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Electric Vehicles Industry In India

Companies supporting the Electric Vehicles Revolution in India

India is one of the fastest-growing economies in the world and the ever-increasing population and rise of middle-class citizens have resulted in huge demand creation and the growth of many industries in the Indian economy. 

The automobile industry is also one of them, in the last couple of decades, many Indian automobile companies have become global powerhouses. Companies like TVS, Bajaj, and Hero Motors have made India the largest manufacturer of two-wheelers in the world overtaking China.

Like the rest of the world, India’s automobile industry is also under growing transformation and pushing towards a zero-emission future. Electric vehicles are more environment-friendly than their fuel-based counterparts.

An increasing number of people switching to electric vehicles across the globe. Action is heating up in India as well, in the past few years, a slew of companies have been introducing electric vehicles in the country.

In 2015, Mahindra & Mahindra launched Verito, the first electric car in India. Other major automobile companies like Tata Motors and Bajaj Auto have also launched their e-vehicle products. 

However, the electric two-wheeler and three-wheeler market is seeing plenty of new launches with the likes of Ather Energy, Hero Electric, Ola Electric, leading the space. We have written a detailed article on the possibility of India becoming the largest electric two-wheeler market in the world, you can read it here.

Government initiatives and support from different quarters have also helped the growth of the industry in India. The government has set a target of having 100% electric vehicles by 2030. Additionally, the Indian government announcement of a Rs 25,940 crore (US$3.4 billion) production-linked incentive (PLI) scheme to boost domestic manufacturing will further push the sector. 

India’s EV market is set to be worth US$206 billion by 2030, we have looked at the companies that are supporting the Electric Vehicles Industry in India and are poised to make it big in the coming future.

The below-mentioned companies are not directly involved in the manufacturing of electric vehicles but are the critical enabler for electric vehicles and are listed on the Indian stock exchange.

Motherson Sumi 

Motherson Sumi is part of the Motherson Group and is a leading manufacturer of auto parts like wiring harnesses and rearview mirrors in India.

Established in 1986

Minda Corporation

The Gurugram-based company, which makes everything from wiring harnesses, battery chargers, motor controllers to electronic security systems and sensors for cars and two-wheelers. In 2020, the company created a separate unit for its EV business, Spark Minda Green Mobility. 

Established in 1958

Sona BLW Precisions (Sona Comstar)

The supplier of parts for large automobile companies like Ashok Leyland and Maruti to Volvo and Jaguar Land Rover, Sona BLW is an established name in the Auto sector. The company’s major chunk of revenue comes from the Electric Vehicles division and more specifically it derives 75% of its revenue from exports, with customers such as Tesla, Ford, and Renault on its list.

It supplies Battery Electric Vehicles (BEV), EV differential assemblies and gears, BSG systems, and EV traction motors to global customers. 

Established in 1995

Bharat Forge

Pune-based Bharat Forge formed a new company named Kalyani Powertrain to look into its EV business initiatives. The company will do research and development in the field of electric mobility including electric powertrain transmissions systems.

The company has invested in a number of EV startups in India and Europe. 

Established in 1961

Goldstone Infratech / Olectra

Olectra Greentech is a Hyderabad-based electric bus and insulator manufacturing company.

Established in 1992

Exide Industries 

One of India’s largest manufacturers of batteries,  Exide Industries, provides lithium-ion batteries and energy storage solutions to power the growth of India’s electric vehicle market.

Established in 1947

Tata Power

The power distribution company Tata Power has also entered the electric vehicles industry in India by deciding to set up charging stations at state-run Hindustan Petroleum Corp’s (HPCL) fuel retail outlets in multiple cities and across highways in the country.

Established in 1911

Wrapping up

Whether you are an investor looking to put your money in the EV stocks in India or an industry observer, sustainable mobility in India is surely hotting up.

Can India become the largest Electric Two Wheeler Market



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