By Priya Singh
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Updated On: 03-Nov-2023 06:15 AM
In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year-on-year. Retail sales of 471,154 units increased by 72% from January to October 2023.
In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year on year. Retail sales of 471,154 units increased by 72% from January to October 2023.
The two- and three-wheeler segments, which are the most affordable compared to four- and more-wheelers, are setting the pace in India's rapidly rising electric vehicle market. Among these segments, the electric three-wheeler market is leading the way in the transition to zero-emission mobility, with an impressive 58% year-on-year growth in October 2023, according to data from India's Vahan website. The October 2023 data, as well as the cumulative January-October 2023 retail sales, provide clear evidence of this.
When compared to fossil fuel or CNG-powered versions, the long-term cost-effectiveness of electric three-wheelers attracts both single-user buyers (autorickshaw drivers) and fleet operators.
According to sales data from India's Vahan website, a total of 56,818 electric three-wheelers were sold in October, up 58% year on year (October 2022: 35,906 units). This category has shown sustained growth, beginning CY2023 with 34,333 units and surpassing the 50,000-unit monthly sales mark for the first time in July with 53,746 units.
In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year-on-year. Retail sales of 471,154 units increased by 72% from January to October 2023.
The e-three-wheeler sub-segment, which includes passenger-transporting e-rickshaws as well as cargo-carrying three-wheelers, is experiencing strong double-digit growth as a result of continued demand for passenger transportation as well as from last-mile operators for e-commerce applications, food deliveries, and other applications.
With every second three-wheeler now being sold as an electric model, it's evident that India's electric three-wheeler segment is not only setting the pace for the country's EV industry but also playing a pivotal role in promoting sustainable and zero-emission transportation solutions.
Electric three-wheeler penetration is rapidly increasing. According to Vahan Data, overall three-wheeler sales in India were 104,712 units last month, with e-wheelers accounting for 54% of them. The EV proportion was 48% in January 2023 and 70,929 three-wheelers were sold.
E-three-wheeler cumulative 10-month sales of 471,154 units are up 72% year on year (January-October 2022: 274,245 units) and account for 53% of overall three-wheeler industry retails of 881,355 units.
Mahindra Last Mile Mobility (MLMM), the market leader in FY2023 with over 35,000 units, continues its market leadership with 5,099 units and retail sales of 43,958 units from January to October. The firm increased manufacturing capacity at its Haridwar plant in April with a new line for its Treo e-three-wheelers, presently sells six EVs: the Treo, Treo Yaari and e-Alfa Mini for passenger transport and the Zor Grand, Treo Zor, and e-Alfa freight for goods transport.
YC Electric Vehicles had its best monthly sales this year at 4,067 units, and a total of 33,143 units in the first ten months of this year. The Yatri Super, Yatri Deluxe, and Yatri are passenger vehicles, while the E-Loader and Yatri Cart are cargo vehicles.
Saera Electric Auto sold 3,133 units in October 2023 and 23,973 units in 10 months.
Piaggio Vehicles also had its greatest month-to-date retails in October: 2,202 units. Sales from January to October were 16,493 units.
Also Read: Electric three-wheeler sales increased incredibly in June 2023.
Eight other OEMs sold more than 1,000 units in the previous month. Dilli Electric Auto (2,186 units), Mini Metro (1,355 units), Champion Polyplast (1,259 units), Energy EV (1,120 units), Unique International (1,103 units), Allfine Industries (1,101 units), SKS Trade India (1,043 units), and JS Auto (1,016 units) are among the companies that have sold more than 1,000 units in the previous month.
Bajaj Auto, which has just recently entered this market, has sold a total of 2,080 vehicles in the last five months, with sales increasing month on month from 124 in June to 866 in October.
In India, 350,238 e-three-wheelers were sold in fiscal year 2022. At the current rate of growth, their sales in CY2023 are predicted to exceed 550,000 units, representing a significant 57% YoY increase.
The e-three-wheeler percentage of overall EV sales in October 2023 was 40%, up from 30% a year ago (October 2022: 35,906 units out of a total of 117,498 EVs). The cumulative 10-month retails of 471,154 units represent 38% of the total 1.23 million EVs sold in India between January and October of this year.