Electric 3-Wheeler Sales Surge by 66%; Dominating India's EV Market with 38% Share

In CY2023, a total of 581,696 units of electric three-wheelers were sold, an impressive growth of 53.94%, a marginal increase from the 51% recorded in CY2022.

In CY2023, the electric three-wheeler market in India surpassed the main half-million sales mark for the first time. As per the Vahan data, there is a 66% year-on-year growth, with 581,696 units sold, compared to 350,238 units in CY2022.

In the dynamic scenario of India's trending electric vehicle industry, the two- and three-wheeler segments, known for their affordability compared to larger counterparts, are emerging as the frontrunners. Moreover, every second unit sold in this sub-segment is now an electric model.

This increase in sales signifies a consumer shift towards sustainable and eco-friendly transportation options. In CY2023, the three-wheeler in India market witnessed a total of 1,078,279 units sold, including those powered by petrol, CNG, LNG, and electric.

In CY2023, a total of 581,696 units of electric three-wheelers were sold, an impressive growth of 53.94%, a marginal increase from the 51% recorded in CY2022. Despite a 59% YoY expansion in the overall three-wheeler market, electric three-wheelers maintained their strong presence.

The e-three-wheeler sub-segment, consisting of passenger-transporting e-rickshaws and cargo-carrying three-wheelers, continued its robust double-digit growth. This growth is due to continued demand for passenger transportation as well as increased utilization by last-mile operators in e-commerce and food delivery services.

The long-term cost-effectiveness of electric three-wheelers, compared to fossil fuel or CNG-powered models, has attracted both individual buyers, such as autorickshaw drivers, and fleet operators.

Also Read: Electric 3-Wheelers Market Thrives as Mahindra Last Mile Mobility Leads with 9% Share

Highlights of the Electric three-wheeler sales in India

The e-three-wheeler segment in India has almost 496 companies, making it the category with the highest number of players. However, only 13 of them have exceeded annual sales of 10,000 units, accounting for 46% of the whole market.

Mahindra Last Mile Mobility (MLMM) leads the market with 29,497 units and an 8.42% market share, achieving 85% YoY growth. MLMM’s success is attributed to its diverse portfolio, including models like Treo, Treo Plus, Treo Yaari, Mahindra E-alfa mini, e-Alfa Super, Zor Grand, Treo Zor, and e-Alfa cargo, catering to passenger and goods transport.

YC Electric Vehicles secures the second position, recording its best-ever annual sales of 40,067 units.

Saera Electric Auto and Dilli Electric Auto are in third and fourth position, with 52% and 79% year-on-year increases, respectively.

Piaggio Vehicles sold 20,742 units, representing an amazing 181% year-on-year growth.

Bajaj Auto, a leader in the ICE-engine three-wheeler market, entered the electric three-wheeler market in June 2023 and secured the 28th rank with 4,573 units sold.

The competition for market share is strong, with multiple OEMs contending for positions and some highly competitive ranks among manufacturers selling only a few units apart.

The competitive scenario reflects the increasing demand for electric three-wheelers in India, which is being driven by factors such as lower startup costs and an increasing focus on environmentally responsible transportation