With the increasing fuel prices, it isn’t difficult to
understand the core reason behind the significant growth of electric
two-wheeler companies. However, rising fuel prices is not the only reason
behind this exponential growth. Combination of factors including government
schemes, incentives, environmental concerns, and technological advantages are
some other significant reasons behind this growth surge.
Special mention to the government of India through
which electric two-wheeler companies are able to free themselves up for
substantial advancements and innovations in electric two-wheeler technology and
additional features. For example, the Faster Adoption and Manufacturing of
(Hybrid &) Electric Vehicles in India (FAME II) scheme offers subsidies and
incentives to manufacturers and consumers, making electric two-wheelers more
affordable. In addition, various states in India provide additional subsidies,
tax exemptions, and other benefits to promote electric vehicle (EV) adoption. Further
factors that equally contributed revolved around effective marketing campaigns
and positive word-of-mouth which helped increase consumer awareness and
acceptance of electric two-wheelers. Improvements in battery technology, such
as lithium-ion batteries, have also enhanced the range, performance, and safety
of electric two-wheelers, while also alleviating range anxiety with the
development of better charging stations and infrastructure.
According to TechSci Research report “India
Two Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycles), By Propulsion
Type (ICE, Electric), Competition, Forecast & Opportunities, 2019-2029” India Two Wheeler
Market has valued at USD 16.63 Billion in 2023 and is anticipated to project
robust growth in the forecast period with a CAGR of 10.29%. A two-wheeled
vehicle, often propelled by an internal combustion engine or an electric motor,
is referred to as a two-wheeler. These vehicles comprise several motorbikes,
scooters, and moped models, each of which serves a different consumer
demographic and function.
This blog entails details regarding companies that are
establishing/have established their dominance in the electric two-wheeler
Indian market. In addition, it also mentions specific product portfolio that
led them dominate the market.
Top
Electric Two-Wheeler Companies in India
1. Ola Electric
Founding
Year
|
2017
|
Headquarters
|
Bengaluru,
India
|
Website
|
https://www.olaelectric.com/
|
Ola Electric, a leader in the Indian
electric two-wheeler market, has made significant strides in the industry with
ambitious growth plans and a wide array of product offerings. Operating from
Bengaluru, Karnataka, the company has been actively shaping the future of
electric mobility in India.
Manufacturing Capabilities:
Ola Electric's mega-factory in Tamil
Nadu is touted as the world's largest two-wheeler production facility. The
factory is designed to be highly automated, with a planned annual production
capacity of 10 million units. This Futurefactory aims to be carbon negative,
powered by renewable energy resources. Apart from this, Ola Electric also has a
vertically integrated manufacturing ecosystem across core EV components like
battery packs and motors. This allows for cost control and optimized capital
expenditure for different EV models in its portfolio.
Ola Electric operates its own D2C
distribution network, comprising 935 experience centers across India, including
392 service centers. This network provides customers with an omnichannel
purchase experience through the Ola Electric website and the Ola Electric
Companion app.
Product Portfolio:
·
Ola
S1:
This base model features a range of
around 120 kms on a single charge, and the top speed of 90km/h. It comes
equipped with features like navigation, a digital display, and multiple riding
modes.
·
Ola
S1 Pro:
This model is the premium version of the
latter, with an extended range of 181 kms and a top speed of 115 km/h. It comes
with additional features namely hill hold, cruise control, and voice assistant.
·
Ola
S1 Air:
This affordable model caters to a
broader audience. It offers a range of around 100 kms, with a top speed of 85
km/h. Essential features include digital dashboard and different riding modes.
2. Ather Energy
Founding
Year
|
2013
|
Headquarters
|
Bengaluru,
India
|
Website
|
https://www.atherenergy.com/
|
Ather Energy, founded in 2013 by Tarun
Mehta and Swapnil Jain, is a prominent player in India's electric vehicle (EV)
market, particularly known for its innovative and high-performance electric scooters.
Ather Energy has positioned itself as a key contributor to this transformation
by focusing on technology, quality, and customer experience.
Manufacturing Capabilities:
The company's main manufacturing plant,
located in Hosur, Tamil Nadu, boasts an impressive annual production capacity
of 110,000 scooters and 120,000 battery packs. This facility is highly
automated, ensuring precise and consistent production. Ather places a strong
emphasis on in-house lithium-ion battery production, allowing for stringent
quality control and continuous advancements in battery technology. The
company's manufacturing operations are also committed to sustainability,
incorporating eco-friendly practices to minimize their carbon footprint. Additionally,
Ather's facilities implement rigorous quality control measures to guarantee the
reliability and safety of their products. The manufacturing capabilities are
further bolstered by a robust research and development division, driving
ongoing innovation in electric vehicle technology.
Product Portfolio:
Ather Energy's product portfolio
primarily consists of advanced electric scooters, designed to offer high
performance, smart features, and sustainable mobility solutions. The two main
models in their lineup are the Ather 450X and the Ather 450 Plus.
·
Ather
450X:
The Ather 450X, the flagship model by
the company, entails a powerful electric motor with substantial range of 150 km
and 111 km from 3.7kWh and 2.9kWh variant respectively and a speed of 90 kmph.
·
Ather
450 Plus:
Ather 450 Plus is the affordable model
from the company, which has everything from the 450X. Though the battery
capacity and commuting range is lesser than the latter, it comes equipped with
features like navigation, diagnostics, and other essential smart
functionalities.
·
Rizta:
Rizta is the latest addition to Ather’s
electric scooter lineup. Priced between 1.10 lakhs and 1.45 lakhs, the scooter
comes in 2 variants with a 2.9 and 3.7 kWh battery options and comes with loads
of features from the Ather 450 Series and a mid-drive motor.
3. Revolt Motors
Founding
Year
|
2017
|
Headquarters
|
New
Delhi, India
|
Website
|
https://www.revoltmotors.com/
|
Revolt Motors, founded by Rahul Sharma
of Micromax fame, is a pioneering Indian electric vehicle manufacturer focused
on producing electric motorcycles. The company's flagship model, the Revolt
RV400, features a 3.24 kWh lithium-ion battery, providing a top speed of 85
km/h and a range of up to 150 km per charge.
Manufacturing Capabilities:
Revolt Motors is quickly revving up its
engines as a key contender in the EV race. Nestled in Manesar, their
manufacturing hub boasts a formidable annual production capacity of 120,000
units, a testament to their serious commitment to the EV cause. Recently,
Revolt Motors made headlines by churning out an impressive 6,500 bikes in a
mere 40 days. This feat underscores their operational finesse and their ability
to ramp up production at lightning speed to meet the ever-growing appetite for
EVs. In addition, This expansion in manufacturing aligns with Revolt Motors'
commitment to advancing sustainable mobility solutions and meeting the
increasing demands for eco-friendly transportation options. Currently, the
company is also expanding its retail presence by entering 64 new cities,
including Bangalore, Kolkata, and Jaipur, to cater to growing consumer demand.
Product Portfolio:
·
Revolt
RV400:
Revolt RV400 is the flagship model by
the company which is powered by a 3kW motor, producing 5kW of power and 50Nm of
torque. Packed with features like AI-enabled functionalities, swappable
batteries, and smartphone connectivity, the RV400 offers a futuristic riding
experience.
·
Revolt
RV400 BRZ:
Revolt RV400 BRZ model competes with
other affordable electric motorcycles in the same category, offering a good
balance of performance, range, and affordability in the segment. With motor
power of 3 kW and lithium-ion battery capacity of 3.24 kWh, it also comes with
a load capacity of 150kg, same as Revolt RV400.
4. TVS Motor Company
Founding
Year
|
1979
|
Headquarters
|
Chennai,
India
|
Website
|
https://www.tvsmotor.com/
|
Established in 1979, TVS has continually
pushed boundaries, delivering a diverse range of motorcycles, scooters, and
mopeds tailored to meet the dynamic needs of consumers worldwide. With a strong
focus on research and development, coupled with state-of-the-art manufacturing
facilities, TVS has earned a reputation for reliability, performance, and
cutting-edge technology.
Manufacturing Capabilities:
The Hosur plant (Tamil Nadu) of the
company is the company’s largest plant, with an annual production capacity of
over 2 million vehicles. Similarly, the Mysore plant, located in Karnataka, has
annual production capacity of over 1 million vehicles. With other plants
combined, the company has an annual production capacity of over 4 million
vehicles, which makes it among the largest two-wheeler manufacturers in the
world. TVS Motor has been aggressively expanding its EV offerings. They have
launched several electric scooters, including the iQube, which has seen
significant sales growth. The company plans to launch more variants of the
iQube with different battery capacities and price points. Additionally, they
are set to introduce a new electric three-wheeler and other new launches in
both ICE and electric vehicle segments.
Product Portfolio (EV Segment):
·
TVS
iQube Electric:
Launched as TVS’s flagship electric
scooter, TVS iQube Electric combines innovation with design. Since then, the
product has been expanded into three offerings, namely the iQube, iQube S, and
iQube ST. The model comes with reverse parking, 2.5 times more powerful
processing power than a standard laptop and 10 times more sensors than any
standard laptop.
·
TVS
X:
The TVS X features a lean, mean, and
clean design that blends a scooter and a motorbike. With a top speed of 105
kmph and acceleration of 0-40 kmph in just a few seconds, the electric scooter provides a range of 140 km
on a single charge. It takes 4 hours and 30 minutes to charge from 0% to 80%.
5. Bajaj Auto
Founding
Year
|
1945
|
Headquarters
|
Pune,
India
|
Website
|
https://www.bajajauto.com/
|
Founded in 1945, the company has evolved
from a humble beginnings as a manufacturer of scooters and three-wheelers to
become one of the world's largest producers of two-wheelers and three-wheelers.
Bajaj's diverse product portfolio includes motorcycles, scooters, and
commercial vehicles, catering to a wide range of consumer needs and
preferences. Moreover, Bajaj's strategic collaborations with global giants like
KTM and Triumph Motorcycles have further bolstered its standing in the global
market, facilitating the exchange of technology and expertise to develop
high-performance, world-class vehicles.
Manufacturing Capabilities:
Around December 2021, the two and three-wheeler
manufacturer announced a ₹300 crore investment to set up a new electric vehicle
manufacturing unit at Akurdi, the site of their original Chetak scooter
factory. Statistically mentioning, this facility where the iconic Chetak
scooter was born in 1970s, has now an annual capacity of 500,000 electric two
wheelers. Bajaj Auto invested nearly Rs 750 crores in this project, generating
employment for around 11,000 people. The facility is co-located with a
state-of-the-art R&D center, making it a major hub for EV design,
development, and manufacturing. To the benefit, the plant’s overall capacity
can also be increased, in relation to increasing EV two-wheeler demand. Bajaj
Auto has entered into strategic partnerships with global players in the
electric vehicle space to leverage their expertise and technology. For example,
the company has collaborated with Triumph Motorcycles to develop electric
motorcycles, showcasing its commitment to innovation in the electric segment.
Product Portfolio (EV Segment):
·
Bajaj
Chetak Electric:
Bajaj re-introduced the iconic Chetak
brand as an electric scooter in 2020. Afterwards, the company planned to ramp
up Chetak production to 15,000 units per month and then scale it further to
20,000 units per month. Recently, Chetak Premium 2024 Edition got launched in ₹1,
47, 243, with features like Reverse Mode, On-board Charger, Hill Hold Assist,
etc.
·
Bajaj
Chetak Urbane (2024):
Chetak Urbane is yet another offering by
the company, where the vehicle has a certified range of 113 kms on a full
charge, with a top speed of 63 kmph on standard model and 74-78 kms with Tecpec
(a subscription provided for Chetak Premium and Chetak Urbane). The two-wheeler
offers features like hill hold, reverse mode, full smartphone connectivity, and
OTA updates.
6. Okinawa Auto
Founding
Year
|
2015
|
Headquarters
|
Gurgaon,
Haryana, India
|
Website
|
https://okinawascooters.com/
|
Okinawa Autotech, founded in 2015, is a
prominent Indian manufacturer of electric two-wheelers, dedicated to
transforming urban mobility with sustainable and innovative solutions. With a
strong emphasis on technology, performance, and affordability, the company aims
to make electric vehicles accessible to a broader audience. Okinawa's
commitment to environmental sustainability and reducing carbon footprints has
positioned it as a key player in the rapidly growing electric vehicle industry
in India.
Manufacturing Capabilities:
The company started its manufacturing
unit in 2016 in Alwar, Rajasthan, with an annual capacity of 1,80,000 units.
Afterwards, the company expanded its production capacity to 3,00,000 units with
its second facility in Bhiwandi, Rajasthan. Okinawa later launched its third
facility in Karoli, Rajasthan. This facility is touted among the most
comprehensive and integrated two-wheeler units in the country. Additionally,
Okinawa has also invested around ₹250 crore in the development of its new
facilities to scale up the production. Considering upcoming expansions, Okinawa
is investing ₹500 crore to set up a new manufacturing plant in Karoli,
Rajasthan. This factory, spread across 30 acres, will have an annual production
capacity of 1 million units and is expected to be operational in FY’24.
Product Portfolio:
·
Praise
Platform:
The Praise platform, developed by
Okinawa, is a renowned electric scooter series, recently upgraded with the
introduction of Praise Pro and iPraise+.
iPraise + tends to appeal to tech-savvy users and those seeking a premium
experience with extended range and advanced connectivity features. PraisePro
targets urban commuters looking for reliable, cost-effective, and stylish
scooter for daily use.
·
OKHI-90:
The OKHI-90 model by Okinawa is a
well-rounded scooter, combining power, range, and advanced features to cater to
modern urban mobility needs. Comes equipped with TFT instrument cluster with features
like Bluetooth connectivity, sim related alerts, speed alerts, battery
information, etc.
·
Okinawa
Lite:
This model is targeted towards urban
commuters and young riders and features upgrades like LED design, digital
console, and stylish design. The model owns a top speed of 25kmph and a range
of 60km per charge, with charging time of around 4-5 hours.
·
Okinawa
R30:
A low-speed scooter manufactured by
Okinawa Autotech, which is ideal for short commutes and comes equipped with
features like digital speedometer, E-ABS, and central locking.
Technological
Advancement Since The Inception of Electric Two Wheelers in India
The electric two-wheeler market of India
has seen a substantially observable growth since its inception. From lead acid
batteries to Lithium-ion to incorporation of dedicated sensors and features,
these improvements have been crucial in increasing recent consumer uptake.
·
Battery
Technology:
Majority of the electric vehicles,
especially two-wheelers, used lead acid batteries due to cost considerations.
Over the years, there has been significant shift towards lithium-ion batteries,
due to them being lighter, offering greater energy density, and have longer
life spans.
·
Regenerative
Technology:
Regenerative braking, once a limited
technology, is now a common part in both electric two-wheeler and
four-wheelers. By converting the lost kinetic energy during braking into a
stored energy, regenerative braking helps in extending the range.
·
Motor
Efficiency:
Improvements in motor efficiency over
these many years have helped increase the efficiency and performance of
electric two-wheelers in India. For example, Brushless Direct Current (BLDC)
motors are now widely used, providing better torque, quieter operations, and
requiring less maintenance.
·
Charging
Infrastructure:
Though still in development phase, the
charging infrastructure in India has seen a tremendous improvement. Each day,
more charging stations are being established and many are now beginning to
offer fast charging capabilities and more station installations.
·
Smart
Features:
Modern electric two-wheelers are
equipped with features like GPS tracking, anti-theft systems, digital
instrument clusters, and mobile app connectivity. These features prove to be
useful in checking battery status, range, nearest stations, charging stations,
failure of any technical functionality, etc.
·
Policy
Support and Standardization:
Government of India’s faster Adoption
and Manufacturing of (Hybrid &) Electric Vehicles (FAME) policies have
encouraged manufacturers to adopt standardized parts and systems. This
facilitates easier maintenance and part replacement.
Summing
Up
With the surge in fuel prices, the
growth of electric two-wheeler companies in India is not surprising. However,
the exponential rise of this market is driven by more than just fuel costs. A
combination of factors, including government schemes, incentives, environmental
concerns, and technological advancements, has significantly contributed to this
growth.
The Indian government's support has been
pivotal. Initiatives like the Faster Adoption and Manufacturing of (Hybrid
&) Electric Vehicles (FAME II) scheme offer substantial subsidies and
incentives to both manufacturers and consumers, making electric two-wheelers
more affordable. Various states also provide additional subsidies, tax
exemptions, and other benefits to encourage EV adoption.
Technological innovations have played a
crucial role as well. Enhanced battery technology, such as the adoption of
lithium-ion batteries, has improved the range, performance, and safety of
electric two-wheelers. Moreover, advancements in charging infrastructure,
including the development of fast-charging stations, have alleviated range
anxiety. Smart features like GPS tracking, digital dashboards, and mobile app
connectivity have further enhanced the user experience.
Effective marketing campaigns and
positive word-of-mouth have also increased consumer awareness and acceptance of
electric two-wheelers. Companies are now able to focus on substantial
advancements and innovations, thanks to the supportive policies and incentives
from the government. As technology continues to evolve, we can expect even more
innovative features that will enhance the usability, sustainability, and appeal
of electric two-wheelers in India.