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.