The Top 5: Electric Two-Wheeler Manufacturers in India

Highlights :

  • Hero Electric is the leader among electric two-wheeler manufacturers in India, followed by Okinawa Autotech, Ather Energy, Ampere Vehicles, and Pure EV follow.
  • Expect this ranking to change a lot over the coming years, as both legacy, and newer players muscle in.
The Top 5: Electric Two-Wheeler Manufacturers in India

The Indian Electric two-Wheeler market stands out for one clear reality. The entry of multiple new startups in the two wheeler space, who hope to use the technology change to grab market share from the legacy two wheeler players. While it is early days yet, it is clear that at least a few of the top 5, if not top 10 positions will go to new players, that are all born in the past decade. Even as legacy firms like Bajaj, Honda, TVS, or even Hero MotoCorp gird up to restore normalcy, this is the fight that will make for fascinating watching for the coming years, with startups backed by massive funding like Ola Electric just beginning to flex too.

The importance of two-wheelers lies in their affordability, the convenience they offer, and low maintenance cost.

Rising fuel prices have only added momentum to the shift towards electric two wheelers, with the trend being very clear that the EV transition in the country will be led by two wheelers.

In 2021, India’s electric two-wheeler market continued a sharp increase in sales. More than 1.43 lakh units were sold as the electric two-wheeler segment grew over 425 percent in 2021. According to a study by the India Ratings & Research (Ind-Ra), the electric two-wheeler industry will grow at a strong CAGR of 75-80 percent between FY22 to FY25.

So who are the early movers holding on to their advantage? We look at the top 5 electric manufacturers by their individual market shares, who are fueling the electric two-wheeler growth in India.

#1 Hero Electric

With a market share of about 35 percent, Hero Electric is the largest player in the Electric Two-Wheeler (E2W) market in India. Hero Electric launched its first lithium-ion battery-based scooter in 2017, and it never looked back. Presently, the company has 600+ dealership networks across the country, spanning more than 325 cities.

In the year 2021, Hero Electric sold 46,260 units of electric scooters. Further, December 2021 period was a sale of 6,058 units for the auto-major. This number is distributed amongst the nine electric scooters the firm offers.

Hero Electric recently entered into a partnership with BattWheelz Mobility, a Gurugram-based start-up. The company has plans to deliver 4,000 electric two-wheelers by FY 2022-23.

#2 Okinawa Autotech

Haryana-based Okinawa Autotech Pvt Ltd. is a 100 percent Indian electric two-wheeler manufacturing company. The indigenous firm finished as the second-largest manufacturer in the industry with a market share of roughly 20 percent. It operates 24 dealerships presently and plans to open 450 dealerships across the country in a phased manner over the next few years.

Okinawa sold 29,945 units in 2021. Interestingly, it was the leader in the last month of December, delivering 6,098 units. The firm currently delivers six models to customers. This includes a range of e-scooters like i-Praise, Ridge Plus, R30, Lite, and Dual. Further, it plans to bring in 3 electric scooter models every year and will also look at manufacturing E-Motorcycles in the near future.

#3 Ather Energy

Ather Energy Pvt. Ltd. house in Bangalore. The firm has become one of the Top 25 EV OEMs. Notably, Hero MotoCorp holds over 35% stake in the startup. Consequently, Ather has managed around 11 percent market share for two-wheeler electric products.

The smart e-scooter maker has sold 15,921 units in the year 2021. In December, it sold 1,810 units. Despite having just two models on offer – Ather 450X and 450 Plus – the company has seen an uptick in demand. Apart from investments in its fast-charging network Ather Grid 2.0, the OEM is also working on an affordable e-scooter. As competition heats up, should Ather need fresh funding, it might just become the first of the major players to fall into the arms of the legacy leaders.

#4 Ampere Vehicles

Ampere Vehicles, the oldest player in the segment, is also from Bengaluru. The firm is part of Greaves Cotton company and boasts about 30 percent of its workforce as women. It has a market share of a little over 8 percent.

Reportedly, the manufacturer sold 12,470 units of its electric scooters in India. Also, it outsold Ather Energy in the segment in December 2021, delivering 3,343 units of the five models that the company offers – Reo, Reo Elite, Magnus EX, Magnus Pro, and Zeal.

#5 Pure EV

Telangana-major Power Using Renewable Energy (PURENERGY) has the main focus on enabling the transition to sustainable energy sources. The company made a debut five years ago into manufacturing electric two-wheelers under the brand “PURE EV” and high-performance Lithium batteries under the brand “PURE Lithium”. In such a short period, Pure EV climbed to the fifth rank in the electric two-wheelers manufacturers list in 2021.

It sold 11,039 units in 2021, including 1,684 units in the last month of December. Currently, it delivers four models in the country – Epluto 7G, Etrance Neo, Etrance, and Etron Plus.

"Want to be featured here or have news to share? Write to info[at]

Junaid Shah

Junaid holds a Master of Engineering degree in Construction & Management. Being a civil engineering postgraduate and using his technical prowess, he has channeled his passion for writing in the environmental niche.