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


By Priya SinghUpdated On: 04-Dec-2023 05:44 AM
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ByPriya SinghPriya Singh |Updated On: 04-Dec-2023 05:44 AM
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In November 2023, the electric three-wheeler market in India witnessed significant growth. Mahindra Last Mile Mobility (MLMM) emerges as the market leader, securing a 9% share with over 35,000 units sold in FY2023.

From January to November 2023, the cumulative retail sales of electric three-wheelers reached an impressive milestone of 524,949 units, showing a remarkable 67% YoY growth compared to the same period in 2022 (314,677 units).

electric three wheelers in india

The electric three-wheeler market continues to surge, witnessing a remarkable 33% year-on-year (YoY) growth with 53,766 units sold, though experiencing a slight 5.40% month-on-month (MoM) dip compared to October's 56,838 units.

From January to November 2023, the cumulative retail sales reached an impressive 524,949 units, showing a remarkable 67% YoY growth compared to the same period in 2022 (314,677 units).

three wheeler monthly sales

This sub-segment, primarily encompassing passenger-transporting e-rickshaws and cargo-carrying three-wheelers, is driving the rapid transition towards zero-emission mobility. Every second vehicle sold in this market is now an electric model, highlighting the accelerated shift to sustainable transport.

The transition toward electric three-wheelers in India reflects the industry’s commitment to sustainable mobility and reducing carbon emissions. As the market evolves, expect further innovations and advancements in this space.

We have selected the Top 40 OEMs in terms of sales in November from a market of roughly 475 companies. In November 2023, the electric three-wheeler market in India witnessed significant growth.

three wheelers sales in november 2023

Let’s break down the key highlights:

Mahindra Last Mile Mobility (MLMM) emerges as the market leader, securing a 9% share with over 35,000 units sold in FY2023. The company maintains its dominance with 49,524 retails from January to November 2023 and a market share of 9.43%.

MLMM's success is attributed to its diverse portfolio, including models like Treo, Treo Plus, Treo Yaari, ahindra 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, having a 7% market share, having sold 36,836 units of its five electric models. The company's cost-effective offerings, ranging from Rs 125,000 to Rs 170,000 for passenger EVs and Rs 130,000 to Rs 165,000 for cargo models, contribute to its growing popularity.

Saera Electric Auto holds the third spot with 26,675 units sold, capturing a 5% market share.

Piaggio Vehicles, experiencing strong market gains, achieved its best monthly retail in November, selling 2,217 units. The Italian giant's January-November 2023 sales of 18,721 units give it a 3.56% market share, boosted by new models and an extensive network expansion.

These include the Apé E-City FX Max passenger vehicle (with a range of 145 kilometers) and the Apé E-Xtra FX Max cargo carrier (with a range of 115 kilometers), both of which are entirely constructed by all-female employees at the company's Baramati factory in Maharashtra.

The top 10 OEMs collectively account for 41% of the total market, selling 216,480 units in January-November 2023. Notably, Bajaj Auto, a recent entrant, has rapidly climbed the ranks, selling 3,314 units since its introduction six months ago. Positioned at 33rd in the market, Bajaj Auto's consistent growth suggests it may ascend swiftly in the coming year, challenging established players for market share.

Other companies with over 10,000 sales include Mini Metro (14,429), Champion Polyplast (13,575), Unique International (12,354), Hotage Corporation (11,508), and JS Auto (10,080).

Also Read: Electric three-wheeler sales grew incredibly with a growth of 58% in October 2023.

The Top 10 OEMs, each with five-figure sales, sold 216,480 units in January-November 2023, overall controlling 41% of the overall e-three-wheeler market, leaving the remaining 59% to the other 465 firms to compete for.

Surprisingly, Bajaj Auto, which joined this three-wheeler market six months ago, has sold 3,314 vehicles until the end of November, with sales increasing month on month from 124 in June to 1,232 last month. The company is now ranked 33rd in the 475-player market, but given its ambition and potential, anticipate it to rise quickly in the coming year.

Double-digit growth continues in this sub-segment due to sustained demand:

Passenger Transportation: E-rickshaws serve as an eco-friendly mode of passenger transportation.

Last-Mile Operators: Electric three-wheelers are popular among last-mile operators for various applications, including e-commerce deliveries, food delivery, and other logistics needs.

The evolving scenario demonstrates the electric three-wheeler market's pivotal role in driving the transition to sustainable and zero-emission mobility, with key players like Mahindra Last Mile Mobility setting the pace for the industry's growth.

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