TATA MOTORS, MG Motor India Pvt. Ltd, and Hero Electric are Dominating the India Electric Vehicle Market in 2021

India Electric Vehicle Market is expected to grow with the CAGR of 25.1% in the forecast period of 2022 to 2029. The years considered for study are as mentioned below.

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India electric vehicle market is a highly fragmented market, which includes majority number of key players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in India electric vehicle market are introducing strong range of products provider along with launching new products and adopting strategic initiative such as acquisition, agreement, business expansion, award and recognition into the market. This helped companies to maximize the sales with enhanced product portfolio.

For instance:

  • In December 2021, Hero Electric collaborated with Log9 offered fast charging on electric two-wheelers. This partnership has improved the battery performance of electric two-wheeled vehicles. The new model for the product will be launched to meet the demand in the market for fast charging.

Tata Motors is the dominating player in India electric vehicle market. The other key players existing in the market are Hero Electric, Mahindra Electric Mobility Limited (Subsidiary of Mahindra & Mahindra Ltd.), Hyundai Motor India (Subsidiary of Hyundai Motor Company), Olectra Greentech Limited (Subsidiary of MEIL Group), Greaves Electric Mobility Private Limited, LOHIA AUTO INDUSTRIES, Okinawa Autotech Pvt. Ltd, Ford Motor Company, TATA MOTORS, Ola Electric Technologies Private Ltd, MG Motor India Pvt. Ltd (Subsidiary of SAIC Motor Corporation Limited), among others.

TATA MOTORS

TATA MOTORS is headquartered in Maharashtra, India and was founded in 1945. The company is engaged & involved in manufacturing of electric vehicle with ziptron technology. The company generated revenue through its various business segments such as Commercial Vehicle, Passenger Vehicle of which Commercial Vehicles is the market focused category. The company has several product categories including Tigor EV, Nexon EV of which Tigor EV, Nexon EV is the market focused category.

For instance,

  • In August 2021, Tata Motors announced the launch of its new electric vehicle Tigor EV to its electric vehicle product portfolio. This will help to diversify the product portfolio and aim to target more customers. This product launch will help to increase profits for the company and fulfil customers demand.

The company has wide presence across India.

MG Motor India Pvt. Ltd.

MG Motor India Pvt. Ltd is headquartered in Haryana, India and founded in 1924. The company is a leading manufacturer and supplier of electric four wheeler vehicles. The company offers product categories such as MG Astor, MG Hector, MG ZS EV, MG Gloster of which MG ZS EV is the market focused category.

For instance,

  • In April 2022, MG Motor India Pvt. Ltd and Bharat Petroleum entered into a partnership agreement to strengthen the electric vehicle charging ecosystem for electric passenger vehicles in India. The partnership will help the company to offer more products in their product portfolio and helps to accelerate the revenue for the company.

The company has presence across India.

India Electric Vehicle Market

Hero Electric.

Hero Electric is headquartered in Haryana, India and founded in 1956. The company is a leading manufacturer and supplier of electric two-wheeler. The company has several product categories including City Speed (CX), Comfort Speed (LX), E-Cycle of which City Speed (CX), Comfort Speed (LX) is the focused category.

 For instance,

  • In January 2022, Hero Electric and Mahindra Group announced a partnership for electric scooters. To meet the growing demand for electric scooters, the partnership took place. This partnership will allow the companies to increase their product sale across India. The companies will be able to develop their products as per consumers' requirements.

The company has presence in India.