ola Electric is one of India’s fastest-growing electric vehicle (EV) companies, revolutionizing the two-wheeler EV market with its S1 series electric scooters. Backed by Bhavish Aggarwal. OLA Electric’s market share for Jan 2025 stood at 25 percent, and for the Half Month of February (H1 of Feb) stood at 18 percent.
4. Ather Energy
Ather Energy is a leading Indian electric two-wheeler manufacturer known for its high-performance smart scooters, the Ather 450X and Ather 450S. Founded by Tarun Mehta and Swapnil Jain, Ather Energy’s market share for Jan 2025 stood at 13 percent, and for the Half Month of February (H1 of Feb) stood at 15 percent.
5. Hero Motocorp
Hero MotoCorp, India’s largest two-wheeler manufacturer, has entered the electric vehicle (EV) market through its Vida brand, launching the Vida V1 electric scooter. With a strong legacy in the conventional two-wheeler space. Hero Motocorp’s market share for Jan 2025 stood at 2 percent, and for the Half Month of February (H1 of Feb) stood at 3 percent.
Written By Abhishek Das
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