2 Wheeler: 2 wheeler represents the largest automotive market segment in India, accounting for up to 81 per cent of total automotive sales in FY20. The sheer size of this segment highlights its potential for EV adoption. Moreover, from the upfront costing and total cost of ownership aspect, EV in 2 wheeler space is at par with petrol diesel category. Hence, this segment has the fastest adoption in EV space in India.

If we look at the major players in 2 wheeler EV space:

• Okinawa: A 100 percent Indian electric two-wheeler manufacturing company that was established in 2015 ranks first in India for electric two-wheeler sales in FY2020. Unfortunately, retail investors can’t invest in this company as it is not a public company.
• Hero electric: Falling under the umbrella of one of the largest two-wheeler companies in the world in Hero MotorCorp, Hero Electric is the second largest E2W firm in India for FY2020. Hero motocorp is a public traded company and retail investors can invest in the stocks of Hero motocorp.
• Ather Energy: Ather energy is again a new startup expanding at a fast rate. This company is also funded by Hero motocorp. Although, it is a private company.

Top players in 3 wheeler and 4 wheeler EV space in India:

• Mahindra Electric: Mahindra electric is the pioneer in EV in India. It has got its presence in 4 wheeler passenger cars with eVarito which is available at a base price of Rs 10 lakh. In cargo, Mahindra has launched eSupro and in rickshaw Mahindra has launched eAlfa. Mahindra is a public traded company.
• Tata Motor: Tata motor is addressing both the passenger vehicle and electric bus segment in India. In bus, Tata moto has launched Tata Starbus Hybrid19 and in passenger vehicle Tata motor has launched Tigor which is available at a base price of 10 lakh and Tata Nexon which is available at the price of 14-16 lakh. Tata motor is a publicly traded company in India.
• Hyundai has entered the Indian EV space with its Hyundai Kona priced at ~24 lakh. Although, it is not a public traded company in India.
• MG has its electric car MG ZS EV which is priced at ~24 lakh. Similar to Hyundai, MG is not a public traded company in India.
• Ashok Leyland has been operating a fleet of electric buses as a pilot program in Ahmedabad and Chennai and planning to launch electric buses with swappable battery and fast charging. 

Charging Infrastructure:
For the EV market to flourish in India, one of the critical aspects would be to build an infrastructure for EV. There are many companies working in building this infrastructure and would benefit from the EV market growth.

• National Thermal Power Corporation (NTPC) – is planning for setting up 100,000 EV charging stations in India. It is a public sector company.
• Bharat Heavy Electricals Ltd (power equipment PSU) plans to make batteries in India using the Lithium technology developed by ISRO
• Reliance industries has announced plans to enter the Lithium Ion battery production business – media reports note that it was looking at a large factory that would produce Lithium-Ion (Li-Ion) batteries of 25 gigawatt-hours (GWh) capacity
• Tata Power has a set up a pilot project of EV charging and plans to roll out nearly 50 EV charging stations.
• Mahindra along with Ola has been setting up EV charging stations so far and will continue to be aggressive about this.

There are some companies in the battery and chemical sector which are expected to benefit from the EV revolution. Some of them include:

• Tata Chemical: Tata Chemicals will soon be entering the lithium-ion battery business, where the company plans to build an integrated business which includes cell manufacturing, battery recycling, and battery production.
• Himadri Speciality Chemicals: Himadri is the first and only Indian producer to commercially produce the Li-ion battery Anode material in India. Although, the anode material business forms a very small part of its overall business but it can be expanded in the future.
• Exide Battery: In June 2018, Exide Industries had announced a joint venture with a Swizz firm Leclanche SA to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market.
• Amara Raja Battery: According to reports, India's second-biggest traditional battery maker Amara Raja is looking to build a Lithium-ion assembly plant.
• MOIL: MOIL is a miniratna state-owned manganese-ore mining company and is looking to develop high-grade manganese for batteries which could be used in electric vehicles (EVs)

Guys, if you notice, TATA group is aggressively foraying into electric vehicles. For raw material, they have Tata Chemical, for power they have Tata Power and for cars then have Tata Motors. So they are working on the entire value chain of electric vehicles.

In 2 wheeler, Hero motocorp is one of the leading public company in EV space. Although, Bajaj and TVS have also entered into the market.
In 3 wheeler and 4 wheeler, Mahindra is one of the leading player. Tata Motor has been very aggressive about its expansion in the EV segment. Ashok Leyand is also planning to launch electric bus.
Finally, in the EV infrastructure space, companies like NTPC, BHEL, Reliance, Tata Power, Mahindra, Tata Chemical, Himadri specialty chemical, MOIL, Exide Battery and Amara Raja battery are investing towards building the EV infrastructure in India.

As the EV market grows, there will be many more players in the market. It would be interesting to see who takes the lead in Indian EV market. 

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