Electric Vehicles are going to be quite popular in the near future as petrol prices are skyrocketing regularly and the demand for cleaner energy is paramount. Another significant advantage of electric vehicles is the low moving cost compared to petrol. Also, there are few running parts, so less maintenance is required.
For city driving, almost silent electric two-wheelers are going to be massively famous in the next few years and many companies are already doing R&D in the area. They have started some offerings in the market as well.
India’s electric vehicle (EV) business market is expected to increase at a compounded annual growth rate (CAGR) of 90 percent in this decade to touch $150 billion by 2030, a report by consulting company RBSA Advisors, released on December 1, declared. The Indian EV market is currently in its babyhood and is estimated to grow from 2021 to 2030. In terms of penetration, EV sales account for just 1.3 percent of total vehicle sales in India during 2020-21. However, the market is rising and is expected to be worth more. India’s shift to shared, electric and connected mobility could help the nation save nearly one giga-tonne of carbon dioxide emissions by 2030.
“EV sales are likely to increase exponentially in the coming days. With the only certainty over the future prices of diesel/petrol being that they are unlikely to reduce soon, more choices being made available to the consumer in terms of electric vehicles and initiatives by the Central and State Governments, the sector is expected to attract huge investments as well. Each of the last three years have seen double-digit deals, and we expect this trend to continue,” Rajeev R. Shah, Managing Director & CEO, RBSA Advisors, spoke.
Leading Electric Vehicle Companies in India – Bounce, Ola, Ather, Tork, SmartE
The increasing demand for electric vehicles prompts the leading automotive companies to launch electric vehicles in India. For instance, in October 2019, Maruti Suzuki, a leader in the current automobile market, declared plans to start producing electric vehicles for personal use for the Indian market in the coming years. Similarly, in August 2021, Tata Motors launched the Tata Tigor EV in the Indian market. As the market continues to rise, some startups and brands also jumped into the electric two-wheelers sector.
Bounce Share Infinity EV
Bounce is India’s first smart urban mobility solution whose purpose is to make daily travelling around the city time-saving, reliable and convenient. Having formally launched its daily commuting service in 2018, the startup currently has 30,000 scooters in Bengaluru and facilitates 1,00,000 rides a day. They are offered across a variety of plans aimed at encouraging commuters to opt for shared and public transport, and in doing so, reduce traffic congestion.
Ola Electric has already become popular because of its premium design, extraordinary features, and revolutionary green move. The startup has launched two variations S1 and S1 Pro, of its e-scooters. Both variants have different specifications, features, prices and target different user bases.
Ola Electric has established the largest electronic two-wheelers manufacturing unit in the world. The production hub is based in Chennai, India. The brand has plans to export its electric scooter to Europe, the UK, and other countries.
Not only the biggest manufacturing hub, but Ola Electric has also declared to install the world’s largest electric charging infrastructure for two-wheelers. In a $2 billion investment, Ola Electric will install one lakhs charging points in 400 major cities of India in the coming five years. The electric startup also confirmed that it will provide 5000 charging points in 100 Indian cities in the project’s first year.
When Ather began its operations in 2013, people said that electronic vehicles were not good. They will not last long. Customers will not be having a great experience. The current popularity of electric vehicles showed them wrong. The company has installed one of India’s most extensive electronic charging infrastructures. Earlier, it has the majority of operations in Bengaluru and Chennai. Now, it has also started developing its infrastructure in cities like Delhi, Mumbai, Kochi, and Kolkata.
In March 2021, Ather Energy announced its plans to install 6500+ charging points by 2022. On the other hand, some electric vehicle manufacturers have found alternative solutions. They are dependant on the modular batteries that can be charged at home. They are providing the essential items for home charging.
Currently, Ather energy has observed a constant growth in its scale of operations and marked its revenues grow by 126%, from Rs 35.3 crore in FY20 to Rs 79.8 crore in FY21.
Kapil Shelke, the founder and present CEO of Tork Motors, was very passionate about cars and motorcycles directly from his childhood. He was fond of collecting electric remote control cars and used to break them and fix them. In his college days, he saw a video on races that happen in “The Isle of Man”, which drove him down to produce an electric motorcycle that could be raced over there. It was just a small group of few engineers with one man’s thought to build an electric bike that could win on a track usually named one of the most dangerous racing tracks in the world. Tork motors produce Asia’s first electric motorbike to compete in the Isle of Man Electric GP. Electric motorcycle “T1X” scored a 3rd position on the podium, portraying the victory of India’s electric future.
On April 18th 2016, Ola co-founders Bhavish Aggarwal and Ankit Bhati (CTO) also invested an undisclosed amount in Tork Motorcycles and again in May 2018 for $66.8K. Former Chairman of Tata Sons, Ratan Tata, has decided to invest an undisclosed amount in this Pune-and Mumbai-based company in October 2019.
SmartE is India’s first and largest electric mobility service, offering connectivity to tens of thousands of commuters every day. Established in 2015, SmartE provides an environmentally sustainable solution to urban cities’ first and last-mile transportation opportunity. SmartE allows shared, affordable, convenient rides in all-electric vehicles. SmartE leverages the best technology and innovative solutions for the mobile technology platform to give the most suitable, transparent, and economical short-distance travel solution.
Goldie Srivastava, Co-Founder and CEO, SmartE, tells the startup is not only looking to move around commuters and use its fleet for hyperlocal ads and last-mile distribution for eCommerce players.
On December 4, The CEO of NITI Aayog Amitabh Kant, said that one of the lessons learnt was that in the field of mobile phones and solar energy, the market developed in India, but the country became import-dependent, losing the advantage.