By Priya Singh
3512 Views
Updated On: 02-Sep-2023 05:06 AM
The electric three-wheeler segment, which sells both passenger and commercial three-wheelers, had both an increase and a fall in sales.
Electric three-wheeler sales increased dramatically in August 2023. According to Vahan Data, both passenger and commercial E3W sales peaked at the end of the preceding month.
August 2023 has witnessed a significant surge in the sales of electric three-wheelers, with several leading manufacturers reporting impressive figures. This surge is primarily attributed to the growing awareness of environmental concerns, coupled with government incentives and initiatives aimed at promoting electric mobility.
Among the electric three-wheelers, electric rickshaws have emerged as the best-selling category, indicating a shift towards cleaner and more sustainable transportation options.
Electric three-wheeler sales increased dramatically in August 2023. According to Vahan Data, both passenger and commercial E3W sales peaked at the end of the preceding month.
The electric three-wheeler segment, which sells both passenger and commercial three-wheelers, had both an increase and a fall in sales. Over the previous month, the passenger and cargo divisions increased by 4% and decreased by 6%, respectively.
Leading the charge in this electric revolution are notable manufacturers such as Mahindra and Mahindra, Piaggio, and Bajaj Auto. Bajaj Auto, one of India's largest two-wheeler manufacturers, has made a remarkable entry into the electric three-wheeler segment.
The compact and eco-friendly electric rickshaw has gained immense popularity in urban areas, especially for last-mile connectivity. Bajaj Auto reported an impressive 3% increase in sales in August.
Also Read: Electric Three Wheeler Sales Surge in August 2023
| SR.N. | NAME | JULY | AUGUST | MOM Growth | Market Share |
|---|---|---|---|---|---|
| 1. | MAHINDRA & MAHINDRA | 780 | 671 | -14% | 31% |
| 2. | ALTIGREEN PROPULSION | 172 | 326 | 90% | 7% |
| 3. | PIAGGIO VEHICLES | 249 | 315 | 27% | 10% |
| 4. | OMEGA SEIKI | 333 | 253 | -24% | 13% |
| 5. | EULER MOTORS | 282 | 244 | -13% | 11% |
| 6. | KINETIC GREEN | 22 | 227 | 932% | 1% |
| 7. | E ROYCE MOTORS | 316 | 154 | -51% | 12% |
| 8. | ATUL AUTO | 80 | 151 | 89% | 3% |
| 9. | GALVANIC AUTO | 127 | 49 | -61% | 5% |
| 10. | 3EV INDUSTRIES | 125 | 40 | -68% | 5% |
| SR.N. | COMPANY | JULY | AUGUST | MOM Growth | Market Share |
|---|---|---|---|---|---|
| 1. | MAHINDRA & MAHINDRA | 2,311 | 2,552 | 10% | 47% |
| 2. | PIAGGIO VEHICLES | 1,719 | 1,602 | -7% | 35% |
| 3. | BAJAJ AUTO LTD | 172 | 200 | 16% | 3% |
| 4. | TI CLEAN MOBILITY | 62 | 130 | 110% | 1% |
| 5. | DILLI ELECTRIC | 128 | 127 | -1% | 3% |
| 6. | ATUL AUTO | 70 | 81 | 16% | 1% |
| 7. | CONTINENTAL ENGINES | 39 | 35 | -10% | 1% |
| 8. | MINI METRO | 22 | 32 | 45% | 0% |
| 9. | CHAMPION POLY PLAST | 9 | 18 | 100% | 0% |
| 10. | OMEGA SEIKI | 11 | 14 | 27% | 0% |
The surge in electric three-wheeler sales can be attributed to the various government initiatives and incentives aimed at promoting electric mobility. Governments at the state and national levels have introduced subsidies, tax benefits, and easier financing options for electric vehicle buyers.
These incentives have significantly reduced the total cost of ownership for electric three-wheelers, making them an attractive choice for both commercial and personal use.
Growing concerns about air quality and environmental degradation have also influenced the shift towards electric three-wheelers. As urban areas grapple with air pollution problems, consumers are increasingly opting for electric rickshaws that produce zero tailpipe emissions. This trend is not only benefiting the environment but also improving the health and well-being of citizens.
The electric three-wheeler segment's robust growth in August 2023 indicates a promising future for electric mobility in India. With leading manufacturers like Bajaj Auto, Mahindra Electric, and Piaggio continuously innovating and expanding their electric rickshaw offerings, the market is expected to witness even more remarkable growth in the coming months. As governments continue to support electric mobility and consumers become more environmentally conscious, electric three-wheelers are poised to become a common sight on Indian roads, contributing to a cleaner and greener transportation ecosystem.
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