India’s EV industry is thriving with a market size projected to grow from $34.80 billion in 2024 to $110.74 billion by 2029. Explore the leading EV stocks based on market capitalization and their contributions to India’s sustainable future.
India is the 3rd largest automobile market globally. With a $35,000 crore push towards green energy and incentives like PLI and FAME-II, the EV sector is set for exponential growth. By 2030, EV adoption targets 80% for two/three-wheelers and 30% for private cars.
Market Cap: ₹3,80,501.17 Crore Founded as Mahindra & Mohammed in 1945, Mahindra & Mahindra is a pioneer in SUVs, EVs, and tractors. Its global R&D centers and partnerships with investors like Temasek and BII aim to electrify 30% of sales by 2030. Data as of 9th December 2024. Source – NSE.
Market Cap: ₹3,54,974.65 Crore As India’s largest carmaker, Maruti Suzuki plans to invest ₹1.25 lakh crore by FY31 to launch six EVs, including a model offering 550 km per charge. It continues to dominate with iconic models like Swift and Alto. Data as of 9th December 2024. Source – NSE.
Market Cap: ₹2,96,393.46 Crore Tata Motors, headquartered in Mumbai, leads the Indian EV market with the Nexon EV. Its demerger into PV and CV units in 2024 and innovative models like the electric Jaguar position it as a global automotive leader. Data as of 9th December 2024. Source – NSE.
Market Cap: ₹2,54,680.15 Crore Bajaj Auto, based in Pune, combines heritage with innovation. Its Chetak EV sales rose 342% in FY23, and its electric three-wheeler range rolled out in 23 cities. Data as of 9th December 2024. Source – NSE.
Market Cap: ₹1,19,144.72 Crore Headquartered in Chennai, TVS Motor is a two-wheeler innovator with its iQube e-scooter. Holding a 19% market share in EVs, it continues to expand with investments in rural mobility and futuristic designs. Data as of 9th December 2024. Source – NSE.
Market cap: ₹41,748.50 Crore Bengaluru-based Ola Electric is revolutionizing two-wheelers with its flagship S1 scooters, produced at its Tamil Nadu Future Factory. Data as of 9th December 2024. Source – NSE.
Summary and Highlights: – India’s EV sector is supported by government policies and technological advancements. – Leading companies like Tata Motors and Bajaj Auto are driving innovation in EVs. – The sector aligns with India's sustainable goals and offers exciting investment opportunities.