Due to rising gasoline prices and the growing demand for environmentally responsible transportation, electric scooters have been becoming more and more popular in India for a while.
The market for electric scooters is still dominated by firms that have been significant players in the sector for many years, including Ola Electric, TVS Motors, and Bajaj Auto.
These companies have established a solid reputation for being innovative and reasonably priced, continuously producing high-quality goods to satisfy the rising demand for electric cars.
The top ten electric scooter firms in India for 2024 will be examined in this article; each has solidified its position in the market and is still pushing the boundaries of EV innovation.
1: OLA ELECTRIC
The journey of Ola Electric started in 2017 under the direction of Bhavish Aggarwal, the company’s creator. With a valuation of US$5.4 billion, the company currently has the esteemed position of being the top producer of electric two-wheelers in India. The Ola S1’s introduction in 2021 marked a turning point, with an enlarged portfolio that included the :-
Ola S1 Pro 2nd Gen
The Ola S1 Air
Ola S1X (2kWh)
Ola S1X (3kWh)
With the Roadster series, which ranges in price from Rs 74,999 for the base model to Rs 2,49,999 for the top-tier model, Ola made its debut in the electric motorcycle industry on August 15, 2024.
Ola Electric has improved logistical reach by implementing a Network Partner program in response to this. The company has onboarded 625 partners so far, with hopes to increase that number to 1,000 by the holiday season and to 10,000 by the end of 2025, according to CEO Bhavish Aggarwal.
2: Bajaj Auto
Inspired by the Vespa, the Bajaj Chetak made its debut in 1972 and soon established itself as a mainstay in the Indian scooter industry.It became a vital component of Indian homes and was associated with the ambitions of the middle class during the 1970s and 1980s. Wait times for the Chetak may exceed ten years because to its enormous popularity and restricted production under the licensing regime. However, Bajaj Auto stopped producing the Chetak in 2005 to concentrate on motorcycles due to the growing popularity of motorbikes and changing market tastes for lighter, faster vehicles.
The following is Bajaj Chetak Electric’s current portfolio:
The 2024 Chetak Premium
The 2903 Chetak Blue
The Blue 3201 Chetak
The Special Edition Electric Chetak 3201 SE
The Blue 3202 Chetak
In September 2024, Bajaj Auto unexpectedly surpassed TVS Motor Co. to take the second position among electric two-wheeler OEMs. TVS sold 17,865 iQubes, while Bajaj sold 18,933 Chetaks.
3: TVS Motor
Established in 1911 by T.V. Sundaram Iyengar, TVS Motor Company began as Southern Roadways, a transportation company that ran trucks and buses throughout southern India.
In order to meet the growing need for personal mobility, the company began manufacturing two-wheelers in the 1930s, first working with foreign brands. With classic models like the TVS 50 moped in the 1980s, TVS solidified its position as a prominent participant in the Indian industry over the years.
TVS Motor made a big move into the electric vehicle market in 2020 when it unveiled the iQube, its first electric scooter, on January 25.
In response to the growing customer demand for environmentally friendly transportation, TVS made its debut in the expanding electric two-wheeler sector.
TVS’s dedication to sustainable mobility and its outlook on the future of transportation were embodied by the iQube.
The following is TVS iQube Electric’s current portfolio:
iQube TVS: iQube 3.4 kWh, iQube 2.2 kW
3.4 kWh TVS iQube S-iQube
3.4 kWh, 5.1 kWh TVS iQube ST-iQube
TVS X
4: Ather Energy
Two engineering graduates, Tarun Mehta and Swapnil Jain, launched Ather Energy in 2013 with the audacious goal of upending the dominance of Internal Combustion Engine (ICE) vehicles and substituting them with electric alternatives.
Hero Motorcorp has been a major investor in Ather Energy, as everyone is aware. Hero Motorcorp acquired a further 2.2 percent ownership in Ather Energy, a manufacturer of electric scooters, in 2024 by investing ₹124 crore. Hero MotoCorp, the biggest shareholder in Ather Energy, currently owns about 39% of the company’s shares after the funding.
The following is Ather Energy’s current portfolio:
Ather Rizta Ather 450 S Ather 450 X Ather 450 Apex
With 12,579 e-scooter sales in September, Ather Energy’s market share climbed to 14% from 11% the year before.
5: Hero Motorcorp
Hero MotoCorp, an Indian company with headquarters in New Delhi, has led the world in two-wheeler production since 2001 and has held this position for more than 20 years.
The company, which is well-known for producing cutting-edge bikes and scooters, debuted a new brand on March 3, 2022: VIDA, Powered by Hero. Hero’s dedication to influencing the direction of mobility and improving the globe for coming generations is reflected in VIDA, which is sustainability-focused.
The following is the current lineup of Hero MotoCorp’s Vida electric scooters:
Vida V1 Plus
Vida V1 Pro
4,174 Vida Electric scooters were sold in September 2024, giving the business a 5% market share at that time.
As part of their new aggressive strategy, Vida intends to introduce scooters in the mid-, premium, and budget categories. Over the course of the year, the business plans to introduce these models.
6: Greaves Electric Mobility
Greaves Electric Mobility Private Limited (GEMPL), which was established in 2008 and has its headquarters in Coimbatore, Tamil Nadu, specializes in producing battery-powered electric vehicles for both commercial and residential use. Supported by Greaves Cotton’s 164-year history, GEMPL has raised over $226 million in six fundraising rounds and is well-known in the EV industry.
Its well-known brand, Ampere, promotes sustainable and environmentally friendly transportation in India by specializing on electric two-wheelers, especially scooters.
The following is Ampere Electric Scooters’ current lineup:
Magnus Ampere Nexus LT/EX
LA Plus Primus/Reo Li
Zeal EX Ampere Magus Special
The company sold 2,606 e-scooters in September, a 24% YoY decrease from September 2023’s sales of 3,447 units. As a result, it could only obtain a 3% market share.
7: Bgauss Auto
A lifestyle solution from RR Kabel, BGauss is a high-end electric vehicle brand that is a member of the RR Global company, which is an established provider of electrical solutions. With the goal of improving lifestyles and encouraging environmental preservation, BGauss provides a selection of electric scooters made for urban and developing regions.The scooters are perfect for daily travel because of their smooth design, comfort, ease of usage, little maintenance, strong performance, and rapid charging. BGauss is committed to offering practical and environmentally friendly mobility solutions, supported by the experience of 13 manufacturing facilities.
The following is Bgauss Auto’s product portfolio:
Bgauss sold 1,237 electric scooters in September 2024.
This fiscal year, BGauss wants to sell 50,000 units, of which 30,000 will be its RUV350 and the remaining number will be its C12 electric scooter. The company intends to take advantage of the expansion in the EV market to treble sales to 100,000 units by FY26. In the near future, BGauss also intends to introduce new RUV350 models and investigate export prospects to SAARC nations, Europe, and Southeast Asia.
8: Bounce Electric
In May 2018, Vivekananda Hallekere, Anil G, and Varun Agni introduced Bounce, India’s first smart transportation solution designed to make daily commutes swift, stress-free, and dependable. In just eleven months, the company was valued at $500 million. In July 2019, Bounce launched its own EV transportation solutions after realizing the potential of EVs in India.
Launching its first electric scooter, the Bounce Infinity E1, on December 2, 2021, was a major turning point that accelerated India’s transition to electric mobility.
The models of electric scooters in its current lineup include:
E.1+ E.1 LE E.1 E1X
Bounce Electric sold 1,205 scooters in September 2024.
9: Kinetic Green Energy
Millions of people are familiar with and adore the Kinetic Group’s cutting-edge two-wheelers, such as the Kinetic Luna and the Kinetic Honda scooter. Offering a range of electric two-wheelers and three-wheelers, Kinetic Green is currently a major player in the electric vehicle sector. Ms. Sulajja Firodia Motwani, a third-generation Firodia family member, is in charge of the business.
The models of electric scooters in its current lineup include:
Zulu Kinetic Zoom Kinetic Green E
Flex Kinetic
Zing Kinetic
In September 2024, the company sold 449 electric scooters, earning a respectable 1% market share.
A family e-scooter is being developed by electric vehicle company Kinetic Green and is anticipated to go on sale within the next year and a half. Sulajja Firodia Motwani, the founder and CEO of Kinetic Green, said that the company wants to reach a topline revenue of Rs 10,000 crore by 2030, with the two-wheeler segment accounting for 60% of that amount.
Motwani highlighted the greater market potential for two-wheelers by stating that Kinetic Green intends to make Rs 3,500 crore from both the two-wheeler and three-wheeler sectors. Greater Pacific Capital (GPC), a private equity firm, has invested $25 million in the company as part of a larger $40 million Series A capital transaction. These funds will be utilized to boost Kinetic Green’s electric two- and three-wheeler offerings.
10: Wardwizard Innovations
With a ₹1,800 crore market valuation, Wardwizard Innovations & Mobility Limited is acknowledged as the first electric vehicle manufacturer in India to be listed on the BSE. Yatin Gupte founded the company in 2016, and it has a strong leadership team and focuses on EV manufacturing. On October 20, 1982, the company was first founded as Manvijay Development Company Limited. On June 9, 2020, it changed its name to Wardwizard Innovations & Mobility Limited.
The Joy eBike Butterfly, the company’s first low-speed electric scooter, was introduced in October 2018. At the Vibrant Gujarat Global Summit in January 2022, high-speed electric scooters were introduced.
The electric scooters in its current lineup include the following:
Next Mihos Wolf+ Gen Next, Nanu+Glob Wolf Gen Eco-Nanu Wolf
In September 2024, Wardwizard sold 587 electric scooters.
Conclusion:
The electric scooter market in India is witnessing unprecedented growth fueled by the demand for sustainable and cost-effective transportation options. The top 10 electric scooter companies mentioned above have played a pivotal role in shaping this transformation. With their focus on innovation, performance, and customer satisfaction, these companies are driving the electric mobility revolution in India. As the country embraces a greener future, electric scooters are poised to become the preferred choice for millions of commuters, paving the way for a cleaner and more sustainable transportation landscape.