India’s electric vehicle market is in its early stage of growth as compared to other leading EV countries in the market. The major players identified as the frontrunners in shaping the EV market in India are:-
- Tata Motors: One of the largest automobile manufacturers in India with heavy investment in various EV models. The upcoming Tata car models include 2 Hatchbacks and 12 SUVs. Around 9 EV cars are expected to be launched in 2023-2025.
- Mahindra & Mahindra: Another major player in the Indian automotive industry with a strong focus on the EV transportation solution with significant role-playing in the future of the market. The five highly XUV models are expected to be launched by 2026/2027.
- Maruti Suzuki: It is one of India’s largest car manufacturers and also one of the pioneers in the EV market in India. The upcoming electric car models are Jimny EV, Futuro E, WagonR Electric, and eVX EV.
- Hero Electric: One of the leading manufacturers of electric two-wheelers in India with a strong focus on innovation and technology leadership. Some of the future e-bikes to be launched by the company are AE-8, AE-47 E-Bike, and AE-75.
- Ashok Leyland: One of the leading commercial vehicle manufacturers in India with a strong focus on becoming one of the tops in the leading EV market. The company is focusing on the EV market with UK’s Switch Mobility. The company is a combined effort of Ashok Leyland’s electric CV operations and the erstwhile Optare of the UK. The group is also planning to invest $150-200 million in the EV space in the next few years.
However, India is not limited to the above-mentioned companies, several emerging companies showed their interest in a variety of products, and the new range of visionary models to be launched in the upcoming years shows India’s rising talent in the competitive EV markets. Through local production or via international partnerships, the market potentiality is not limited.
Source:- Business Standards